Heaptalk, Jakarta — Southeast Asia’s insurtech group, Sunday Ins Holding, has completed its strategic acquisition of PT KSK Insurance Indonesia after obtaining approval from Indonesia’s OJK. The company’s acquisition of a 99% stake in KSK Insurance aims to foster growth in personal lines centered around product innovation and new alternative channels nationwide.
In more detail, this business acquisition also allows differentiated services powered by Artificial Intelligence (AI) and Machine Learning (ML) to be offered throughout two-wheeled health insurance and other personal line products offered through existing and new distribution channels in parallel with advanced sales automation, customer services, underwriting, and claims processes.
“We are incredibly excited about our growth prospects and digital collaborations with the licensed insurer. This partnership signifies our deep intention in Indonesia and our mission to be a leading regional insurance group. 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 claims,” Sunday’s CEO and Co-Founder, Cindy Kua, said.
Launched in Indonesia as a registered insurtech and licensed broker in 2022, this insurance company is fully licensed in the region’s two largest general insurance markets, with revenue surpassing USD100 million.
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 multi-finance, state-owned enterprises, telecommunications, its direct channels, and intermediary partners. Regionally, Sunday company has grown organically to over US$70 million premium sold as of 2023, doubling its growth.
In 2021, this full-stack insurance company obtained a Series B round worth US$45 million, led by Tencent and backed by multiple investors, including SCB 10X, Vertex Growth, Vertex Ventures Southeast Asia and India, Quona Capital, Aflac Ventures, and Z Ventures Capital.
The company allocated this injection to expand the range of retail products, such as health insurance, protection for electronic goods, and motor vehicles, through online platforms for health insurance members, clients, corporate partners, and MSMEs.
As additional information, PT KSK Insurance Indonesia is a general insurance company that has grown consecutively above the industry average at 35% in the past several years, with a gross written premium of approximately US$40 million as of 2023. It offers car, property, and cargo insurance through a close-knit network of leading insurance agents and brokers in Bandung, Surabaya, Medan, Bali, and Jakarta Greater Area.
In collaboration with Sunday, the insurer generated over US$10 million in premiums in 2023 through new products and channels in health and motor verticals.
