Tune Protect Group Launches Digital Solutions from Tune Protect Life and Tune Protect Malaysia to serve Small Medium Enterprises (SMEs) and Micro SMEs (MSMEs)

  • Tune Protect Group aims to safeguard SMEs and MSMEs in protecting their employees’ well-being and managing their business risks
  • Tune Protect Life introduces the first in market online employee health and life insurance for SMEs
  • Tune Protect Malaysia introduces a one-stop microsite for business owners to obtain customised business insurance solutions

KUALA LUMPUR, 24 May 2023 – Tune Protect Group (“Tune Protect”, “Group”), the lifestyle digital insurer launches innovative solutions for SME and MSMEs from its wholly-owned subsidiaries, Tune Protect Life (“TPL”) and Tune Protect Malaysia (“TPM”) today. The solutions aim to close the protection gap and make insurance more accessible to SMEs and MSMEs in Malaysia. The innovative digital solutions are the first in market online employee health and life insurance by TPL and the one-stop microsite offering customised business insurance by TPM.

As a significant contributor that constitutes 99% of total businesses in Malaysia’s economy1, the poor uptake of insurance among SMEs and MSMEs for employee benefits and natural disasters is an alarming issue. Employee benefits play a crucial role in enhancing staff well-being, retention, and productivity2 while businesses face the risk of significant losses due to natural disasters3. Moreover, the medical inflation rate in Malaysia was 12% in 2022, which is six times higher than the annual general inflation rate and is expected to increase to 15% this year4.

However, insurance has been perceived as expensive, complex and a burdensome process for businesses, with challenges in sourcing affordable insurance, understanding policies and accessing relevant information about suitable coverage options5. Consequently, despite recognising the importance of insurance, many SMEs and MSMEs are still hesitant to take the first step.

To address this critical gap in SME and MSME protection, Tune Protect unveiled a comprehensive digital proposition tailored to the needs of this underserved segment through its subsidiaries, TPL and TPM. By providing a simplified and seamless insurance journey, the digital-led initiatives aim to overcome common barriers such as affordability, complexity, and limited access, making it easier for MSMEs to explore insurance products to safeguard the wellbeing of their businesses and employees.

Rohit Nambiar (“Rohit”), Group Chief Executive Officer of Tune Protect said, “It is unfortunate to see that despite being a vital part of the economy, contributing 37.4% to the GDP in 20216, SMEs remain largely uninsured or underinsured. This protection gap exposes them to significant risks and vulnerabilities. Hence why, we as a digital insurer, are taking proactive steps to address the insurance needs of MSMEs, leveraging our digital-first approach. Everyone deserves to be protected. We believe that by making insurance accessible, affordable, and convenient, we can support the growth and resilience of the MSME community, contributing to a stronger and more secure economy.”

Solving Costs Concerns through 3 Years Premium Guarantee and Budget Based Proposition
TPL launches the first in market employee insurance which offers business owners/employers the flexibility to purchase Life or Medical/Health insurance or both, for their employees directly on a business-to-consumer (“B2C”) channel. This innovative offering allows business owners to plan their budget ahead, with a unique value proposition of three years fixed premium guarantee, which means business owners need only pay the same amount every year for three years. Incorporated with the insurance is a health/wellness-based rewards program called Activ8, which aims to improve employees’ health, well-being and productivity through annual health screening and digital coaching programs. Business owners are able to purchase the SME EZY product and plan of their choice directly, up to 10% rebate.

“At Tune Protect Life, we focus on the unserved and underserved segment, and we understand the pain points faced by these communities, SMEs included. Affordability is a key concern for business owners, what with the rising and uncertain medical costs year-on-year, making it challenging for SMEs to provide adequate insurance for their people,” highlighted Koot Chiew Ling (“Chiew Ling”), Principal Officer of Tune Protect Life.

“With the introduction of SME EZY on the B2C channel, business owners can manage and plan their budget ahead, easily access the insurance, prioritise the health of their employees within an affordable budget, and create a supportive environment for employee well-being in the long run. It is a win-win proposition for the business owners and their employees,” added Chiew Ling.

Simplify, Customise and Connect – A One-stop Solution for MSMEs
TPM introduces a user-friendly homegrown SME Microsite, a one-stop platform for business owners and small businesses to obtain customised insurance solutions. The microsite offers easy access to information, enabling MSMEs to make informed decisions about their coverage needs. It also provides a marketplace for MSMEs, offering profession-based insurance bundles such as Business Shield with a 15% platform-exclusive premium rebates and connecting them with partners’ offerings.

“Complexity, affordability, and lack of customisation have been significant challenges for MSME business owners when obtaining insurance. Through our one-stop microsite solution, we aim to address these challenges head-on. By providing customizable insurance solutions and simplifying the process of managing risk, we not only aim to enhance the customer experience but also to provide our MSME community a platform to collaborate with one another. The microsite is a significant initiative for TPM as we strive to empower the MSME community and onboard partners that we can work together towards creating a thriving MSME ecosystem for their growth and protection,” said Jubin Mehta (“Jubin”), Chief Executive Officer of Tune Protect Malaysia.

Aligned with its 3:3:3 customer promise, Tune Protect assures a quick quote within three minutes, a three-hour response time and claims pay-out within three days upon approval, thanks to the digital nature of the initiatives. Tune Protect strongly believes that these initiatives, leveraging on the strengths and expertise of both TPL and TPM will mark a crucial milestone in addressing the SMEs and MSME protection gap; and is committed to continue providing comprehensive and integrated insurance solutions for business owners and small businesses.

1 The Edge, 2023, Financial inclusion a top national priority
2 Ranstad, 2022, how does employee wellbeing, or the lack of, affect your workplace productivity
3 theSundaily, 2022, Flood risk In Malaysia – impact on economy
4 AON, 2023, Global Medical Trends Report
5 PWC, 2023, Revolutionising financial inclusion through Digital Insurance and Takaful