KUALA LUMPUR, June 22 – Tune Protect Group, a leading lifestyle digital insurer, has introduced groundbreaking digital solutions through its subsidiaries, Tune Protect Life (TPL) and Tune Protect Malaysia (TPM), specifically designed to cater to the needs of Small Medium Enterprises (SMEs) and Micro SMEs (MSMEs) in Malaysia. These solutions aim to bridge the protection gap and make insurance more accessible to the underserved SME and MSME sector. TPL presents the first online employee health and life insurance in the market, while TPM offers a comprehensive microsite for customized business insurance.
SMEs and MSMEs constitute a significant portion, accounting for 99% of businesses in Malaysia’s economy. However, the low adoption rate of insurance among these businesses for employee benefits and natural disaster coverage is a concerning issue. Employee benefits play a vital role in enhancing staff well-being, retention, and productivity, while businesses face the risk of substantial losses due to natural disasters. Additionally, the medical inflation rate in Malaysia has been rising significantly, making insurance more crucial than ever, with an expected increase to 15% this year.
Despite recognizing the importance of insurance, many SMEs and MSMEs perceive it as expensive, complex, and burdensome, with challenges in sourcing affordable insurance, understanding policies, and accessing relevant information about suitable coverage options. Consequently, businesses hesitate to take the first step in obtaining insurance coverage. To address this critical gap in SME and MSME protection, Tune Protect has launched a comprehensive digital proposition tailored to the specific needs of this underserved segment through TPL and TPM.
These digital-led initiatives aim to overcome common barriers such as affordability, complexity, and limited access, making it easier for MSMEs to explore insurance products and safeguard the well-being of their businesses and employees. Rohit Nambiar, the Group Chief Executive Officer of Tune Protect, expressed concern about the large number of uninsured or underinsured SMEs despite their significant contribution to the economy. He emphasized the Group’s commitment to addressing the insurance needs of MSMEs by leveraging a digital-first approach.
The goal is to make insurance accessible, affordable, and convenient, thereby supporting the growth and resilience of the MSME community and contributing to a stronger and more secure economy. To address cost concerns, TPL has introduced the first online employee insurance offering in the market, allowing business owners/employers to purchase life or medical/health insurance or both directly through a business-to-consumer (B2C) channel. This innovative solution offers a three-year fixed premium guarantee, enabling business owners to plan their budget ahead.
The insurance also includes a health/wellness-based rewards program called Activ8, which promotes employees’ health, well-being, and productivity through annual health screening and digital coaching programs. Business owners can purchase the SME EZY product and choose their preferred plan with up to a 10% rebate. TPL’s Principal Officer, Koot Chiew Ling, highlighted the affordability concern for business owners and the rising and uncertain medical costs, making it challenging for SMEs to provide adequate insurance for their employees.
With the introduction of SME EZY on the B2C channel, business owners can easily access and prioritize their employees’ health within an affordable budget, creating a supportive environment for employee well-being in the long run. On the other hand, TPM has launched a user-friendly SME Microsite, a one-stop platform that offers customized insurance solutions for business owners and small businesses. The microsite provides easy access to information, enabling MSMEs to make informed decisions about their coverage needs. It also serves as a marketplace, offering profession-based insurance bundles and exclusive premium rebates of 15% for Business Shield, while connecting MSMEs with partner offerings.
Jubin Mehta, the Chief Executive Officer of Tune Protect Malaysia, emphasized the challenges faced by MSME business owners in obtaining insurance, including complexity, affordability, and lack of customization. The one-stop microsite solution aims to address these challenges by providing customizable insurance solutions and simplifying the risk management process. The microsite also aims to create a collaborative platform for the MSME community to thrive and grow. Tune Protect assures a quick quote within three minutes, a three-hour response time, and claims payout within three days upon approval, in line with its 3:3:3 customer promise.
The digital nature of these initiatives enables efficient and streamlined processes. Tune Protect is committed to providing comprehensive and integrated insurance solutions to business owners and small businesses, marking a crucial milestone in addressing the protection gap for SMEs and MSMEs. With these innovative digital solutions, Tune Protect Group aims to revolutionize the insurance landscape for SMEs and MSMEs, ensuring they have access to affordable and customized coverage, ultimately fostering a more resilient and prosperous business environment in Malaysia.
