OJK Greenlights Sunday’s Acquisition of KSK Insurance Indonesia

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Thailand-based insurtech startup Sunday has successfully acquired a 99% liking successful PT KSK Insurance Indonesia, a wide insurer, according to DealStreetAsia.

This strategical acquisition has been greenlit by Indonesia’s Financial Services Authority (OJK), though nan financial specifics of nan woody stay undisclosed.

Established successful 2017, Sunday leverages artificial intelligence and integer platforms to trade and present security solutions tailored to meet a wide array of individual and business needs.

The institution made its foray into nan Indonesian marketplace successful 2022, securing its position arsenic a registered insurtech and licensed broker.

PT KSK Insurance Indonesia, known for offering a divers scope of security products including car, property, and cargo insurance, has established a robust beingness crossed awesome Indonesian regions specified arsenic Jabodetabek, Bandung, Surabaya, Medan, and Bali.

The merger is reportedly group to create a powerhouse pinch mixed revenues exceeding US$100 million. Sunday has demonstrated important integrated growth, reporting complete US$70 cardinal successful premiums sold arsenic of 2023.

In contrast, PT KSK Insurance Indonesia has reported a gross written premium of astir US$40 cardinal for nan past year.

Cindy Kua, Co-founder and CEO of Sunday, emphasised nan company’s committedness to enhancing merchandise offerings and services for firm clients, partners, agents, and brokers, aiming to cater to nan burgeoning middle-income demographic pinch improved claims processing, lifestyle, and consequence prevention services.

Sunday’s latest fundraising effort successful September 2021 saw nan institution raising US$45 cardinal successful a Series B information to support its plans to grow its unit merchandise offerings further.

This information saw information from a operation of caller and returning investors, including tech elephantine Tencent Holdings, SCB 10X, Vertex Growth, Vertex Ventures Southeast Asia & India, Quona Capital, Aflac Ventures, Z Venture Capital, and KSK Ventures.

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Source Fintech