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.

• 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/

KUALA LUMPUR, 27 March 2023 – Tune Protect Malaysia (“Tune Protect”), Malaysia’s digital lifestyle insurer has launched its first lifestyle branch that is integrated with a café, Hope Coffee and Eggdicted in Bukit Jalil, Kuala Lumpur. The opening of a lifestyle branch is aimed at providing a modern and engaging customer experience and redefining the insurance experience for the millennials and Gen Z. Hope Coffee and Eggdicted are owned and operated by Incite Foodtech Group.

The integrated Café Branch features an open-concept layout, pushing against the stereotype that insurance companies are serious and boring. This unique concept is part of Tune Protect’s strategy and culture of being customer obsessed and making it simple, benefitting both its agents and customers by creating a relaxed and comfortable environment where customers can enjoy coffee and other refreshments while discussing their insurance needs. The relaxed atmosphere can help reduce stress and anxiety, enhancing productivity and creativity for employees and agents.

Jubin Mehta (“Jubin”), Chief Executive Officer of Tune Protect Malaysia said, “We chose this location in Bukit Jalil, Kuala Lumpur due to its proximity to one of the biggest malls in Klang Valley and that it is centrally located to serve customers from both Selangor and Kuala Lumpur. As we aspire to be the lifestyle insurer that everyone loves, being present in a high traffic location with various activities in the nearby mall will help us in elevating our brands top-of-mind recall and provide our customers a seamless experience.”

“We truly embrace our brand value of being curious and bold to step up our game by introducing this new concept of integrating a café in an insurance branch,” Jubin continued.

“We’re thrilled to partner with Tune Protect to introduce a unique lifestyle concept that combines insurance and coffee. An ideal setting where customers can enjoy a great selection of beverages from Hope Coffee and snacks from Eggdicted while discovering more about insurance. This is the first of many, as we intend to open many more later this year. Together, we’re transforming the insurance and coffee businesses,” said Karen S Puah, Co-CEO of Incite Foodtech Group.

To celebrate the opening of the lifestyle branch, customers can purchase any Americano, Cappucino or Latte at just RM2 each from Hope Coffee. Additionally, customers will receive a free Americano, Cappuccino, or Latte with any purchase of Eggdicted sandwich. Promotion ends 30 April 2023.

Also, in conjunction with the launch, Tune Protect will be giving out freebies in an effort to promote Tune Protect mobile app and PUMP, a digital health technology solution which is available within the Tune Protect app. PUMP is a free for all solution that was launched to make healthy lifestyle accessible to all. It helps users track their health and physical activities in a fun and rewarding way and promotes wellness holistically through simple habit changes.

Present at the launch were Mohamed Rashdi bin Mohamed Ghazalli, Chairman of Tune Protect Malaysia; Members of the Board of Tune Protect Malaysia; Rohit Nambiar, Group Executive Officer of Tune Protect Group; Jubin Mehta, Chief Executive Officer of Tune Protect Malaysia, and Vincent Ku, Chief Agency Officer of Tune Protect Malaysia. Hope Coffee was represented by Karen S Puah, Co-CEO of Incite Foodtech Group; Eugene Chew, Chief Operating Officer of Incite Foodtech Group; Cheehaw Choong, Chief Brand Officer of Incite Foodtech Group

“This lifestyle branch is the first for us at Tune Protect, and we look forward to expanding the branch concept to other regions in Malaysia. We believe that the lifestyle branch will give us a competitive advantage in positioning Tune Protect as the lifestyle insurer that everyone loves,” Jubin concluded.

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¹ Terms and conditions apply

Highlights:

• FY22 recorded YoY GWP (+36%) and NWP (+72.5%), the highest growth since 2013.
• Posted first profitable quarter since 3Q21.
• Driven by growth in preferred market segments with retention ratios exceeding 70% target.
• Underwriting contribution grew close to 2x, underwriting losses down by 60%.
• Unlocking huge growth opportunities with ASEAN partnerships, SME and B2B travel segments.

KUALA LUMPUR, 22 February 2023 – Tune Protect Group Berhad (“Tune Protect or “Group”; TUNEPRO, 5230) ended the Financial Year 2022 (“FY22”) with a bang by registering a record topline growth and returning to black in the Fourth Quarter of 2022 (“4Q22”) after four consecutive quarterly losses.

The Group recorded its highest Gross Written Premium (“GWP”) and Net Written Premium (“NWP”) since its Initial Public Offering (“IPO”) in 2013. GWP and NWP rose +36% and +72.5% respectively Year-on-Year (“YoY”) in FY22. GWP increased from RM409.0 million (FY21) to RM556.1 million (FY22) while NWP soared from RM201.1 million (FY21) to RM347.0 million (FY22). The strong results were achieved despite the fact that the airlines business have yet to return to pre-Covid levels. The Group’s financial turnaround was driven by growth in preferred segments, i.e., Lifestyle, Health and SME, which more than compensated for the gradual planned exit from the Group’s legacy commercial business.

Returned to black “It was our first profitable quarter since 3Q21. Quarter-on-quarter (QoQ), the Group’s 4Q22 Net Earned Premium (“NEP”) was higher than Net Written Premium (“NWP”) as we are seeing the flow through of earned premiums,” said Rohit Nambiar (“Rohit”), Tune Protect Group’s Chief Executive Officer.

Rohit remarked that underwriting contribution almost doubled while underwriting loss narrowed by 60%. Investment portfolio rebounded in 4Q22 and ended the year breakeven while Tune Protect Thailand’s (“TPT”) Covid-19 claims stabilised. The Group’s Capital Adequacy Ratio (“CAR”) remains strong and is significantly above regulatory requirement which supports future growth.

“The strong performance was a reflection of the Group’s constant and concerted efforts to become a more efficient organisation on a ratio basis. Our improvements in 4Q22 were also contributed by an encouraging combined ratio as premiums started to flow through from NWP to NEP, in tandem with our topline growth which has outpaced expenses for 3 consecutive quarters. NWP growth of 72.5% YoY is a company record. Retention ratio of 62% is on track of meeting our 70% target by end 2023, while FY22 NWP exceeded even pre-Covid levels,” explained Rohit.


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).

Strong 4Q22 retention ratios The financial performance is also evidence that one of the Group’s main objectives of retention of upwards 70% in all Lines of Business (“LOB”) is on track. All preferred segments’ retention ratios exceeded the 70% target. The Lifestyle segment’s growth was mainly driven by the the Personal Accident (“PA) segment which increased by RM 14.1 million, as well as the Motor segment which increased by RM 9.0 million. However, overall Travel was still down by RM5.9 million as AirAsia’s strong growth in 4Q22 was still lower compared to 4Q21 which was driven by Covid-19 travel insurance sales in the Middle East region.

“In 2023, our focus is to grow the profitable motor segment with regular monitoring of the portfolio. We will also increase the Motorcycle segment’s mix, penetrate top travel agents in every city and grow our Small and Medium Enterprise (“SME”) and Health segments,” said Rohit.

Overall, the Group is poised to capitalise on the expected travel recovery in the region. Recently, it partnered with AirAsia in a campaign to provide free flight delay insurance. The Group has also launched instant claims notifications and payment in partnership with a leading e-wallet provider in Vietnam as well as in the Middle East.

The Group is on track to evolve its technology arm as a profit centre. Beginning with the activation of 3 new markets paying fees for the Tech services in 2021, the Group subsequently obtained the approval from Bank Negara Malaysia to host the Malaysia general insurance business core system on Cloud in March 2022. The core system has gone live with its Phase 1 implementation in October 2022.

Huge opportunities in ASEAN, SME and B2B Rohit elaborated about the tremendous opportunities in regional markets, such as its collaboration with new partners in Vietnam. The Group has 2 new insurance partners in Vietnam that have agreed to share their Healthcare and Lifestyle insurance portfolio in exchange for reinsurance training, product development services and technology. Vietnam’s total FY22 GWP contribution to the Group was RM20.8 million.

“This is part of one of our key objectives of expanding our presence in the Association of Southeast Asian Nation (ASEAN) region. Through our existing insurance partner in Vietnam, Bao Viet Insurance, we secured a partnership with VNPay, one of the largest financial technology (“fintech”) players in Vietnam with 15 million active users and more than 150,000 corporate clients. Our collaboration went live on 14th January 2023 and we are going to launch an international travel plan,” said Rohit.

Another key growth area is unlocking various opportunities in the SME and Business-to-Business (“B2B”) travel segments. One of the company’s success stories in 4Q22 was launching the B2B Travel portal in Malaysia at nationwide branches and travel agencies. This portal will also be launched in Thailand by 1Q23. It has expanded B2B Travel to all distribution channels including AirAsia, broking, agency and partnerships.

The Group launched the Business Shield programme for the SME segment and hosted 2 SME industry round-tables with over 60 industry leaders to gather insights and identify touchpoints for SME customers. It developed a user friendly sales kit and is targeting profitable segments/industries to reduce portfolio volatility. It plans to diversify distribution channels to be digital-ready for SME Business-to-Consumer (“B2C”) channels and partnerships.

Customer NPS ahead of competitors The company is making huge strides in becoming a Net Promoter Score (“NPS”) leader in its preferred markets. The Group’s Customer NPS stood at +39% as at December 2022, which is well ahead of local competitors’ and is on par with global industry.

“We want to be an employer of choice among insurers for millennial talents. There has been an encouraging progress in our Employee NPS that jumped to 26% in November 2022 from 5% the year before. Significant measures have been taken to bridge the gap and achieve this result,” said Rohit.


Notes:

1. Inclusive of TPR, TP EMEIA, TPM, and TPT.
2. 1Q2022 to 3Q2022 metrics were revised to account for the adjustment in cut off date.
3. 2022 is the baseline year. YoY comparison will be made for 2023 metrics onwards
4. Number of active policy / unique active customer
5. Number of products by nature / unique active customer
6. Duration of active customer since the inception of the first policy
7. Total GWP / active customer base

Customer metrics boosted by post-Covid travel The Group has benefited from the reopening of the economy and travel recovery post-Covid, as shown by 1.9 million unique customer count in 4Q22, increasing almost twofold compared to 1Q22.

“This was supported by various marketing and promotion campaigns throughout the year, as well as the digital affinity partnerships that boosted customer count. However, average product and active policy per customer reduced slightly from 1.24 and 1.41 (1Q22) to 1.09 and 1.25 (4Q22) respectively, mainly due to a higher base in 4Q22,” said Rohit.

Another positive indicator for the Group was customer vintage, or duration of customer retention since first policy, which recorded steady growth throughout the year.

“In tandem with improved Customer NPS, our customers are staying longer with the company. Customer vintage increased from 5.33 years in 1Q22 to 5.69 years in 4Q22. However, average premium per active customer was reduced from RM335.8 in 1Q22 to RM204.2 in 4Q22. This was in tandem with travel growth after the reopening of borders and lower ticket size of travel insurance,” explained Rohit.

In terms of age division, the Group’s customers age composition is largely dominated by the 20 – 45 year-olds, standing at 60% in the mix. This is followed by 36% of 45 year-olds and above, whilst 4% represented the below 20 year-olds category. This is proof that the Group is capturing the right target segment, i.e., millennials and Gen Zs as intended through the various lifestyle brand and marketing campaigns, as well as the offering of products and services that are appealing to this market segment.

Committed to ESG and sustainability The Group is committed in the long term to its sustainability and Environment, Social and Governance (“ESG”) objectives. It has included charity elements in its online products (excluding PA and Travel) and expanded the commitment with a total of 6,000 Corporate Social Responsibility (“CSR”) hours performed by employees over 3 years (2022 to 2024). It is an industry leader in governance targeting 50% women in leadership roles by 2023. 50% of critical roles will also have successors identified from within the company by 2023.

Investments In terms of investments, Rohit cautioned that the Group will remain conservative in 2023.

“For our fixed income portfolio, the end to central bank monetary policy tightening is within sight. This expectation has fuelled a bond market rally both globally and in Malaysia. Asset allocation wise, money market funds will form at least 70% of overall portfolio by the end of 1Q23. In 4Q2022, we reduced our equity exposure to 2% and will make a full exit by 1H23,” Rohit concluded.

• In its 7th year, Tune Protect Group continues to support Yayasan Chow Kit
• Back-To-School shopping treat for 50 children
• RM30,000 contribution to Madhya’s Gift Fund to provide healthcare to children from less privileged families who require medical treatment.

KUALA LUMPUR, 21 February 2023 – In preparation of the new school year in March 2023, Tune Protect Group Berhad (“Group”) recently organised a ‘Back-To-School’ shopping trip for 50 children from Yayasan Chow Kit (“YCK”), as part of the Group’s corporate good (“CG”) programme. The Group also contributed RM30,000 to Madhya’s Gift Fund (“Fund”) by YCK to provide healthcare to children from less privileged families. The Group’s CG campaign with YCK is an ongoing initiative since 2017.

The shopping trip involved 50 children aged between 8 to 16 years old and mobilised more than 40 team members of the Group to accompany the kids as they shopped for school necessities such as school uniforms, shoes, school bags and stationeries. The children then enjoyed a lunch treat at Atmosphere 360 KL Tower.



Aside from the shopping spree, the Group contributed RM30,000 to Madhya’s Gift Fund – established by YCK as an emergency and critical healthcare fund for children from less privileged families who are in need of medical treatment. Tune Protect pledged to contribute RM6 to the Fund for every purchase of online insurance policy except for Travel and PA since 2021. This is the Group’s second year of commitment to the Fund in fulfilling its sustainability commitment through its products and services.

Witnessed by Rohit Nambiar, Group CEO of Tune Protect and Ananti Rajasingam, CEO of Yayasan Chow Kit, the mock cheque was handed over by How Kim Lian, the Group’s Chairman of Sustainability Committee to Dato’ Dr. Hartini Zainudin, the founder of Yayasan Chow Kit.



Rohit Nambiar, Group CEO of Tune Protect said, “Our long-standing relationship with YCK has opened the opportunities for the Group to extend our reach to underprivileged children and families under their patronage. Since 2022, we have expanded our sustainability commitment of achieving 6000 CG hours over a period of three years by rallying our fellow employees to volunteer in various community and environmental engagement initiatives. We are proud to have our employees volunteering their time and effort through this Back-to-School programme with YCK. Additionally, the Group is also the first supporter to join the YCK bandwagon in advocating for children who are in need of medical support. We are happy to see the children getting the support they need, and we will continue to spread the love.”

This initiative is in line with the Group’s sustainability goal to be socially proactive by supporting the dependent and underserved communities through impactful activities.

• A unique and fun way to monitor your health and physical activity
• Membership is 100% free and users can earn valuable rewards through the PUMP Rise Game

KUALA LUMPUR, 14 DECEMBER 2022 – Tune Protect Group Berhad (“Group”) has launched its first health tracker app, PUMP, an online health, and physical activity tracker. Being a one-of-its-kind app in the market, PUMP is not just a normal health tracker, but it is also loaded with useful content, healthy recipes, challenges, and rewards.

Upon activation, users will be automatically enrolled in the PUMP Rise Game, where their physical activity is tracked using their mobile device or wearable to earn valuable points. Additionally, there is a self-care library where users can take a simple diabetes risk test to obtain a diabetes risk score, as well as a section on physiological markers where users can input their fasting glucose level, blood pressure, lipid profile and more. What makes it even more exciting is that within the app there is also the social wall, where users can share their thoughts and pictures on health and wellness content and read existing content that is featured within the app.

Users can also do additional activities such as checking their mental wellness, tracking their fibre nutrition intake to earn extra points, and they can also enrol in challenges such as the PUMP Score and PUMP Steps challenges. After achieving certain point levels in the PUMP Rise Game, users are entitled to valuable rewards in the form of e-vouchers from leading brands in Malaysia such as Zalora, Adidas, Guardian and more.



Rohit Nambiar (“Rohit”), Group Chief Executive Officer of Tune Protect said, “As Malaysia’s homegrown digital insurer, we are not just looking at providing easier access to protection but to also leverage technology to help Malaysians stay fit and healthy. It is important to track our health status and physical activity to help us keep on target with goals and promote a healthy lifestyle. The PUMP app provides an end-to-end fully digital customer journey that further reiterates the lifestyle insurer aspiration of the Group especially in targeting the digitally savvy Millennials and Zillennials.”

“Our PUMP app is not just like any health app out there. Physical activity plays a major role in enhancing our well-being, but the app also tracks mental wellness and a lot more key health indicators such as diabetes risk tests. In the app, users are able to check on their fibre intake for the day and are even given high-fibre recipes as a guide for a balanced lifestyle. We understand how motivation is important to encourage people to move and challenge themselves to be more active and that is why we created the Pump Score Challenge where users can enrol themselves in the available challengers to challenge the other members,” added Rohit.


PUMP is available through the Tune Protect App. Just download and register with the Tune Protect App (for Malaysia) for free in the Google Play and Apple Store. Then look for the PUMP icon to get started. For more information on PUMP and its features, please visit its website.

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.

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¹ Terms and conditions apply