- Sunday, a Thai insurtech firm, acquires 99% stake in KSK Insurance Indonesia.
- The acquisition expands Sunday’s Southeast Asian presence and distribution reach.
- KSK Insurance gains access to Sunday’s AI-powered risk assessment platform.
Sunday Ins Holdings, the Singapore-registered holding company for Thai insurtech firm Sunday, has announced the acquisition of a 99% stake in KSK Insurance Indonesia.
This strategic move aims to bolster Sunday’s position in the Southeast Asian insurance market and expand its distribution reach in the Indonesian archipelago.
Sunday’s tech integration
KSK Insurance Indonesia, known for offering car, property, and cargo policies, boasts a strong presence in key Indonesian regions, including Jabodetabek, Bandung, Surabaya, Medan, and Bali.
The acquisition aligns Sunday’s regional expansion plans, Ryuji Wolf, group CFO of Sunday, previously mentioned that the company was considering potential targets in markets like Vietnam and the Philippines, although an IPO in New York may be a few years away.
AI-powered platform boosts KSK Insurance
The acquisition will grant KSK Insurance access to Sunday’s cutting-edge technology, such as its AI-powered risk assessment platform, enhancing the firm’s operational efficiency and customer experience.
The deal, which took place in January following approval from Otoritas Jasa Keuangan, Indonesia’s financial services authority, positions Sunday to leverage its technological capabilities to drive growth in the Indonesian market.
Sunday, an alumnus of Sequoia Capital’s Surge program, initially launched in Indonesia as a registered insurtech firm and licensed broker in 2022. Operating as a full-stack carrier, Sunday not only handles distribution and claims but also underwrites the policies it sells, setting it apart from traditional insurance brokers in the region.
This unique approach allows Sunday to offer innovative insurance products and services tailored to the needs of the Indonesian market.
To read the original article in its entirety: https://www.techinasia.com/sunday-rises-in-indonesia-with-pt-ksk-acquisition
