23 June 2018 – Sunday’s CEO shared the company’s vision at one of Southeast Asia’s biggest tech events, proclaiming: “In the future, insurers will need to have technology and digital platforms that will provide them with the capabilities to price anything under the sun.”
In the Techsauce Global Summit 2018 held in Bangkok last month, Sunday’s co-founder and CEO, Cindy Kua, spoke at the panel How are businesses using AI in unexpected ways? in a packed room initially intended to host around 30 people. In the event, however, the panel attracted more than 200 audience consisting of business owners, innovators, and tech enthusiasts. Ms. Kua spoke of how Sunday utilizes breakthrough technologies such as Artificial Intelligence (AI), Machine Learning, and Big Data Analytics to assist its pricing strategies resulting in the company being able to offer more cost-effective and more affordable insurance policies to its customers.
“Besides using our customers’ data, we also utilize the power of Big Data such as flood and location datasets. As a result, our data scientists have found more than 500 variables involved and have come up with more than 10 machine learning models for each case. This assists us in our risk assessments and enables us to make more accurate pricing.”
The future of insurance
“Insurance is about risks. So how do you price the risks? And while the technology keeps changing, we’ll see more innovations such as self-driving cars. So how will you insure it?” Ms. Kua raised the question.
“In the future, insurers will need to have technology and digital platforms that will provide them with the capabilities to price anything under the sun.”
When asked about how businesses should make use of AI, Ms. Kua said it’s not necessary for a business to implement full automation, but the point is to find one’s objectives and use AI as a tool to achieve those objectives.
“Our aims in implementing AI are to provide customers with better services for less and to optimize our production processes,” said Ms. Kua.
The panel How are businesses using AI in unexpected ways? was also joined by Kanis Saengchote, an advisor on research and data analytics at a real-estate search engine, Baania.com.
The Techsauce Global Summit 2018 was held at the Bangkok Centara Grand Hotel. The event saw more than 10,000 attendees including Thai and international startups, IT corporations, investors, IT professional, and large numbers of technology aficionados.