All posts by Tam Hse Leng

Tune Protect weighed by one-off Tenang impairment; excluding impairment, 4Q23 and FY23 posted PAT of RM3.5 mil and RM22.7 mil

KUALA LUMPUR, 29 February 2024 – Tune Protect Group Berhad (“Tune Protect” or “Group”; TUNEPRO, 5230) posted its financial results for the fourth quarter of the financial year 2023 (“4Q23”), underpinned by overall retention ratio and Net Written Premium (“NWP”) which grew 14% and 8.3% respectively. For the full financial year 2023 (“FY23”), retention ratio increased 17% but NWP fell 2.2% year-on-year (“YoY”).

Rohit Nambiar (“Rohit”), Tune Protect Group’s Chief Executive Officer cautioned that the impairment on Perlindungan Tenang Voucher (“PTV”) impacted the Group’s Profit After Tax (“PAT”), which decreased by more than 100% YoY in 4Q23, though the losses in FY22 turned to profit, improving significantly by more than 100% YoY in FY23.

To recap, the PTV Programme was a national initiative offering social protection for the lower income group to purchase insurance plans from participating licensed insurers. In the PTV Programme 2022, eligible recipients were given a RM75 voucher each to redeem annual insurance policies from participating insurers. The programme was later discontinued in FY23.

In February this year, the regulator notified that some of the policies underwritten by the Group’s subsidiary Tune Insurance Malaysia Berhad under PTV will not be eligible for redemption. As such, the financial results in FY23 have been impacted. The Group is planning to appeal the decision.

Profitable 4Q23, excluding one-off impairment
“Nevertheless, the impact of the PTV impairment was a one-off event in 2023. Excluding it, 4Q23 and FY23 PAT were up more than 100%, recording RM3.5 million and RM22.7 million respectively. Furthermore, the Group’s combined ratio would have been lower at 95.5% in 4Q23 and 95.3% in FY23,” explained Rohit.

Rohit added that the Group’s 4Q23 NWP was driven by the Motor segment which increased 56% YoY, led by Partnership channel growth. Travel NWP also contributed with 14% growth YoY, led by AirAsia, VietJet Air and AirArabia. The Group’s sustained focus in growing the three key pillars of Lifestyle, Health and SME while moving away from large Commercial businesses has seen its retention ratio continuing to improve by 14% in the quarter.

“In 2024, the Group is optimistic that travel products under the Lifestyle pillar will continue to achieve higher growth based on positive outlook in the travel segment locally and internationally. In the Motor segment, growth momentum in the recent quarters should continue in upcoming quarters,” said Rohit.

Focused on stable investment returns
The Group’s investment performance in FY23 was positive with YoY growth of total investment income of more than 100% to RM32.2 million in FY23. The change in the Group’s investment strategy has materialised in the form of stable investment returns.

Expansion via partnerships, innovative products
The Group continues to expand via partnerships and strategic collaborations, such as the offering of TravelEasy on the BigPay app to provide a worry-free travelling experience. TravelEasy offers domestic and worldwide coverage with 2 plans i.e. Basic Plan and COVID Lite Plan for claims on travel inconveniences, medical expenses and COVID-19. With just 5 easy steps, travellers can obtain coverage in less than 3 minutes.

Another exciting product in the Group’s portfolio is FLEXIOne, a customisable digital insurance solution that covers medical and critical illnesses. This pioneering insurance solution is powered by a user friendly Artificial Intelligence (“AI”) virtual assistant called “Tracy” to personalise and recommend the best-suited plan based on 3 simple questions. Premiums start from as low as RM5 per month.

The Group has fast gained recognition in the industry for its wide range of innovative products. It won the Claims Initiative of the Year from Insurance Asia News Awards for Excellence 2023 for its Parametric Claims solution. It was also a winner of the prestigious CXP Best Customer Experience Awards 2023.

As an employer of choice among insurers for millennial talents, the Group was named one of Malaysia’s top employers by Talentbank, one of only two insurance companies in the list. The Group’s long term commitment to excellence is reflected in its inclusion in the FTSE4Good Bursa Malaysia Index since December 2021. The company proudly remains the only insurer on the index.

3-year strategy helping to build long-term foundations
“The Group is definitely heading in the right direction with its 3-year strategy FY20-FY23 starting to bear fruit, such as retention upwards towards 70% in all Lines of Business (“LOB”). Overall retention ratio rose +17% YoY from 62% in FY22 to 79% in FY23,” said Rohit.

The company is constantly striving to operate more efficiently as an organisation, especially on a ratio basis. This is evidenced by its healthy combined ratio. Excluding the one-off Tenang impairment, combined ratio would have been below 100% in FY23.

Expanding the Group’s presence in Southeast Asia remains a cornerstone strategy. The Group has made tremendous strides in Vietnam with Gross Written Premium (“GWP”) growing by 74 times within the last 3 years. It retains its leadership position in the critical benchmarks of customer and partner Net Promoter Scores (“NPS”). Customer NPS grew from -16% in April 2021 to +45% in December 2023, while Partner NPS grew from +48% in April 2021 to +60% in December 2023.
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Tune Protect Life Introduces First In Market Flexible Insurance Solution With A Virtual Assistant On Its B2c Platform

KUALA LUMPUR, 22 January 2024 – Tune Protect Life, the digital life insurance and wholly owned subsidiary of Tune Protect Group Berhad (“Tune Protect” or “Group”) introduces FLEXIOne – a flexible insurance solution of Life, Medical and/or Critical Illness for the retail market. Targeting the millennials and Gen Zs, FLEXIOne provides customers the flexibility to mix and match the coverages according to their individual preferences, budget and needs with the assistance of a friendly human-like virtual assistant to guide customers throughout the entire purchase journey.

FLEXIOne is suitable for young, first-time buyers and those on a shoe-string budget, with premiums starting from as low as RM5 a month. Available for purchase on Tune Protect’s Business-to-Consumer (“B2C”) / online platform, customers can select the pre-packaged Budget plan or build their own plan, accompanied and guided, every step of the way by ‘Tracy’, the new resident virtual assistant. Tracy explains in simple language, eases customers’ understanding and paves the way for a pleasant 3-minutes-to-buy discovery and purchase experience.

Another innovative feature embedded in FLEXIOne is its AI-powered Plan Recommender. Based on certain information of the customer such as age and gender, the built-in Artificial Intelligence (“AI”) assistant will personalise and then recommend the best-suited insurance package for the customer’s consideration. The plan recommender is helpful to customers who are new to insurance and prefer to have some recommendations.

The idea behind having the AI-powered assistance is to provide the convenience and simplify the customer experience along the discovery and purchase journey.

Koot Chiew Ling (“Chiew Ling”), Principal Officer of Tune Protect Life said, “We are guided by our aspiration of bridging the protection gap in the country by providing affordable insurance solutions to consumers. With FLEXIOne, we are busting the myth that insurance is expensive and rigid. Starting from just RM5 a month, FLEXIOne is ideal for Millennials and Gen Zs who are beginners to insurance and want something light on the pocket, as well as those who are looking to top up their current insurance coverage.”

As the name suggests, FLEXIOne was built with flexibility in mind where customers have the flexibility to:
  1. mix and match the coverage that they need be it medical, critical illness and/or life coverage based on their budget and preference. Customer can select one, two or all three coverages, as the choice is in their hands
  2. upgrade or downgrade the plan at any point in time according to their financials, enabling them to adapt to the dynamic life stages. For instance, should a customer be in a tight financial situation, the customer can still maintain his/her insurance at a reduced premium by downgrading to a lower plan, and need not be forced to give up on it entirely;
  3. choose a plan based on the Plan Recommender that is AI-assisted, thus removing the hassle of deciding what is best, especially for first-time buyers and beginners;
  4. enjoy a straight through and efficient purchase journey with its straight through process where only 3 simple health questions are asked for a hassle-free acceptance.

For a limited time only, Tune Protect Life is offering 2 months FREE FLEXIOne insurance of up to a total of RM300 for purchase made through its B2C platform. In addition, customers are eligible to join the Refer and Earn campaign where each successful referral will entitle the customer to RM20 of referral fee.

With Tune Protect’s 3:3:3 customer promise, Tune Protect Life 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 its products and services.

“FLEXIOne checks all the boxes on insurance protection that is bite-size, simple, innovative, and most importantly, value-for-money. If you are budget conscious and want little commitment on your finances, this is the plan for you,” Chiew Ling concluded.

For more information on FLEXIOne, please visit its B2C platform.
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Tune Protect Partners True 5G to Offer True Tourist SIM: A Perfect Blend of Connectivity and Travel Insurance

KUALA LUMPUR, 27 November 2023 – Tune Protect Group (“Tune Protect”), the region’s digital lifestyle insurer, have announced a strategic collaboration with True 5G (True Corporation Plc), the fastest growing digital telecom provider in Thailand, through its associate company in Thailand, Tune Protect Thailand (Tune Insurance Plc). This innovative partnership is set to make traveling to Thailand a hassle-free and enjoyable experience for tourists worldwide by offering the True Tourist SIM. Combining fast and reliable mobile data service with complimentary travel insurance, True 5G and Tune Protect are committed to ensuring seamless connectivity coupled with safety and convenience for travellers.

Tune Protect’s collaboration with True 5G is a response to the Thailand government’s tourism policy of extending a warm welcome to travellers from all corners of the globe. Available from now until January 31, 2024, the True Tourist SIM is not just a SIM card; it is a holistic solution that merges high-speed connectivity with the peace of mind that comes from having comprehensive travel insurance coverage during their stay in Thailand.

Commenting on the strategic partnership, Rohit Nambiar, Group Chief Executive Officer of Tune Protect Group said, “We are constantly working on widening our partner base in the lifestyle sphere to not only offer insurance propositions to our customers, but also embedding it into our partners’ offerings for their customers. This collaboration is a great example of being present on platforms where the consumers are already on so that we can deliver our services seamlessly to them, and in this case, travel insurance for tourists entering Thailand.”

Travellers will now have access to an integrated digital technology innovation that allows them to travel confidently with the True Tourist SIM. This innovative offering combines the high-speed and uninterrupted mobile communication of True 5G’s network with a range of travel insurance benefits. These benefits encompass coverage for accidents, injuries, illnesses, trip cancellations, flight delays, loss of belongings, and 24-hour emergency assistance services, guaranteeing a worry-free journey from start to end.

Mr. Tanaphon Manavutiveth, Chief Marketing Officer, True Corporation Plc said, “In response to the Thai Government call to stimulate the Thai economy through tourism initiatives, we embarked on this partnership with Tune Protect to cater to the needs of the growing number of tourists entering the country. By combining both our strengths, travellers will be able to enjoy their trips better with our high-speed network connectivity coupled with Tune Protect’s travel protection for a worry-free travel experience. Our customers’ safety is a top priority, and this is our way of warmly welcoming tourists into Thailand.”

Travellers can choose from a variety of the True Tourist SIM Packages:

1. True Thailand Tourist Infinite SIM 8 days at 449 baht (RM66.00)
2. True Thailand Tourist Infinite SIM 15 days at 699 baht (RM92.50)
3. True Thailand Tourist Infinite SIM 30 days at 1,199 baht (RM158.60)
4. True Thailand Tourist SIM 10 days at 349 baht (RM46.20)
5. True Thailand Tourist SIM 15 days at 599 baht (RM79.25)

*Note: the currency conversion is an estimate, subject to changes

The True Tourist SIM packages can be purchased by visiting True 5G kiosks at any Thai international airports or any of their shops nationwide, or alternatively on its online channel at

For more information on Tune Protect, please visit
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Tune Protect NWP rose 22% YoY, profitable bottom line driven by improved underwriting performance and investments

  • 3Q23 NWP rose 22% YoY, turned around from a loss in 3Q22
  • Insurance service result grew more than 100% YoY in 3Q23
  • Combined ratio in 3Q23 and year-to-date lower than 100%
KUALA LUMPUR, 23 November 2023 – Tune Protect Group Berhad (“Tune Protect” or “Group”; TUNEPRO, 5230) continued its turnaround with impressive financial results for the third quarter of the financial year 2023 (“3Q23”) with a double digit growth of 22% year-on-year (“YoY”) in Net Written Premiums (“NWP”) and a profitable bottom line driven by improvements in underwriting performance and investments.

Travel, Motor and Health lead topline growth While the Travel, Motor and Health segments led the Group’s topline growth, the overall retention ratio in 3Q23 and 9M23 exceeded the Group’s target of 70% by 4% and 6% respectively.

Rohit Nambiar (“Rohit”), Tune Protect Group’s Chief Executive Officer said, “The Group’s NWP across all the main pillars increased 22% YoY in 3Q23 and this growth has more than compensated for the absence of the Perlindungan Tenang (“Tenang”) scheme which was discontinued in FY23. Growth in the Health pillar was led by the Foreign Worker segment, while growth in the Lifestyle pillar was led by the Motor segment (up 41.1% YoY) and Travel segment (up 25.5% YoY). On the other hand, the SME segment fell marginally by 7.6% due to lower growth in the Engineering segment, which was offset by growth in the SME Fire segment (up >100% YoY).”

7.5% YoY. Though the 9M23 NWP The Group’s Digital Partnerships and eCommerce registered commendable 3Q23 NWP growth of recorded a decline by 17.6% if Tenang was included, the NWP growth excluding Tenang was encouraging with a healthy 38.8% growth, signalling the trailing off of the dependency on Tenang. The number of digital partners increased from 65 in 3Q22 to 79 in 3Q23.

Rohit explained that despite the 15.3% drop of insurance revenue YoY to RM106.9 million in 3Q23, the Group’s quarterly profitability was underpinned by the growth of the insurance service result, coupled with improved investment performance.

“Insurance service result grew more than 100% YoY to RM6.7 million in 3Q23. Furthermore, lower allocation of reinsurance premium turned insurance service result from negative to positive translating to a lower combined ratio of 95.2% during the period. In 3Q23 and the first 9 months of 2023 (“9M23”) combined ratio were lower than 100%. These healthy indicators, coupled with rising investment performance with total investment income of RM6.8 million have led to the Group’s profitability in the quarter,” Rohit said.

Pioneering MSME solutions with CGC collaboration The Group continues to place great emphasis on its digital partnerships, both domestically and regionally. The Group remains an industry pioneer by becoming the first insurer to collaborate with Credit Guarantee Corporation (“CGC”) to introduce digital insurance solutions for Micro, Small and Medium Enterprises (“MSMEs”). Through the partnership, CGC offers solutions such as Tune Protect’s SME Business Shield, SME EZY and PA Easy via affiliate links. The Group has also been participating in CGC’s outreach programmes for MSMEs, offering educational initiatives such as interactive workshops, training programmes and informative sessions.

The Group is also making huge strides in expanding its presence in Southeast Asia. A prime example is Vietnam which has emerged as a significant contributor to the Group’s topline performance after the Malaysia and Thailand markets. The Group’s partnership with Baoviet Insurance and Vietjet Air contributed 15% of the total Gross Written Premium (“GWP”) from Vietnam in 3Q23. More than 80,000 Travel insurance policies were issued in the quarter through Vietjet Air’s flight booking platform, which is also set to be activated in Indonesia by 4Q23 and India, Japan and South Korea by 1Q24, with more countries planned beyond.

Another of the Group’s key focus area is the next phase of the new Group’s core system HYDRO and Tune Integrated Producer System (“TiPS”) implementation. The next phase of HYDRO involves immediate policy processing, centralised customer record, automated workflow and speed-to-market. The implementation of TiPS includes one stop point of sales for quotation, payments endorsement and renewals, one stop service counter for sales dashboard and statement, as well as online learning for distributors and intermediaries.

Positive outlook on investment yields The Group has affirmed its investment strategy for its portfolio totalling RM714.5 million as of 30 September 2023. Moving forward, Rohit is confident that the Group will deliver favourable investment returns.

“Close to 80% of our portfolio is invested in money market funds and term deposits. Bank Negara Malaysia (“BNM”) has again maintained the current Overnight Policy Rate (“OPR”) at 3.0% for the 3rd successive meeting, reiterating its stance that the monetary policy remains supportive of the economy and is consistent with the current assessment of inflation and growth prospects. Our conservative asset allocation continues to shield us from recent market volatility. We will remain vigilant on developments in both global and local capital markets,” Rohit concluded.
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Tune Protect and AirAsia Unveil Newly Enhanced AirAsia Travel Insurance: AirAsia Comprehensive Travel PLUS with Cashless Hospital Admission Services

Travel worry-free with the convenience of cashless hospital admission

KUALA LUMPUR, 30 October 2023 – Tune Protect Group Berhad (“Tune Protect”) and AirAsia Aviation Group Limited (“AirAsia”) announce the launch of the newly enhanced AirAsia travel insurance, the AirAsia Comprehensive Travel PLUS, featuring the practical addition of Cashless Hospital Admission services for policies issued by Tune Protect Malaysia and Tune Protect Thailand. Commencing 19 October 2023, this innovative feature offers travellers a seamless and hassle-free experience when seeking medical assistance abroad.

The AirAsia Comprehensive Travel PLUS, featuring the Cashless Hospital Admission services is offered with a starting premium of as low as RM 74 for a return trip plan. This option is open for purchase to travellers departing from Malaysia and Thailand and can be conveniently accessed through all AirAsia online and offline booking platforms, including the Manage My Booking feature and Online Check-in via the airasia MOVE app.

Janet Chin, Chief Partnership Officer of Tune Protect said, “Our collaboration with AirAsia aims to enhance the travel experience for our customers by providing them with a comprehensive insurance coverage and simplifying the process of accessing medical care in foreign countries. The AirAsia Comprehensive Travel PLUS is a practical feature for travellers. With this newly added proposition, we are removing the hassle of paying for hospital admissions during overseas travel, which can take a toll on their finances. It reflects our commitment to offering our customers the best protection and peace of mind during their journeys.”

Aside to the new addition of the Cashless Hospital Admission services, the AirAsia Comprehensive Travel PLUS include other benefits such as trip cancellation, flight delay, loss or damaged baggage, and loss of personal money and travel documents, among others.

Karen Chan, AirAsia Group Chief Commercial Officer said, “At AirAsia, we believe in continuous improvement of our customers’ travel experience. We are dedicated to offering value-added product benefits and services that provide our guests convenience and peace of mind throughout their journeys. We also understand that travel can be an enriching yet unpredictable adventure, and that is why we go the extra mile to provide an extensive range of coverage to cater to our travellers’ diverse needs. With AirAsia Comprehensive Travel Plus, our guests can now explore the world worry-free, knowing that their medical needs will be efficiently addressed in the event of emergencies. More time to explore, less time to worry.”

The key feature of this newly enhanced product is the Cashless Hospital Admission Service, which does not impact the insurance premium, or any other benefits and sum limits stated in the policy. AirAsia passengers who have purchased the return trip plan of the Travel Insurance for flights departing from Malaysia or Thailand will automatically gain access to these features.

To activate the Cashless Hospital Admission services while abroad, customers simply need to follow a straightforward process:
  1. Contact the Tune Protect – AirAsia Emergency Hotline at +603 2302 0033 and provide their flight booking number for verification.
  2. Upon verification, a Medical Agent will notify a nearby Medical Provider and, if necessary, arrange transportation.
  3. A Guarantee Letter will be issued directly to the Medical Provider to ensure uninterrupted medical attention.
  4. Policyholders can be rest assured that their medical bills will be taken care of, eliminating the need for claim submissions.

The AirAsia Comprehensive Travel PLUS offers healthcare access to over 5,000 hospitals worldwide in collaboration with the globally renowned care and mobility provider, Europ Assistance. This added feature eliminates the unexpected out-of-pocket expenses and providing the ultimate peace of mind for worry-free travel. By combining seamless travel experiences with comprehensive insurance coverage, Tune Protect and AirAsia are redefining travellers’ experience while navigating the world.

For more information on AirAsia Comprehensive Travel PLUS with Cashless Hospital Admission Services, please visit
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Tune Protect Malaysia Extends Support to MYAirlines Passengers with a Goodwill Payout

KUALA LUMPUR, 17 October 2023 – In light of the recent suspension of MYAirlines operations, Tune Protect Malaysia (“Tune Protect”, “the Company”), a leading provider of travel insurance is pleased to extend their support by offering a goodwill payout of up to RM200 per person to affected passengers who have purchased Tune Protect Travel Insurance for their cancelled flights with MYAirlines. The goodwill payout is calculated based on 50% of the flight ticket price, subject to a maximum of RM200 per passenger.

While the suspension of airline operations does not fall under the coverage of Tune Protect Travel Insurance, the Company acknowledges the inconvenience and losses resulting from this regrettable incident for affected passengers. In response, Tune Protect is taking proactive steps to offer a measure of relief.

Jubin Mehta, Chief Executive Officer of Tune Protect Malaysia said, “We extend this invitation to our Travel Insurance customers who may have been impacted by this unfortunate event to contact us for assistance with the goodwill payout. While such incidents are not typically covered by insurers, we empathise with our customers and would like to extend our support beyond the conventional domain of insurance protection.”

Tune Protect has outlined the terms and conditions for the payout, aimed at assisting MYAirline passengers who have purchased Tune Protect Travel Insurance:
  1. The cancelled trip must be insured by Tune Protect Travel Insurance.
  2. The Travel Insurance policy must have been purchased prior to 12 October 2023 and has not been cancelled.
  3. The commencement date of the policy must be from 12 October 2023 and onwards.
  4. This payout applies exclusively to flight tickets acquired with MYAirline as the designated carrier, valid for travel starting from 12 October 2023 and onwards.
  5. The payout will amount to 50% of the flight ticket price, nett of any discount, subject to a maximum of RM200 per passenger.

  1. Download, complete, and save the PDF editable claim form available on Tune Protect website.
  2. Email the following documents to [email protected]:
    • Duly completed claim form
    • Flight itinerary from MYAirline (for trip commencing 12 October 2023 and onwards)
    • Invoice of flight tickets purchased with MYAirline as the designated carrier
  3. Once the application is received, it will be reviewed accordingly and upon approval, the payment will be made within 3 working days from the approval date

Please ensure that all the necessary documentation is provided as per the requirements outlined in the claim form. Tune Protect understands the importance of a prompt and efficient claims process to assist affected passengers during this challenging time. For any queries or assistance during the claims process, affected passengers can reach out to Tune Protect through its customer service hotline at 1-800-88-5753 or by sending an email to [email protected].
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Tune Protect Emeia Partners With Akbar Travels, Offering Blue Ribbon Bags’ Value-Added Services On Akbartravels.Com

Dubai, United Arab Emirates, 04th October 2023 – Tune Protect EMEIA (“Tune Protect”), the leading digital travel technology facilitator in the Europe, Middle East India & Africa, has formed a strategic partnership with Akbar Travels UAE (“Akbar”), to facilitate Blue Ribbon Bags’ (“BRB”) value added services in the booking journey of the travel agency’s digital platform to service Akbar Travels global customers.

Tune Protect is one of the largest distribution partners for BRB globally, and its offerings has been integrated within Tune Protect Application Programming Interface (“API”), making it possible for Tune Protect to offer BRB’s services to any travel agency worldwide.

Tune Protect’s API is powered by White Label, the Insurtech arm of the Tune Protect Group based in Malaysia.

“As the digital facilitator for travel within the EMEIA region, Blue Ribbon Bags has been our partner since 2019, and we are delighted to extend their offering through our collaboration with Akbar Travels. We believe that with the value-added offering, we will effectively meet the needs of travelers, particularly customers of Akbar Travels through a seamless digital customer journey,” said Arijit Munshi, Chief Executive Officer of Tune Protect EMEIA.

Akbar Travels of India stands as the most prominent travel company in the region, boasting the highest count of International Air Transport Association (IATA) approved Branches, a substantial workforce, and significant business turnover. Having achieved years of prosperous operation since 2007, is now positioned for further expansion. Alongside enhancing its current offerings for customers and travel associates, the website has introduced a multitude of fresh travel-oriented products.

Ashiya Nazar, Director, Akbar Travels said, “I’m delighted to announce the strategic partnership between Akbar Travels and Blue Ribbon Bags facilitated by Tune Protect EMEIA, tailored to enhance travel experiences in the Middle East. This collaboration is set to redefine the travel experience, offering our valued customers an added layer of peace of mind. With Blue Ribbon Bags’ innovative baggage tracking solutions, travelers in the region can now enjoy enhanced security and convenience when it comes to their checked luggage. We look forward to a seamless journey ahead, ensuring that your travel experience with Akbar Travels remains nothing short of exceptional..”

BRB is a service which will instantly track and expedite the return of any luggage when lost at any airport. BRB will pay travelers a minimum of USD100 or equivalent in any currency if their bag is not returned to them within 96 hours. Through this strategic partnership, BRB’s offering is now live and currently available on

Commenting on the partnership, Robert Ardino, Vice President, Blue Ribbon Bags said, “BRB is thrilled to embark on this notable partnership with Akbar Travels via Tune Protect. With over 21 million misplaced bags each year, we believe our service provides customers with a convenient solution to ease the challenges of misplaced baggage, and we aspire for Akbar Travel’s customers to experience a reassuring sense of comfort when utilizing our services.”

To find out more about Tune Protect EMEIA, BRB and Akbar Travels and their services, please visit:
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Tune Protect Emeia And Airlegit Team Up; Enhancing Customers Travel Experience Leveraging Technology

Dubai, UAE 20th September 2023 – Tune Protect EMEIA (“Tune Protect”), UAE, the leading digital travel technology facilitator in the Europe, Middle East India & Africa, entered a strategic partnership with AirLegit, a technology provider specializing in air travel tools, aimed at empowering travel companies to enhance the travel experience of their customers. These comprehensive travel technology solutions will be introduced to travel agencies throughout the EMEIA region.

Through this partnership, a suite of travel technology solutions will be introduced encompassing three key areas namely,
  • FlightWatcher; a service that offers flight monitoring and notifications, ensuring travellers are informed about any status updates related to their flights,
  • Automated Check-in; a streamlined check-in process providing automated check-in and issues mobile boarding passes, and
  • Air Ticket Warranty; alternative flight arrangements with another airline via automated rebooking with original ticketing agency, in the event flight is canceled.
All three solutions are driven by state-of-the-art technology aimed at offering convenience and peace of mind to travelers.

“We are pleased to announce this new partnership with AirLegit. The Big Data and AI-driven solutions will provide value to our travel partners and will enhance the travel experience of their customers, be it for leisure or corporate travel. Relevant knowledge and ease of access will offer an increased peace of mind to travelers”, said Arijit Munshi (“Arijit”), Chief Executive Officer of Tune Protect EMEIA.

“This partnership represents a synergy of technological innovation and industry expertise. As we combine our strengths, we are poised to bring cutting-edge solutions to the forefront of the travel sector,” added Arijit.

“We are delighted to expand our collaboration with Tune Protect into strategic partnership. Leveraging Tune Protect’s sales capabilities and extensive network connections within the EMEIA region, enables our innovative combination of flight performance data analytics, proactive personalized traveler support and ready-made travel disruption automation tools. to reach travel industry partners more effectively, thereby enhancing the travel experience for all travelers globally,” stated Sneharthi Roy (“Sneharthi”), Chief Executive Officer of AirLegit.

The FlightWatcher service provides seamless notification to the customers, offering real-time updates on their flight status. These ticketing agency branded notifications go beyond the basics, delivering relevant insights and actionable recommendations that empower customers to make informed decisions. On the other hand, the Automated Check-in feature streamlines the travel experience, sparing the customer the hassle and stress of manual check-ins, while highlighting the value ticketing agencies bring to their customers.

“Our digital assistant takes care of the process, generating mobile boarding passes on behalf of our clients, that include essential details such as passenger seat preferences, frequent flyer information, passport numbers, as well as any other relevant information ticketing agency needs to provide to its customers. Lastly, the AI-powered Air Ticket Warranty service comes into play when flights are canceled. On behalf of our clients and based on their requirements, this service intelligently proposes alternative routes and flights, ensuring that the affected customers can swiftly secure new travel arrangements,” added Sneharthi.

AirLegit functions as a B2B Travel Technology company. Through its advanced automation, the company vigilantly oversees all aspects of a traveler’s journey, promptly notifies users of any updates, identifies, and resolves disruptions, and customises personalised solutions for air travelers, beginning from the initial booking stage up to the conclusion of their journey.

For more information on Tune Protect EMEIA and AirLegit, please visit and
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Tune Protect Emeia Enters The African Market, Partners Leadway Assurance For B2b Travel Insurance Distribution In Nigeria

Lagos, Nigeria / Dubai, the UAE 4 September 2023 – Tune Protect EMEIA (“Tune Protect”), UAE, the leading digital travel technology facilitator in the Europe, Middle East India & Africa, enters into a strategic partnership with Leadway Assurance Company Limited (“Leadway”), the leading insurance company in Nigeria along with Tune Protect Re, Malaysia, to cater to various travel and lifestyle assurance products via the digital business-to-business (“B2B”) channel in Nigeria. Leadway is the first B2B partner for Tune Protec Re and Tune Protect EMEIA within the African continent that focuses on Travel B2B with more than 10 travel and lifestyle assurance propositions being offered.

Based on the above strategic partnership, Tune Protect EMEIA renders the travel technology solutions of White Label Ltd, Malaysia (“White Label”), the insurtech arm of Tune Protect Group based in Malaysia to Leadway Assurance.

“We are delighted to announce our entry into the Nigerian market, marking a strategic move to extend our presence within the broader African market. Our collaboration with Leadway, through Tune Protect Re, and supported by White Label serves as a pivotal milestone, leveraging our profound expertise in travel & technology. We are confident in our ability to effectively cater to the evolving demands for travelers, not only in Nigeria but also across other African nations. Building upon our established track record of success within the Europe, Middle East, India we are eager to replicate this achievement within Africa, commencing with our partnership with Leadway,” said Arijit Munshi, Chief Executive Officer of Tune Protect EMEIA.

The strategic partnership was formally launched in August 2023, marking the commencement of the travel and lifestyle products. These comprehensive propositions encompass a range of insurance solutions, 12 in total, including but not limited to Tune Protect Travel Assurance, Tune Protect Travel Lite Assurance, Tune Protect Air Charter Assurance, Tune Protect Travel Student Assurance, Tune Protect Travel Cancellation Assurance, Tune Protect Travel Adventure Assurance, Tune Protect Travel Electronic Assurance, Tune Protect Travel Shop Assurance, Tune Protect Pet Travel Assurance, and several others.

Commenting on the partnership, Tunde Hassan-Odukale, Managing Director, Leadway Assurance Limited, stated that Leadway is thrilled to embark on this innovative partnership with Tune Protect EMEIA. As the foremost insurance company in Nigeria, we recognize the growing needs of today’s travelers, and this collaboration will enable us to offer a comprehensive suite of travel and lifestyle insurance products that seamlessly integrate into the digital landscape, meeting the demands of the modern traveler. This strategic alliance aligns flawlessly with our commitment to cultivate partnerships and leverage cutting-edge technology to provide the best and an all-inclusive insurance coverage to our numerous customers.

Leadway is a prominent insurer within the insurance landscape of Nigeria, boasting a substantial legacy of five decades in operation. Throughout this period, the company has established itself as a force to be reckoned with in the non-banking financial services landscape with a diversified portfolio providing a comprehensive array of insurance services encompassing both general and life insurance, pension management, wills and trusts services, investment offerings, and health maintenance.
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Expanding regional presence with 7th airline partnership; Tune Protect registered third consecutive quarter of profitability in 2Q23

KUALA LUMPUR, 24 August 2023 – Tune Protect Group Berhad (“Tune Protect” or “Group”; TUNEPRO, 5230) reported encouraging financial results for the second quarter of the financial year 2023 (“2Q23”), its third consecutive quarter of profit.

Rohit Nambiar (“Rohit”), Tune Protect Group’s Chief Executive Officer explained that the Group’s profitability in 2Q23 was supported by an increase in profit after tax to RM11.2 million, growth of more than 100% Year-on-Year (“YoY”).

“The Group’s third consecutive quarter of profitability was attributed to a sustained investment performance which bodes well for our financial position until the year end. 2Q23 profitability was underlined by an increase of RM15.0 million in investment income, as well as growth of RM10.9 million in insurance service and financial results which grew substantially at more than 100%, mainly contributed by the general insurance segment. There was also an increase of RM12.3 million in share of results from our associate,” Rohit said.

Healthy growth in 3 main pillars Rohit said that excluding the one-off results of the Tenang scheme which was discontinued by the Government in 2023, the Group registered healthy growth in 2Q23 across all of its three main business pillars of Health, Lifestyle and SME.

“Excluding the Tenang scheme, the Group grew in Net Written Premium (“NWP”) across all the main pillars. Overall, NWP increased 14% YoY, driven by the growth in AirAsia Travel business by 48% YoY and Motor business by 42% YoY. Furthermore, 2Q23 travel premiums were at 2% higher than pre-Covid 19 levels in 2Q19,” Rohit said.

Including the Tenang scheme, the retention ratio for the Lifestyle pillar declined by 4% YoY in 2Q23. The SME pillar declined by 2%, whilst the Health pillar was equal to last year’s performance. On the Commercial front, its retention grew 11% YoY in 2Q23 after the planned exit from a low retention large corporate account in 2022. The remaining accounts in the Group’s Commercial books are mainly from the Corporate Fire business with a higher retention rate.

Improved investment income and combined ratio The Group’s insurance revenue in 2Q23 dropped 15.7% YoY mainly due to the weaker performance of the Fire and Personal Accident (PA) business. Overall insurance business in the first half of 2023 (“1H23”), registered a revenue of RM224.1 million, in line with last year’s performance. During the 1Q23, the Group’s combined ratio improved by 9.7% mainly attributed to a lower net claims ratio. Investment income turned around favourably, growing to RM8.7 million and RM18.0 million in 2Q23 and 1H23 respectively, compared to losses of RM6.3 million and RM7.8 million in 2Q22 and 1H22 respectively.

Fortifying tech and regional partnerships In 2Q23, the Group continued to fortify its progress in key focus areas, such as technology which provides the critical backbone in the Group’s regional partnerships for activations and renewals. For example, the Group has a strategic insurance partnership in Nigeria which went live and is the Group’s first venture in Africa for a travel Business-to-Business (B2B) programme. Currently, the Group also has a partnership with the largest travel distributor in Nigeria. There are similar ventures in the pipeline in nine more countries in Asia and Africa.

The Group also continued to strengthen its regional presence in Southeast Asia through the tie-up with the Group’s seventh airline partner VietJet Air. The airline has approximately 400 flights daily and carried more than 80 million passengers to date on 113 routes across Vietnam and other Asia Pacific destinations.

The Group’s mobile first strategy continues on its stride of growth in new downloads for its mobile application in Malaysia and Thailand, which rose YoY by 50.2% and 27.4% in 2Q23 and 1H23 respectively. For its concerted efforts, the Group has won several prestigious industry accolades such as the Marketing Initiative of The Year and Claims Initiative of the Year in the Insurance Asia Awards 2023. It also won the impressive Best Insurance Tech award at the Awards 2023.

Investment outlook “We are confident of generating a decent return on our investments, especially from the money market and fixed income. The Malaysian bond market has also rallied significantly and that has benefitted our portfolio. We will continue to maintain our conservative asset allocation for now. However, we will constantly assess our portfolio and remain vigilant on capital market developments,” Rohit concluded.
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