{"id":2420,"date":"2019-09-05T05:09:42","date_gmt":"2019-09-04T22:09:42","guid":{"rendered":"https:\/\/easysunday.com\/blog\/?p=2420"},"modified":"2024-04-29T14:43:50","modified_gmt":"2024-04-29T07:43:50","slug":"sunday-first-insurtech-asia-ai-en","status":"publish","type":"post","link":"https:\/\/easysunday.com\/blog\/sunday-first-insurtech-asia-ai-en\/","title":{"rendered":"Sunday steps forward as Asia\u2019s first truly AI-driven InsurTech"},"content":{"rendered":"

The InsurTech boom continues its pace in 2019 with a 155% year-on-year increase in funding. However, while there are now over a hundred InsurTech companies around the world, only a dozen are considered \u201cfull-stack InsurTech\u201d able to provide the customer with a complete end-to-end experience.<\/strong><\/p>\n

Of the handful located in Asia, India\u2019s Acko insures more than 200,000 cars and works with third parties to provide microinsurance products around other companies\u2019 services. Acko competes with the \u201csuper-fast claims process\u201d and \u201ckiller prices\u201d of Digit, who insure everything from smartphones to automobiles. Meanwhile, \u201cChina\u2019s first complete online insurance company\u201d, Zhong An, offers off-the-shelf, pre-calculated property and casualty insurance.<\/p>\n

Around the world, machine learning is disrupting the standardised pricing and products of traditional insurance, which uses historical data to back-up underwriting decisions and cannot understand the needs of the individual customer.<\/p>\n

Based in Thailand, Sunday began by applying AI to build and train risk models using an open-source data science platform. More than 500 predictor variables are cross-calculated by more than 10 machine learning models in real-time. Each risk area is evaluated based on the statistical significance and predictability power of each variable, with the customer benefiting from more accurate risk cost, and personalised offerings.<\/p>\n

Sunday uses AI technology to calculate costs and risks more precisely.<\/h2>\n

Every product in Sunday\u2019s platform is powered by AI and data, something very few insurers have achieved, globally.\u00a0 An intuitive front-end enables customers to customise their own coverage before a cloud-based pricing engine, capable of billions of real-time calculations, instantly offers a tailored price. Over time, the platform could lead to a diverse choice of product categories, as new risks are added and the environment changes.<\/p>\n

For Sunday\u2019s car insurance<\/a>, general user data such as driver age and car model is combined with past accident data and external data, such as the number of accidents in the area, to make the price calculation richer, and more accurate. Now, Sunday is applying the same machine learning approach to group health insurance by taking into consideration everything from demographics to healthcare access.<\/p>\n

Sunday Health for Business\u00a0a group health insurance platform that meets all business needs<\/h2>\n

Sunday Health For Business<\/a> 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.<\/p>\n

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\u2019 health insurance using the claims dashboard, adjust coverage as staff are promoted and save time by bulk-uploading policies when they onboard new staff.<\/p>\n

\"Sunday
Cindy Kua, Sunday co-founder and CEO Sunday Ins Co,. Ltd.<\/figcaption><\/figure>\n

\u201cSunday\u2019s focus is on data and AI. This is so we can build the capability to manage any type of risks as the global risk landscape continues to adapt. However, the true test for any insurer is complex risks, starting with motor and health,\u201d says Cindy Kua, Sunday co-founder and CEO.<\/p>\n

Winning last year\u2019s AWS Hackathon<\/a> in Thailand and Southeast Asia, Sunday\u2019s data and tech team built a method of vehicle damage self-assessment using image recognition to predict claim cost. The technology could one day become directly commercialised into Sunday\u2019s insurance products through customers\u2019 smartphones. Once again this year, Sunday\u2019s data and tech team developed a chest X-ray automation solution to help radiologists read chest X-ray films that again won first prize at AWS Hackathon Thailand. If widely adopted, it\u2019s thought that the solution could save more than 15 million lives throughout Southeast Asia.<\/p>\n

About Sunday<\/h2>\n

Sunday\u2019s digital insurance 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.<\/p>\n

Kua expects the InsurTech to expand its operations to other markets such as Malaysia, Indonesia and Singapore, and aims to raise a significant funding round for its expansion towards next year.<\/p>\n","protected":false},"excerpt":{"rendered":"Sunday began by applying AI to build and train risk models using an open-source data science platform. Each risk area is evaluated based on the statistical significance and predictability power of each variable, with the customer benefiting from more accurate risk cost, and personalised offerings.\n","protected":false},"author":1,"featured_media":2413,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"csco_singular_sidebar":"","csco_page_header_type":"","csco_appearance_masonry":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-2420","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-health-insurance-knowledge","8":"cs-entry","9":"cs-video-wrap"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/easysunday.com\/blog\/wp-json\/wp\/v2\/posts\/2420","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/easysunday.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/easysunday.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/easysunday.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/easysunday.com\/blog\/wp-json\/wp\/v2\/comments?post=2420"}],"version-history":[{"count":6,"href":"https:\/\/easysunday.com\/blog\/wp-json\/wp\/v2\/posts\/2420\/revisions"}],"predecessor-version":[{"id":2430,"href":"https:\/\/easysunday.com\/blog\/wp-json\/wp\/v2\/posts\/2420\/revisions\/2430"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/easysunday.com\/blog\/wp-json\/wp\/v2\/media\/2413"}],"wp:attachment":[{"href":"https:\/\/easysunday.com\/blog\/wp-json\/wp\/v2\/media?parent=2420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/easysunday.com\/blog\/wp-json\/wp\/v2\/categories?post=2420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/easysunday.com\/blog\/wp-json\/wp\/v2\/tags?post=2420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}