Tune Protect Life looks to Narrow Protection Gap with Affordable Pure Life & Health Protection for the Unserved and Underserved Segments

  • Drive financial inclusivity, promote good health, and create social impact to the community particularly SME, B40 and M40
  • Flagship product, SME EZY, provide employee benefits to SMEs employees and dependents
KUALA LUMPUR, 22 November 2022Tune Protect Ventures Sdn. Bhd. (Tune Protect Life), a wholly owned subsidiary of Tune Protect Group Berhad (“Tune Protect” or “Group”) recently received conditional 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.”

SME EZY is an affordable, comprehensive medical and life coverage for employees of SMEs with a minimum of 5 up to 250 in the workforce and can also be extended to dependents. It comprises of 3 products, namely:
  1. group term life
  2. group medical – option of either the yearly product or 3-year product
  3. group outpatient clinical
Employers have the flexibility to mix and match these 3 products based on their budget by consulting the brokers who are the distribution channel of SME EZY.

From less than RM400 yearly premium per employee, the unique value proposition of SME EZY is the 3 years premium guarantee for group medical. In addition to the fixed premium, employers who sign up can be assured of guaranteed renewal for the next 2 years regardless of claims experience.

The medical product also comes with a cashless hospital admission benefit and access to Activ8, a health and wellness rewards programme for employees. Through Activ8, a simple health assessment will be conducted annually for the first two years to grade employees’ health status which can earn them rewards of up to 100% increase in the overall annual limit of their insurance cover. On top of that, employees will also be given the access to health tools and health coaching programmes.

Other features of SME EZY include benefits such as cashless visit to panel clinics including General Practitioner and Specialist Care, and death or total and partial permanent disability of the insured employees.

“As a digital life insurance player, we will also bring innovation and end-to-end digitisation to allow a paperless transaction, where we empower business partners and businesses to buy, self-serve and submit claims with minimal human intervention. This brings us to our next call to action, which is to offer SME EZY via our B2C channels next year,” Chiew Ling concluded.

For more information on Tune Protect Life and SME EZY, please visit its website.

1 https://www.dosm.gov.my/v1/index.php?r=column/cthree&menu_id=WXVrV3RYTmE3RmtwQ2RicVZTbVkvZz09