Staff start to tailor their health benefits with Sunday Health for Business
Superior health insurance is still the most sought-after benefit for employees, and should be utilised in the recruitment and retention of top talent, according to Aon’s Thailand TCM Study and Benefit Survey 2018. However, with the average small business only offering their staff two policy options, the reality is that employees have lacked the flexibility of genuine choice in their health coverage, until now.
InsurTech startup Sunday is disrupting the traditional one-size-fits-all approach to group health insurance by enabling employees to easily mix-and-match their health insurance options while saving valuable time for HR teams, managers and business owners. Every employer has unique benefits for their employees whether healthcare coverages, lifestyle and wellness or health maintenance offerings. Employee benefits need to adapt to these needs.
Sunday Health For Business is an insurance product that empowers staff members to adjust their coverage within their given budget, buy extras such as dental or ophthalmic care, or add on coverages for their domestic partner and kids.
Using the app, employees can avoid paying any additional costs themselves and enjoy cashless hospital visits, by instantly locating network hospitals nearby. When visiting a hospital outside their network coverage, employees make a claim by seamlessly uploading a photo of the bill via the app, and can then check their claim status from the palm of their hand.
Managers and business owners can use the platform to easily manage employee information and adjust their benefit packages, without any paperwork. Claim statistics can be viewed at a glance, providing valuable insights on the metrics that matter via a simplified dashboard.
Human resources personnel are more easily able to help plan their colleagues’ health insurance using the claims dashboard, adjust coverage as staff are promoted and save time by bulk-uploading policies when they onboard new staff.
“No matter the size of the business, Sunday Health For Business can tailor any plans to suit your needs and budget. Our platform is able to manage millions of dimensions,” says Cindy Kua, Sunday co-founder and CEO.
Based in Thailand, Sunday’s platform offers customizable InsurTech products through an artificial intelligence-driven risk-prediction model. In February, Sunday raised USD 10 million in a Series A funding round led by Vertex Ventures SEA and India.
Looking ahead, Kua expects the InsurTech to expand its operations to other markets such as Indonesia, Malaysia and Singapore and aims to raise a significant funding round for its expansion towards next year.