KUALA LUMPUR, January 13 – Tune Protect Ventures Sdn. Bhd. (Tune Protect Life), a wholly owned subsidiary of Tune Protect Group Berhad (“Tune Protect” or “Group”) recently received approval from Bank Negara Malaysia (“BNM”) to participate in the Financial Technology Regulatory Sandbox. Geared to disrupt the life insurance market, Tune Protect Life aims to bridge the protection gap in the country by providing a differentiated value proposition to the unserved and underserved communities namely SMEs, B40 and M40, digitally.
Tune Protect Life is also looking at first time insurance buyers and those who are new-to-insurance with its products and propositions to drive greater financial inclusivity. This is in line with its aspiration to provide simple and affordable pure life and health protection, particularly for this market segment. Tune Protect Life will use technology to simplify the process of buying, self-service, and claims. Rohit Nambiar (“Rohit”), Group Chief Executive Officer of Tune Protect said, “As Malaysia’s homegrown digital insurer, one of the Group’s business pillars targets SMEs to help mitigate against risk factors that come with owning a business.
As of June 2022, there are about 1.2 million SMEs that make up 97.5% of the total number of business establishments in the country1. SMEs are still the backbone of the economy despite the struggles during the pandemic and it is important to provide protection to their employees and dependents so that they can better manage their medical costs and ensure adequate insurance coverage for their employees. They can also be at ease knowing that their employees’ health, medical needs, and well-being are taken care of.
With this in mind, we provide value propositions on protection and services and build on growth opportunities to reach out to the market. This was when we came up with the SME EZY proposition as we do see a positive future for the SME segment going forward as we continue building on our Health and SME business pillars.” For years insurance has been perceived as expensive and is complicated to purchase. This is where Tune Protect Life steps in to provide simple, affordable, and easily accessible pure life and health insurance starting with employee benefit insurance for SME employees.
The market can look forward to Tune Protect Life introducing more products and propositions via our business-to-consumer (“B2C”) channel; website and mobile app. The digital age has made every aspect of our life more convenient. It is no different when it comes to online purchase of insurance and with just a mobile phone, anyone can sign up for simple and affordable insurance,” Rohit added. Koot Chiew Ling (“Chiew Ling”), Principal Officer of Tune Protect Life said, “Our first proposition, SME EZY is an employee benefit insurance plan that is targeted at SMEs as we realise that retaining employees and maintaining productivity is a challenge post-pandemic.
It is designed to help SMEs plan their budget ahead with the flagship product being a group medical with fixed premium for 3 years, that also comes with a health-based rewards programme (“Activ8”) to motivate their staff to stay healthy. Healthier employees lead to increased productivity and a reduction in absenteeism, whilst at the same time they can be rewarded with up to 100% increase in the overall annual limit of their insurance cover based on their health assessment results. It’s a win-win for all.”
