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, akbartravels.com 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 AkbarTravels.com.

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:

• www.tuneprotect.com/emeia
• tpemeia.blueribbonbags.com
• www.akbartravels.com

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 www.tuneprotect.com/emeia and airlegit.com.

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.

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 PC.com 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.

Tune Protect Re acquires right for sale of travel insurance within Vietjet Air’s travel portal

Kuala Lumpur, 5 July 2023 – Tune Protect Group (“Tune Protect or “Group”; TUNEPRO, 5230) wishes to announce that its wholly owned reinsurance subsidiary, Tune Protect Re Limited in partnership with Baoviet Insurance (“Baoviet”) and Vietjet Air (“VietJet”) have gone live with the sale of travel insurance within Vietjet Air’s travel portal on 5 July 2023.

The technology on which the travel insurance is sold in Vietjet’s travel portal is powered by White Label, the Group’s insurtech arm. Baoviet is the primary underwriter for all the travel policies sold by Vietjet Air after which part of the insurance premium is ceded to Tune Protect Re Limited.

“We are excited to partner with Baoviet Insurance and Vietjet Air as we are completely aligned strategically in offering affordable travel and travel insurance to meet travellers’ demands while contributing to boosting the regional travel and tourism economy. We have been chosen due to our key strength in travel technology and capabilities, as well as our extensive experience in partnering with six other airline partners across ASEAN and the Middle East. The travel insurance solutions will offer a range of benefits including medical, personal accident and travel inconveniences which can be selected when booking a flight on Vietjetair.com,” said Rohit Nambiar (“Rohit”), Tune Protect Group’s Chief Executive Officer.

For the record, Vietjet Air is the Group’s 7th airline partner. Other airlines include AirAsia, AirAsia X, Bamboo Airways, SalamAir, AirArabia and FlyArna.

Vietjet Air is Vietnam’s largest private carrier and a fully-fledged member of the International Air Transport Association (IATA). The airline has been awarded the highest ranking for safety with 7 stars by the world’s only safety and product rating website airlineratings.com and listed as one of the world’s 50 best airlines for healthy financing and operations by Airfinance Journal for many consecutive years. It has also been named as Best Low-Cost Carrier by renowned organizations such as Skytrax, CAPA, Airline Ratings, and many others.

More information on the partnership will follow soon.

• Tune Protect Malaysia continues its digitalisation journey as the first insurer to leverage SAP for its core system hosted on cloud in Malaysia.
• Together with SAP Malaysia, Serole Technologies and Huawei Malaysia, Tune Protect Malaysia aims to enhance customer experience further with the new go-cloud innovative core system.

KUALA LUMPUR, 1 June 2023 – Tune Protect Malaysia (“Tune Protect”), the Malaysian General Insurance subsidiary of Tune Protect Group Berhad, made a giant leap to be the nation’s first to leverage SAP insurance core and core on the cloud, to replace its legacy general insurance core system. The implementation of the new core system is a key component of Tune Protect’s continuous efforts in its digital transformation journey to enhance customer experience further.

Partnered with SAP Malaysia, Serole Technologies and Huawei Malaysia, the new system, which went live from October 2022, is a configurable general insurance core system that leverages cloud technology to provide faster and more efficient service to its customers.

“As a digital insurer, we have never stopped the technology innovation to digitally empower our customers. We are proud to be the first in Malaysia to leverage SAP Insurance core and core on the cloud, and this newly implemented insurance solution represents a major milestone for Tune Protect Malaysia. It creates a springboard from which we can quickly deliver new products and services to our customers,” said Jubin Mehta (“Jubin”), Chief Executive Officer of Tune Protect Malaysia. “We look forward to leveraging this technology to provide our customers with an even better experience.”

The core system streamlines policy processing and claims cycles through workflow simplification and automation. This aligns with Tune Protect’s 3:3:3 customer commitment, ensuring quick insurance purchases, responses, and claim payments for a seamless customer experience. Improved digital insurance capabilities and innovative products contribute to this. Furthermore, the core system reduces time-to-market and supports speed-to-market innovation, enabling Tune Protect to outpace competitors and respond promptly to customer demands in a highly competitive industry with evolving needs and regulations.

“Deploying the central system on the cloud reduces the operational complications for the internal technology team, enabling them to focus on delivering greater business value instead of dealing with physical infrastructure setup. Implementing the new SAP-based core system facilitates the effective management of our current product range while introducing fresh offerings, leading to value creation across various fronts,” said Prasanta Roy, Chief Technology Officer of Tune Protect.

“Additionally, it contributes to a comprehensive overhaul of data management, enabling a complete transformation from the front-end to the back end. The core system transformation, combined with our existing digital capabilities, will expedite the delivery of a cohesive customer experience across a wide array of products and services,” added Prasanta.

The new core system also includes various modules such as policy, claims, product and quote, reinsurance management, and finance operations. This supports Tune Protect in streamlining workflows and represents a significant advancement in its ongoing digital transformation journey. The result is improved efficiency and enhanced customer service.

Growth of close to 30% in NEP and more than 80% in customer count

Highlights:

• Strong start in 1Q23 with second consecutive profitable quarter
• AirAsia travel segment recorded 175% growth
• Steadier investment yield expected moving forward
• NEP growth outpaced expenses for 4 consecutive quarters

KUALA LUMPUR, 25 May 2023 – Tune Protect Group Berhad (“Tune Protect or “Group”; TUNEPRO, 5230) started its financial year commendably in the first quarter of 2023 (“1Q23”) by posting its second straight profitable quarter.

The Group recorded growth in Net Earned Premium (“NEP”) by 29.9% year-on-year (“YoY”) in 1Q23 to RM81.2 million, although Net Written Premium (“NWP”) dropped by 7.3% to 76.3 million during the same period. The Group observed growth in its preferred business segments; AirAsia Travel, Motor and Health, which contributed to the Group’s topline. The Group recorded Profit After Tax (“PAT”) of RM3.4 million, up by more than 100% YoY.

Sustaining momentum
“We have sustained our momentum, as shown by the Group’s second straight profitable quarter in 1Q23. The Group’s net investment income rebounded by more than 100% to RM10.2 million in 1Q23, while Tune Protect Thailand’s (“TPT”) Covid-19 claims have also trailed off,” said Rohit Nambiar (“Rohit”), Tune Protect Group’s Chief Executive Officer.

Notes:

1. NEP minus net commission expenses, net claims incurred, facilitator fees and royalty
2. Aggregate of investment income, realised gains and losses & fair value gains and losses.
3. Share of results of an associate (TPT) and a joint venture company (TP EMEIA).

Less volatile investment returns
In terms of its investments, the Group is expecting a steadier investment yield with less volatility. In 1Q23, Tune Protect Malaysia (“TPM”) completed the full switch into money market fund from fixed income funds.

“With the bulk of our portfolio invested in money market funds, our portfolio will not only benefit from the recent 25 basis points (“bps”) Overnight Policy Rate (“OPR”) hike by Bank Negara Malaysia, but moving forward, volatility in investment returns will also be reduced,” said Rohit.

Improved retention and efficiency
The Group is confident of meeting its target of 70% retention in all of its Lines of Business (“LOB”) and becoming a more efficient organisation on a ratio basis.
The overall Lifestyle pillar NWP was lower, however, AirAsia Travel, Health and Motor partly mitigated the discontinued Perlindungan Tenang scheme while in the Small Medium Enterprise (“SME”) business segment, there was higher ceding of premiums from a new account which was a part of the Group’s risk management. In the Commercial segment, the Group fully exited a low retention large corporate account at the end of 2022.

“Overall, the Lifestyle segment was lower due to the discontinued Perlindungan Tenang scheme. However, the impact was cushioned by the growth in AirAsia Travel by 175% and Motor by 18% YoY respectively. Another positive was in 1Q23, travel premiums was at 92% of pre-Covid-19 level.”

“NEP growth has outpaced expenses for 4 consecutive quarters and the Group’s Management’s Expenses (ME) ratio continues to improve. There was lower commission income received with the Group’s progressive exit from the Commercial segment, in addition to higher claims incurred in the Motor segment,” said Rohit.

Focus on strategic partnerships
Rohit stressed the importance of the Group’s strategic partnerships in realising its long term goals and objectives.

“The right partnerships are critical to our growth. We are very focused on sales activation and growing the business with our current partners. Our digital partners increased from 42 in 1Q22 to 76 in 1Q23. We are partnering with Senang for our first personal cyber crime insurance Tune CyberSecure, protection against electronic fund transfer fraud, online retail fraud and identity theft. Customers can be insured up to RM10,000. We also have a new channel partner through the AEON-bolttech program featuring Accidental Damage and Liquid Damage (ADLD), cracked screen and theft for devices as well as extended warranty for home appliances,” said Rohit.

The Group has other on-going Business-to-Consumer (“B2C”) campaigns such as earning double reward points for AirAsia rewards when the customer buys the Group’s policies, Bike Easy & Travel Easy with BigPay and Bike Easy & Travel Easy with Tune Talk.

Expanding mobile presence

The Group is also making major strides in becoming a mobile first company. To realise the Group’s ambitions in this space, there are more mobile launches planned in 2023 and 2024. The latest exciting mobile campaigns include the Travel Easy “Extravelganza” campaign and Motor Easy “So Early Ah” campaign.

Other mobile features planned to enhance the customer’s experience include first loss notification, tow truck tracker, preferred workshop options, telematic and hyper-personalisation/ customisation,
auto renewal notice, artificial intelligence (“AI”) claims assessment and self-service portal.

Boosting Customer NPS leadership
The Group is committed to becoming a Customer Net Promoter Score (“NPS”) leader, as evident by its Customer NPS score of +39% as at December 2022, closing in to the global industry standards of +42%. Unique active customer count grew more than 80% from 1.0 million to 1.82 million YoY.

To strengthen its position in Customer NPS, the Group has introduced the On-The-Spot Claims Assessment Scheme for Fire products and claims below RM5,000. Claims submissions are paperless and payment will be raised within 3 working days from the date of receipt of the required claims documents. This will improve the turnaround time of claims assessments by 95% from 21 days to just 1 day.

The Group has also launched a cloud-based new contact centre platform for more efficient and effective call management to improve customer experience. There is also a renewal notice for B2C customers and renewals can be conducted directly via the Group’s website.

Notes:

1. Inclusive of TPR, TP EMEIA, TPM and TPT.
2. 1Q22 to 3Q22 metrics were revised to account for the adjustment in cut-off date.
3. Number of active policy / unique active customer
4. Number of product by nature / unique active customer
5. Duration of active customer since the inception of the first policy
6. Total GWP / active customer base

Introducing ESG Insights
As a constituent in the FTSE4Good Bursa Malaysia Index, the Group has introduced ESG Insights, a data platform which simplifies ESG data from various sources into a single readable data set made available on the Group’s website. This is a one-stop centre to easily extract specific and up to date ESG information using a range of selection criteria.

• 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.

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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

• Tune CyberSecure provides necessary protection against cyber-attacks and ensure a safer cyber ecosystem
• Tune CyberSecure for individuals, extended to family members, aims to protect customers and their family from cyber risk
• Accessible anytime, anywhere – product is available online and queries can be directed through a 24/7 toll-free line

KUALA LUMPUR, 6 APRIL 2023 – Tune Protect Malaysia (“Tune Protect”), the Malaysian General Insurance subsidiary of Tune Protect Group Berhad (“Group”) and the digital lifestyle insurer in Malaysia has launched its first personal cyber-crime insurance for individuals – Tune CyberSecure. With the solution, Tune Protect aims to protect customers from cyber threats and ensure a safer cyber ecosystem with the necessary 24/7 technical support.

The frequency of recent data breaches has greatly increased the risk of cyber-attacks on individuals, especially in this digital world where people tend to store their personal information online. In the Incidents Report published by Cybersecurity Malaysia, more than 4,700 online fraud cases were reported in 2022. As cyber-attacks continue to rise, Tune Protect is taking a step forward by launching its first personal cyber offering to address the challenges and provide customers with the necessary protection.

With premiums as low as RM145 per year, Tune CyberSecure protects customers against cyber risks including electronic fund transfer fraud, online retail fraud and identity theft, with coverage up to RM10,000. It covers the entire family and the electronic devices connected to the internet at the registered address.

“Cyber insurance has previously been seen as something only relevant to businesses, but this is no longer the case due to the rapidly increasing number of cybercrimes against individuals. In line with our digital and mobile-first strategy, we are thrilled to introduce Tune CyberSecure as one of our initiatives to make cybersecurity accessible to everyone,” said Jubin Mehta (“Jubin”), Chief Executive Officer of Tune Protect Malaysia.

Designed with an end-to-end digital accessibility, Tune CyberSecure aims to provide a seamless and hassle-free customer experience as everything could be done online. Customers will be able to secure the policy online with coverage confirmation within 7 minutes, and obtain clarifications or direct their queries anytime, anywhere through the 24/7 incident response call centre at its toll-free line 1800 819 783.

Moreover, with the 24/7 support of an army of cyber experts and the household’s cybersecurity monitoring tool to identify vulnerabilities or any data breaches, Tune CyberSecure is committed to creating a secure cyberspace for customers and their family members.

Tune Protect partners with Senang, a home grown Insurtech as its corporate agent to distribute the product via their digital platform.

For more information and to purchase Tune CyberSecure, please visit www.mycyber.my.

Kuala Lumpur, 31 March, 2023 – bolttech, the international insurtech, and Tune Protect Group (“Tune Protect”, “Group”), the region’s digital lifestyle insurer, have announced a strategic partnership to launch a new generation of device protection solutions and support services in Malaysia. Tune Protect Malaysia, the Malaysian General Insurance arm of the Group, is the exclusive underwriter for the device insurance coverage, while bolttech is the appointed Corporate Agent and the provider of the device support services.

Through the partnership, bolttech and Tune Protect aim to offer customers a convenient and seamless end-to-end customer experience for device protection solutions.

Recent data reveals that the smartphone user penetration rate in Malaysia in 2022 stands at 88.79% of the population, which has steadily increased over the last five years. Consequently, more customers are exposed to the daily risk of device damage. The partnership between bolttech and Tune Protect aims to meet the growing demand for device protection and support services in the market.

Mark Simmons, Chief Executive Officer, Europe and Asia, bolttech, said, “Our partnership with Tune Protect offers customers in Malaysia comprehensive protection and support beyond the insured device. We will continue to work with Tune Protect to create innovative solutions that cater to the needs of the customers’ modern and digital lifestyles.”

Rohit Nambiar, Group Chief Executive Officer of Tune Protect said, “In line with our strategic vision as a digital and lifestyle insurer, this collaboration with bolttech offers us the opportunity to extend our market reach and seamlessly embed our insurance solutions. We’re starting it first in Malaysia and will continue to explore other opportunities to expand it in other countries.”

The device insurance coverage is underwritten by Tune Protect Malaysia, providing protection for cracked screens, accidental and liquid damage, as well as extended warranty for insured devices, including smartphones and home appliances. The device support services, provided by bolttech, include device trade-in, 24/7 technical support, device repair concierge service, and logistics service for device pick-up and delivery. The solutions are available as a bundled package or can be purchased separately, i.e., insurance coverage only or support services only.

Customers can visit their nearest Samsung, Ascend SP, Ultimate Devices or Unifi stores to find out more and subscribe to a program that suits their needs. More distribution partners are expected to launch the offering for their customers in the coming months.

For more information about the device protection and support services programs, please visit https://device.bolttech.my

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¹https://www.statista.com/statistics/625418/smartphone-user-penetration-in-malaysia/