Sunday Ins Holding, a Singapore-based regional full-stack insurtech group, has completed the acquisition of PT KSK Insurance Indonesia in January.

Sunday said in a statement on Thursday the acquisition following the firm obtaining approval from Otoritas Jasa Keuangan, the financial services authority of Indonesia.

The deal makes the firm as one of the largest insurtech groups fully licensed in the two largest general insurance markets in the region with revenue surpassing $100 million.

Sunday first launched in Indonesia as a registered insurtech and licensed broker in 2022.

Its mission is to lead as a digital-first insurance group applying artificial intelligence (AI)/machine learning (ML) and microservices architecture to offer superior customer experience and services throughout the value chain for health, car insurance and other retail and commercial products across the region.

Known for its focus on product innovation and advanced automation, the insurtech aims to grow personal lines through its omni channels comprising strategic partnerships with multifinance, state-owned enterprises, telecommunications, its direct channels and intermediary partners.

Regionally, Sunday has grown organically to more than $70 million premium sold as of 2023 doubling its growth.

PT KSK Insurance Indonesia is a general insurance company growing consecutively above industry average at about 35 percent in the past several years with a gross written premium of approximately $40 million as of 2023 offering cars, property and cargo insurance through a close-knitted of leading insurance agents and brokers across Jabodetabek,
Bandung, Surabaya, Medan and Bali.

In collaboration with Sunday, the insurer has also generated more than $10 million premiums in 2023 through new products and channels in health and motor verticals.

According to the statement, Sunday’s acquisition of a 99 percent stake in PT KSK Insurance Indonesia fosters growth in personal lines centered around product innovation and new alternative channels nationwide.

This strategic collaboration allows differentiated services powered by AI/ML to be offered throughout motor, health insurance and other personal line products offered through existing and new distribution channels in parallel with advanced automation of sales, customer services, underwriting and claims processes.

“We are extremely excited about our growth prospects and digital collaboration with the licensed insurer,

“This partnership signifies our deep commitment in Indonesia and mission to be a leading insurtech group in this region,” said Cindy Kua, Chief Executive Officer and Co-Founder of Sunday.

“Our immediate focus will be to extend our product solutions to all our corporate clients, partners, agents and brokers in our ecosystem to serve the growing middle income classes with better claim, lifestyle and risk prevention services,” she added.

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