Insurtech Startup Sunday Eyes New Growth in Thailand's Electric Vehicle Market

Sunday, a Thailand-based insurtech startup, is setting its sights on the country's rapidly growing electric vehicle industry for its next expansion stage.

The backstory

Founded in 2017 by sisters Cindy and Joanne Kua, Sunday has established itself as a leading full-stack digital insurer, meaning it owns the entire value chain from distribution to underwriting.

This grants the firm more control but also higher costs.

Financials

Financial details are scarce, as Sunday's holding company in Singapore shows a loss before tax from continuing operations of S$10 million (US$7.5 million) in 2022 - nearly double its 2021 loss.

However, Sunday's group CFO, Ryuji Wolf, declined to elaborate, noting the figures exclude Indonesia, where Sunday recently launched.

Wolf did confirm Sunday's annual revenue already tops US$100 million. The company has raised over US$75 million to date.

Electric vehicles insurance

Initially focused on Thailand's large non-life insurance market, Sunday is now leveraging technology and data capabilities to capture a share of the country's booming electric vehicle space.

Thailand has set ambitious goals to transition to electric vehicles, targeting production of 750,000 units annually by 2030. This rapidly growing market represents a major new business opportunity for innovative insurers like Sunday.

As a fully digital insurer, Sunday hopes its flexible and customized offerings can meet the unique insurance needs of electric vehicle owners and attract tech-savvy customers. Its full-stack model also grants it the underwriting control to design specialized policies.

The new strategic focus highlights Sunday's commitment to adapting and evolving in Thailand's dynamic insurance landscape.

The company will aim to replicate its early success as it navigates new opportunities and market segments.