KUALA LUMPUR, 30 November 2022 – Tune Protect Group Berhad (“Tune Protect or “Group”) revealed today at the Tech-Focused Corporate Day held in Kuala Lumpur that its in-house developed API tech, digital accelerators which are built on an open digital architecture are driving top-line growth for the Group and business partners regionally especially in digital policies and are able to generate 11 million policies per annum.
Featuring White Label Sdn. Bhd. (“White Label”), it is the Group’s technology arm which is a one-stop shop powering solutions for affinity partners, products, distribution and partnerships. Providing Technology services, White Label forms part of the Group’s offering, making it a vertically integrated insurer that can offer not just General, Life and Reinsurance propositions to the market, but as well as Technology services. White Label is a Malaysia homegrown technology arm with its centre of excellence located in Kuala Lumpur. It has grown to having more than 80 resources and expected to exceed 110 in 2023.
The Group now has expanded its wing beyond serving only Tune Protect. Today the tech entity, White Label has paying clients from the Middle East and ASEAN who use its technology platform.
The event themed “Embedded Insurance, Simplifed by Tech” highlighted the proven and successful adoption of its API-led solutions by partners such as Qoala Malaysia, Baoviet Insurance, and EcoWorld. The event was attended by analysts, investors and the media.
“As an ASEAN-based digital lifestyle insurer with an extensive global footprint via our multiple affinity partners, customer touch points and channels, the Group is capitalizing on technology trends and one of its key strategic moves is to evolve its tech arm, White Label as a profit centre. Through White Label, we want to continuously simplify the company’s use of technology to offer our customers the best experience, and similarly for our partners to enjoy the same benefits with their customers. White Label offers innovative technologies that clearly achieves business growth,” said Rohit Nambiar (“Rohit”), Tune Protect Group’s Chief Executive Officer.
In simplifying its customers insurance journey and providing sound customer experience, Tune Protect is committed to servicing its retail and individual customers with its 3:3:3 promise where they can purchase insurance in just 3 minutes, receive a response in 3 hours and receive their claims payout in just 3 days1. The Group’s in-house technology has enabled the delivery of this promise for its customers.
During the event, Rohit Nambiar presented his insights on the role of White Label in the space of embedded insurance while Prasanta Roy (“Prasanta”), Group Chief Technology Officer of Tune Protect Group delved into its in-house developed tech platforms for B2B distribution, middle and back office accelerators powered by open digital APIs. Through the digital accelerators, the Group has increased digital policies issuance by 21.6% to 7.2 million in 9M22 compared to 6.0 million in the same period last year.
““Our technology stack and software which is built completely on open source is facilitating the Group’s entities and business partners regionally to create products faster and distribute them across any channel. As it is built on an open digital architecture guided by modern software engineering, the time to market is faster than the current norm in the insurance industry.The total cost of ownership is lower since it is using open source tools and the cost benefit gets passed on to the business partners. They can now build products faster and digitally distribute without going through large scale core system transformation which can be very expensive and time consuming. The risk is completely mitigated and gets connected to various external partners or marketplace through open REST APIs,” said Prasanta.
The unique value proposition of White Label’s technology capabilities is that it was crafted and designed by an insurer, thus other insurers that tap on these capabilities will find it relevant, adaptable and affordable.
In line with the Group’s 3 key business pillars, it has already partnered with 65 digital and affinity partners across 60 countries in the Health, Lifestyle and SME segments. White Label has been the catalyst enabling the Group to expedite digital partnerships across different markets and industries globally.
“We are open to working with various partners in this space, or those that are open to embedding Health, Lifestyle and SME insurance propositions onto their digital platforms. Leveraging on our Tech capabilities, we are growing at an exponential rate, and we can help our partners achieve the same,” Rohit concluded.
The event also featured a panel discussion with Tune Protect’s digital and affinity partners on how they are leveraging the Group’s technology to drive profitability and their experiences tapping into White Label’s tailored solutions. The panel speakers included Bui Quy Duc, Deputy Director of InsurTech Division, Baoviet (Vietnam); Akash Sharma, Head of Direct-to-Consumer, Qoala Malaysia; Liew Tian Xiong, Deputy Chief Executive Officer, EcoWorld; Janet Chin, Chief Partnership and eCommerce Officer, Tune Protect; and moderated by Affryll Teo, Head of IR, Sustainability, Tune Protect.
1 Terms and conditions apply