All posts by Tam Hse Leng

Comments Off on Tune Protect 3Q22: Strong topline growth sustained as investments and Thai associate performance weighed down bottom line

Tune Protect 3Q22: Strong topline growth sustained as investments and Thai associate performance weighed down bottom line

Highlights:
  • Focused on delivering its 3:3:3 promise; number of customers increased 20% to 1.8 million in 3Q22
  • Continue to make very good progress vs. our 8 commitments for 2023 – focus remains on 2021-2023 plan achievement
  • 3Q22 NWP and NEP on upward trend at 68.5% and 64.3% growth YoY
  • Robust topline underpinned by strong retention ratios across all LOB
  • NWP growth observed across all preferred pillars – Lifestyle, Health and SME
  • Investment losses narrowed but weighed by volatile equity and bond markets
KUALA LUMPUR, 25 November 2022 – Tune Protect Group Berhad (“Tune Protect or “Group”; TUNEPRO, 5230) displayed sustained strong topline growth in 3Q22, as evidenced by its gradual improvement of investment losses and recovery of its Thai operations. The Group posted an impressive growth of overall Net Written Premiums (“NWP”) to RM72.8 million and Net Earned Premiums (“NEP”) to RM72.3 million, rising by 68.5% and 64.3% Year-on-Year (“YoY”) respectively. The 3Q22 results were underpinned by strong retention ratios across all lines of business (“LOB”) and improvements in claims trend of the Group’s Thailand associate Tune Protect Thailand (“TPT”).

The Group however, recorded a loss after tax (“LAT”) of RM12.2 million as the high topline growth requires time to be realised as earned premiums in addition to normalisation of Motor claims post lockdown and investment losses. This was an improvement over 2Q22, and the Group expects this to continue to improve over the next quarters.

Rising customer count Tune Protect’s number of unique active customers has risen from 1.5 million in 1Q22 to 1.8 million in this quarter, a 20% increase over the year. The number of digital policies has also increased by 19% from 6.33 million in 9M21 to 7.53 million in 9M22. “We’ve launched a regional brand campaign in September 2022 with a focus on driving engagement on our mobile app with the ‘Click to Start’ campaign. Coupled with the aggressive e-Commerce and digital marketing campaigns, we are seeing favourable results in the number of customers and policies,” Rohit said. Tune Protect is committed to servicing its retail and individual customers with its 3:3:3 commitment where they can purchase insurance in just 3 minutes, receive a response in 3 hours and receive their claims payout in just 3 days1.

Topline growth outpaced expenses Rohit Nambiar (“Rohit”), Tune Protect Group’s Chief Executive Officer said that the Group’s 3Q22 results show that the organisation’s growth plans are on the right track.

“The Group managed to register robust 3Q22 topline growth which continued to outpace expenses. In addition, the company achieved a commendable retention ratio of close to 70% in all of our preferred LOB. There were higher commissions attributable to the increased topline, as well as rising operating expenditure (“Opex”) due to staff cost in developing talent and marketing cost in line with business recovery. Although investment losses narrowed during the quarter over the year, investments were still adversely affected by weak market conditions for bond funds, as well as equity.” “As an Insurtech, this is a vital KPI for us as it shows we are both expanding aggressively, but also investing in our tech and people’s capabilities,” Rohit said.


Improved ratios and normalising claims Rohit stated that the Group has persevered in its efforts to improve organisational efficiencies, especially on a ratio basis. “Other healthy indicators for the Group during the quarter were the improved expense and retention ratios. This was however impacted by normalising claims on the Motor segment. There was also strong growth of consolidated NWP across 3 of our core Lifestyle, SME and Health pillars, although the Commercial pillar declined in line with our plan to reduce exposure in this segment,” Rohit explained.

The Group’s healthy retention ratio increased from 48% in 3Q21 to 69% in 3Q22, which is very close to the Group’s target of 70%, attributable to solid YoY growth across all preferred LOB. The NWP improvement was led by the Health pillar driven by the Vietnam and foreign worker segments; the Lifestyle pillar was led by the personal accident (“PA”) segment; the Motor and Travel pillars were led by the Group’s digital partners; and the small and medium enterprise (“SME”) pillar was led by the Fire segment.

Fintech partnership in Vietnam The Group is also progressing with its expansion plan in Vietnam by announcing 2 new major partnerships in the country, including a giant digital payment gateway which is scheduled for launch by the end of 2022. The Group is partnering with one of the largest financial technology (“fintech”) companies in Vietnam with 15 million active individual users and more than 150,000 corporate clients. Continuing its stride in digital partnership, the Group has also secured Fly Arna, the Armenian low-cost airline as the 6th airline partner for its Travel business.

Our Tech business – White Label “We are also evolving our tech arm, White Label as a profit centre by continuously simplifying the company’s use of technology to offer our customers the best experience. This includes centralised records of customers, simplified and automated workflow processes, immediate policy processing, speed-to-market innovation as well as increased efficiency and data accuracy. Our mobile-first strategy continues to bear fruit with double-digit growth in digital partnerships and e-commerce in 3Q22. During the quarter, we went live with our core system phase 1 in Malaysia combined with cloud, making us the first insurer to put our core system on the cloud,” Rohit said.

Awards recognition Tune Protect has been recognised at the Insurance Asia Awards 2022, receiving 2 awards for the Insurance Administrator of the Year – Malaysia and the Travel Insurance Initiative of the Year – Malaysia. This is the third recognition for Tune Protect this year after the Employee Experience Awards 2022 Malaysia and its Thailand operations won the Global Banking & Finance Awards 2022.

Bonds to end year with positive returns However, the Group’s investment income in 3Q22 was weighed down by continued uncertainties in the Asia Pacific equity market, particularly in China. China’s Zero Covid Policy (“ZCS”) as well as the sustained record-high inflation in the US continues to be a drag on market returns. On the bright side, our conservative positioning in the domestic bond market has shielded us from much of the volatility arising from the relentless upward drive in the US Fed Fund Rates.

“We have made a conscious decision to cut our exposure in the equity market, while we are expecting our bonds to end the year with positive returns. Markets will continue to be volatile. The growing fears of recession led to a bond rally in July 2022, but it will take another quarter to confirm the direction of the US led global economy,” Rohit concluded.

1 Terms and conditions apply
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Comments Off on Tune Protect Life looks to Narrow Protection Gap with Affordable Pure Life & Health Protection for the Unserved and Underserved Segments

Tune Protect Life looks to Narrow Protection Gap with Affordable Pure Life & Health Protection for the Unserved and Underserved Segments

  • Drive financial inclusivity, promote good health, and create social impact to the community particularly SME, B40 and M40
  • Flagship product, SME EZY, provide employee benefits to SMEs employees and dependents
KUALA LUMPUR, 22 November 2022 – Tune Protect Ventures Sdn. Bhd. (Tune Protect Life), a wholly owned subsidiary of Tune Protect Group Berhad (“Tune Protect” or “Group”) recently received conditional approval from Bank Negara Malaysia (“BNM”) to participate in the Financial Technology Regulatory Sandbox.

Geared to disrupt the life insurance market, Tune Protect Life aims to bridge the protection gap in the country by providing a differentiated value proposition to the unserved and underserved communities namely SMEs, B40 and M40, digitally. Tune Protect Life is also looking at first time insurance buyers and those who are new-to-insurance with its products and propositions to drive greater financial inclusivity. This is in line with its aspiration to provide simple and affordable pure life and health protection, particularly for this market segment. Tune Protect Life will use technology to simplify the process of buying, self-service, and claims.

Rohit Nambiar (“Rohit”), Group Chief Executive Officer of Tune Protect said, “As Malaysia’s homegrown digital insurer, one of the Group’s business pillars targets SMEs to help mitigate against risk factors that come with owning a business. As of June 2022, there are about 1.2 million SMEs that make up 97.5% of the total number of business establishments in the country1. SMEs are still the backbone of the economy despite the struggles during the pandemic and it is important to provide protection to their employees and dependents so that they can better manage their medical costs and ensure adequate insurance coverage for their employees. They can also be at ease knowing that their employees’ health, medical needs, and well-being are taken care of. With this in mind, we provide value propositions on protection and services and build on growth opportunities to reach out to the market. This was when we came up with the SME EZY proposition as we do see a positive future for the SME segment going forward as we continue building on our Health and SME business pillars.”

“For years, insurance has been perceived as expensive and is complicated to purchase. This is where Tune Protect Life steps in to provide simple, affordable, and easily accessible pure life and health insurance starting with employee benefit insurance for SME employees. The market can look forward to Tune Protect Life introducing more products and propositions via our business-to-consumer (“B2C”) channel; website and mobile app. The digital age has made every aspect of our life more convenient. It is no different when it comes to online purchase of insurance and with just a mobile phone, anyone can sign up for simple and affordable insurance,” Rohit added.

Koot Chiew Ling (“Chiew Ling”), Principal Officer of Tune Protect Life said, “Our first proposition, SME EZY is an employee benefit insurance plan that is targeted at SMEs as we realise that retaining employees and maintaining productivity is a challenge post-pandemic. It is designed to help SMEs plan their budget ahead with the flagship product being a group medical with fixed premium for 3 years, that also comes with a health-based rewards programme (“Activ8”) to motivate their staff to stay healthy. Healthier employees lead to increased productivity and a reduction in absenteeism, whilst at the same time they can be rewarded with up to 100% increase in the overall annual limit of their insurance cover based on their health assessment results. It’s a win-win for all.”


About SME EZY
SME EZY is an affordable, comprehensive medical and life coverage for employees of SMEs with a minimum of 5 up to 250 in the workforce and can also be extended to dependents. It comprises of 3 products, namely:
  1. group term life
  2. group medical – option of either the yearly product or 3-year product
  3. group outpatient clinical
Employers have the flexibility to mix and match these 3 products based on their budget by consulting the brokers who are the distribution channel of SME EZY.

From less than RM400 yearly premium per employee, the unique value proposition of SME EZY is the 3 years premium guarantee for group medical. In addition to the fixed premium, employers who sign up can be assured of guaranteed renewal for the next 2 years regardless of claims experience.

The medical product also comes with a cashless hospital admission benefit and access to Activ8, a health and wellness rewards programme for employees. Through Activ8, a simple health assessment will be conducted annually for the first two years to grade employees’ health status which can earn them rewards of up to 100% increase in the overall annual limit of their insurance cover. On top of that, employees will also be given the access to health tools and health coaching programmes.

Other features of SME EZY include benefits such as cashless visit to panel clinics including General Practitioner and Specialist Care, and death or total and partial permanent disability of the insured employees.

“As a digital life insurance player, we will also bring innovation and end-to-end digitisation to allow a paperless transaction, where we empower business partners and businesses to buy, self-serve and submit claims with minimal human intervention. This brings us to our next call to action, which is to offer SME EZY via our B2C channels next year,” Chiew Ling concluded.

For more information on Tune Protect Life and SME EZY, please visit its website.

1 https://www.dosm.gov.my/v1/index.php?r=column/cthree&menu_id=WXVrV3RYTmE3RmtwQ2RicVZTbVkvZz09
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Comments Off on Tune Protect Malaysia Protects Orang Asli Kampung Sri Broga With Perlindungan Tenang Pa Care

Tune Protect Malaysia Protects Orang Asli Kampung Sri Broga With Perlindungan Tenang Pa Care

KUALA LUMPUR, 21 October 2022 – Tune Protect Malaysia (“the Company”, “Tune Protect”), the General Insurance subsidiary of Tune Protect Group Berhad (“Group”) handed over Perlindungan Tenang PA Care insurance certificate to the orang asli of Kampung Sri Broga which consists of the Temuan tribe in Selangor recently.

The handover ceremony was offciated by Jubin Mehta, Chief Executive Officer Tune Protect Malaysia and Mohamad Anis bin Othman, Director of the Department of Orang Asli Development (JAKOA) Selangor, accompanied by Mohd Yusof Hafiz Mohamad, Chief of Governance Tune Protect Group Berhad.

With the Perlindungan Tenang voucher, a national initiative by the government of Malaysia, over 30,000 orang asli received Perlindungan Tenang PA Care from Tune Protect Malaysia, with the support of JAKOA.
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Comments Off on TBWA\ Malaysia Appointed Agency Of Record For Digital First Insurer, Tune Protect

TBWA\ Malaysia Appointed Agency Of Record For Digital First Insurer, Tune Protect

KUALA LUMPUR – OCTOBER 5, 2022

TBWA\Malaysia has been awarded the creative business portfolio for Tune Protect, Malaysia’s progressive mobile first digital lifestyle insurer.

TBWA\Malaysia is the first creative agency Tune Protect has appointed, with the objective to create a cohesive sustainable brand positioning aligned with their brand’s goal of being the preferred lifestyle insurer for Millennials, Gen Z and small and medium enterprises (SME).

Said Hui Tsin Yee, Chief Executive Officer, TBWA\Malaysia; “Our task is to build a strong brand presence, with emphasis on Tune Protect’s core offering that not only simplifies the entire customer journey but strengthens the consumers interactions by adding value to their everyday lives.

“Across the insurance sector, we discovered many Malaysians’ purchasing decisions are quite traditional, which presented the opportunity to interrupt the conventional path to purchase.”

While Malaysia’s insurance sector is highly competitive, its recovery from shocks of the pandemic is expected to be quick, with growth projected at almost six percent annually for 10 years.*

Said Rohit Nambiar (Rohit), Group Chief Executive Officer Tune Protect Group Berhad: “To achieve our vision of being the lifestyle insurer that everyone loves, and appealing to the digital world and a younger dynamic generation, we felt the timing was right to embark on a larger scale branding exercise and appointed TBWA, our first creative agency, to help us achieve our goal in Malaysia and Thailand.

Our focus is to offer innovative digital insurance solutions that are bite-sized and hyper-personalised while providing a seamless consumer experience through online direct to consumer channels (mobile app and website) as well as through digital affinity partners’ platforms. The idea is to be available where our customers want us to be, and how best they would like to engage with us,” Rohit concluded.

Tune Protect’s digital first approach augments the entire category experience by simplifying and tailoring policies that are accessible via mobile. TBWA introduced T.P. the Thumb to ‘Click to Start’; a simple three-step approach requiring just three minutes to purchase, three hours to receive a response and three days to receive a claim upon approval. (3-3-3)

Insurance simplified, and it’s all at your fingertips.

“In essence, this is the core idea behind the campaign – to indicate how simple and easy insurance can be, by demonstrating how in control you are as the user, when it comes to insurance. To bring this to life, we utilized a part of our body that puts our choices and wants into action – our thumb.

Continued Yee: “The thumb is a versatile, an easily recognised icon that is associated with mobile, and can be replicated across multiple brand applications, enhancing the customer’s experience with the app.”

The humble thumb has become Tune Protect’s new mascot, which has aptly been named T.P. This thumb not only talks, walks, eats, and watches TV, it also validates how easy it is to look up a suite of plans, sign up, make claims, and more, just by clicking on the Tune Protect app.
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Comments Off on Tune Protect hits record high NWP in 2Q22; exponential growth strain, investments and Covid claims in Thailand weighed on bottom line

Tune Protect hits record high NWP in 2Q22; exponential growth strain, investments and Covid claims in Thailand weighed on bottom line

Highlights:
  • Strong quarterly NWP in 2Q22, grew 3x – highest since IPO
  • Key growth areas on track to meet objectives by end of 2023
  • Number of policies issued grew by more than 50% YoY
  • Bottom line impacted by exponential growth strain, investment losses, as well as losses by Thailand associate
  • Commission ratio expected to normalise in 2H22 as premiums are earned
  • Investment defensive stance remains for 2022 due to prevailing market uncertainties
KUALA LUMPUR, 25 AUGUST 2022 – Tune Protect Group Berhad (“Tune Protect” or “Group”; TUNEPRO, 5230) continued its growth momentum in 2Q22 by posting a record high Net Written Premiums (“NWP”) of RM113.3 million and Net Earned Premiums (“NEP”) of RM79.5 million, rising by more than 100% Year-on-Year (“YoY”) respectively.

The YoY NWP for the Group’s preferred business segments; Health, Lifestyle and SME grew 3.7x, 3.0x and 1.4x, respectively. The growth in Health was encouraged by new accounts secured in Vietnam, Lifestyle was driven by the growth in PA, Motor and Travel, whilst SME grew in its Fire business.

Rohit Nambiar (“Rohit”), Tune Protect Group’s Chief Executive Officer said, “The Group’s 2Q22 results show that we are on the right path of growth. It was our highest quarterly NWP since the Group’s Initial Public Offering (“IPO”). However, despite the commendable NWP and NEP, the Group posted Loss After Tax of RM21.5 million in 2Q22 owing to exponential growth strain, investment losses, as well as share of losses by our associate Tune Protect Thailand (“TPT”).”


Commendable progress in key growth areas The Group continues to improve its retention ratio in the Group’s preferred segments which are Health, Lifestyle and SME in line with its strategy to achieve retention upwards of 70% for all Lines of Business (“LOB”). In 2Q22, the Group’s retention ratio was on track, rising 22% YoY to 55%. Its ASEAN expansion is going from strength to strength with 2 new insurance partners secured in Vietnam.

The Group’s expense ratio has significantly reduced YoY in line with the plan from 58.2% to 35.2%, driven by its strong growth story.

The Group is accelerating its mobile strategy through simple, and affordable offerings via its mobile applications in Malaysia and Thailand. New retail products available in the mobile apps included 2 Health and 1 Travel products. A Health Tech offering, integrated with the mobile app will also be made available by 4Q22.

Claims expected to normalise “Currently, motor claims are normalising and at pre-Covid levels, whilst travel in the region has yet to fully recover. Growth was substituted by the Personal Accident (“PA”) segment which has a higher claims profile than travel although still profitable. But with a lower margin profile,” said Rohit.

TPT impacted by high Covid claims TPT’s losses were attributed to the exceptionally high Covid claims, though it is gradually stabilising in line with the overall improvement in Thailand’s Covid infection rate observed during the current quarter. Nevertheless, the Group remains cautious that the financial performance of TPT may continue to be challenging in the coming quarters.

Maintains investment defensive stance on market uncertainties The Group’s portfolio losses were mainly from Asia Pacific equity markets which reflected the lagging inflationary pressure and adjustments to higher interest rate environment in the region. Year-to-Date (“YTD”), the US Federal Reserve (“US Fed”) has hiked interest rates by 200 basis points (“bps”) to 2.5% and the market is expecting interest rates to rise further to 3.5% by year-end.

“Market uncertainties will continue as the US Fed is still battling inflation. Headwinds in China added another dimension to the market turbulence. Our stance for the next half of the year remains defensive,” Rohit concluded.
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Comments Off on Tune Protect Malaysia Launches Its First Critical Illness Product, Critical Safe+, An Affordable And Flexible Online Health Insurance

Tune Protect Malaysia Launches Its First Critical Illness Product, Critical Safe+, An Affordable And Flexible Online Health Insurance

  • Affordable and flexible – option to stack based on required coverages and budget; reaffirm the strong customer-focused approach
  • Tune Protect commits to paying an additional 1% of the sum insured for claims paid beyond 3 working days from the approval date, in line with its 3:3:3 commitment
  • Provides ease and convenience through a fully digital customer journey; renews the idea of health insurance for the Millennials and Zillennials
  • The ideal Health insurance – heavily associated to customers lifestyle choices
KUALA LUMPUR, 24 August 2022 – Tune Protect Malaysia (“Company”, “Tune Protect”), the Malaysian General Insurance subsidiary of Tune Protect Group Berhad (“Group”) has launched its first Critical Illness Insurance, Critical Safe+, an online Health insurance which covers Advanced Stages of Critical Illnesses with affordable cost, flexible options and wide range of benefits to create awareness and appeal to the Millennials and Zillennials. It is designed to help customers cope financially upon diagnosis of critical illnesses while they focus on recovery with peace of mind.

Critical Safe+ reaffirms the Company’s strong customer-focused approach by providing the option to customers to stack and customise their Health coverage based on their lifestyle needs and budget, in line with the Group’s aspiration of being the lifestyle insurer that everyone loves.

Tune Protect has a 3:3:3 commitment where customers can buy in 3 minutes, receive a response in 3 hours, and get their claims paid in 3 working days1. In conjunction with the launch of Critical Safe+, the Company is committing to paying an additional 1% of the sum insured if customers do not receive their claims in 3 working days from the approval date.

The end-to-end fully digital customer journey further reiterates the lifestyle insurer aspiration as the Group intends to target the digitally savvy Millennials and Zillennials.

According to the National Health and Morbidity Survey 20192, data showed that only 22% of the population are insured with personal health insurance (PHI), with 36% of the uninsured population claiming that PHI is not necessary and a staggering 43% of them unable to afford PHI.

Jubin Mehta (“Jubin”), Chief Executive Officer of Tune Protect Malaysia echoed the sentiment, “The current Malaysian economic climate is causing financial burnout on the working population. The increasing cost of living and escalating medical cost are not mirrored in the standard of living, where individuals are prone to health issues and illnesses. The rising costs of healthcare facilities and result-oriented working lifestyles implies negligence on health. With Critical Safe+, customers can customise their insurance plan based on their budget and obtain the necessary financial protection against these critical illnesses. Leveraging on digital, we hope to expedite customers insurance journey and appeal to the Millennials and Zillennials.

About Critical Safe+ Critical Safe+ comes in three different options, which are; Top 2, Top 5, and all 39 critical illnesses with sum insured from as low as RM30,000 up to RM200,000. Customers can choose any of these three options based on their coverage needs and budget. All three options cover Advanced Stages of critical illnesses with a 100% pay-out upon diagnosis. For customers who wish to enhance their protection, they can opt for the Top 5 or all 39 critical illnesses options which give them the flexibility to add on Early Stage Cover and Diabetic Care Disease with additional premiums to their main plans. Early Stage Cover pays out 50% of the sum insured upon diagnosis, whilst Diabetic Care Disease consists of an additional sum insured of up to RM50,000.

“The provision of options allows the flexibility for our customers to decide the extent of coverage, sum insured, and optional add-ons. This flexibility reverberates the notion that Customer Knows Best and they are free to decide on the plans that are optimal for them, which may not necessarily be as expansive or as costly,” Jubin added.

The Top 2 option insures customers against Heart Attack and Cancer; Top 5 for Heart Attack, Cancer, Stroke, Serious Coronary Artery Disease, and Kidney Failure; and all 39 critical illnesses option covers a more comprehensive list of critical illnesses.

Critical Safe+ is made available online through Tune Protect’s website and mobile app, and all purchases online will be eligible for a 15% discount. The claiming procedure is also fast and easy as customers can claim through the same online channels, making the journey hassle-free and convenient. In addition to that, customers can also opt for a monthly premium payment to ease their financial commitment.

Simplifying Insurance Through Digital According to the Department of Statistics of Malaysia3, Millennials and Zillennials formulate 69.6% of the total population in Malaysia. The overall group productivity and contribution to the GDP is valuable. The solution lies in transforming the insurance buying process through digitalisation, enabling the millennials and Zillennials to obtain insurance protection. There is a need to simplify the insurance journey including eliminating the rigorous underwriting process, and hyper-personalising insurance solutions to make insurance buying an engaging rather than a prescriptive process.

“Critical Safe+ is a much-awaited addition to our Health portfolio, one of the three key business pillars for the Group. This is a tangible outcome of our efforts to further diversify the business, particularly in the Health segment. Our robust digital and technology capabilities have been one of the key success factors in our go-to market strategy and there will be more exciting propositions that we will be rolling out such as Health Tech proposition to complement our Health insurance offerings,” said Rohit Nambiar (“Rohit”), Group Chief Executive Officer of Tune Protect.

Sustainability In Action On a sustainability front, Tune Protect pledges to contribute RM6 for every Critical Safe+ policy sold to Yayasan Chow Kit’s children health fund, Madhya’s Gift which was set up by Yayasan Chow Kit to provide healthcare to children from less privileged families who are in need of medical treatment.

Customers who purchase Critical Safe+ will also receive RM50 credit in their e-wallet in a special launch campaign that ends 30 September 2022.

For more information or to purchase Critical Safe+, please visit the Company’s website or download the Tune Protect’s mobile app from the Apple App Store or Google Play Store.

1 Terms and conditions apply
2 National Health & Morbidity Survey
3 DOSM Statistics
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Comments Off on Tune Protect’s post-lockdown recovery continues with 1Q22 NWP at its highest since 2016

Tune Protect’s post-lockdown recovery continues with 1Q22 NWP at its highest since 2016

Highlights:
  • 1Q22 NWP up 37.2%, NEP up 10.9% YoY
  • Group recorded an underwriting profit, but its overall bottom-line was impacted by continued challenges in the investment markets coupled with increased claims on its Health book in Thailand from the Omicron wave
  • Group’s customer base stands at 1.5 million unique customers as at 1Q22 and its eCommerce business in Malaysia and Thailand both recorded 8.5x and 12.1x growth rates in terms of policies sold YoY
  • Growth led by Lifestyle pillar’s PA and Motor segments
  • Strategic partnerships yielding NWP contribution; 58 business partners to date, including 10 new partners in 1Q22

KUALA LUMPUR, 19 MAY 2022 – Tune Protect Group Berhad (“Tune Protect” or “Group”; TUNEPRO, 5230) started its new financial year on a strong footing by posting solid growth for Net Written Premiums (“NWP”). NWP rose by 37.2% year-on-year (“YoY”) to touch RM 82.3 million.

Rohit Nambiar (“Rohit”), Tune Protect Group’s Chief Executive Officer said, “The Group’s 1Q22 performance is evidence of a positive post-lockdown recovery and a testament to our 2021-2023 strategy in action. However, we are impacted by the difficult investment climate, and we will continue to watch it closely with a focus on a more conservative approach.”

Net investment loss improved YoY, but it continued to record fair value losses. Our share of results from the Group’s associate company, Tune Protect Thailand was impacted by claims arising from the effects of Covid.


Notes:
  1. Aggregate of investment income, realised gains and losses & fair value gains and losses
  2. Share of results of an associate (TPT) and a joint venture company (TP EMEIA)
 Strong retention in business pillars Another positive development in 1Q22 was the improvement in retention ratio in the Group’s preferred segments, i.e., Health, Lifestyle and SME, in line with its strategy to achieve retention upwards towards 70% for the Group’s Lines of Business (“LOB”). The overall retention ratio increased 6% YoY to 60%, with Health and Lifestyle exceeding the target by recording 98% and 85% retention respectively.

The NWP growth of 37.2% YoY is the highest quarterly NWP since 2016 and this was led by the Group’s Lifestyle pillar, particularly in the PA and Motor segments which recorded an increase of RM11.2 million and RM9.5 million respectively. The PA segment which was driven by the Group’s Tenang PA Care contributed close to 50% of the Lifestyle NWP growth generated through digital and other partners. Tenang PA Care was launched in February this year and is aligned with the Group’s ESG commitment in supporting the B40 segment. The Group had also reduced its Hull portfolio as planned in 1Q22.

“We anticipate growth in the Health pillar with the upcoming launch of a new critical illness product slated for 3Q22. Commercial pillar will continue to taper as per our plan to exit the Aviation and Hull business,” said Rohit.

Growth amid market volatility
The Group’s performance in 1Q22 was commendable given persistent market volatility in 1Q22. On 4 May 2022, the US Federal Reserve (“Fed”) announced a rate hike of 0.5% and guided that it would begin quantitative tightening on 1 June 2022 to combat rising inflation. Risk appetite across almost all major asset classes, whether it be bond or equities have been affected by the bearish US treasuries market and a hawkish Fed. Consequently, it is anticipated that the current risk-off sentiments will continue to dominate the market.

“Moving forward, any recovery in both the bond and equity markets are only expected to happen once the impact of the Russian-Ukraine conflict dissipates and the aggressiveness of the Fed is clarified and priced in fully, most likely in 2H22. In the meantime, our portfolio remains on the defensive and is shielded from extreme volatility as we have reduced our overall fixed income duration to around 3 years,” said Rohit.

On a positive note, the Group’s various strategic partnerships have started to yield strong results and NWP contribution. NWP contribution from digital partnerships and eCommerce grew YoY from RM29.3 million in 1Q21 to RM39.2 million in 1Q22. It currently has 58 business partners, including 10 new partners secured in 1Q22 namely Mediven, and Instahome, among others. Mediven offers COVID-19 test kits with insurance coverage, including COVID-19 death and permanent disability, whilst Instahome’s landlord insurance provides coverage for homeowners from rental liabilities such as unpaid rent, property damages and theft.
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Comments Off on PHM and MXM International Sdn Bhd Partner with Tune Protect for Greater Choice of Lifestyle Protections in MediSavers App

PHM and MXM International Sdn Bhd Partner with Tune Protect for Greater Choice of Lifestyle Protections in MediSavers App

The new products launch includes ePASavers Easy, MediSavers eTravelSavers, and eHomeSavers Easy

Petaling Jaya, 14 April 2022 – Pathlab Health Management (M) Sdn Bhd (PHM) and MXM International Sdn Bhd (MXM) today announced a strategic partnership with Tune Protect to provide a variety of protection choices in the lifestyle category to cater to a mass audience.

A Memorandum of Collaboration was signed today at MXM Tower by Dato’ Marcus Kam, Group President and Chief Executive Officer of PHM and MXM, Mr. Sam Tang, Chief Operating Officer of MXM, Mr. Rohit Nambiar, Group CEO of Tune Protect Group Berhad, Dr. Raj Kumar Maharajah, Secretary of KOOP MMA and Mr. Christopher Chan Hooi Guan, Director of eMedAsia.

MXM, through its healthcare digital platform app, MediSavers will be making the new products: ePASavers Easy, eTravelSavers (Inbound and Outbound) and eHomeSavers Easy available through the app in a scheduled release in that order.

The launch of MediSavers ePASavers Easy allows people to live a fulfilled life without worry, as it is designed to provide the best protection for them and their loved ones against unexpected personal accidents. With numerous benefits at an affordable yearly premium, ePASavers will shield family members from financial strain in the event of a calamity.

As international borders have now reopened, and Malaysia is welcoming foreign tourists again, PHM, MXM and Tune Protect are looking for convenient ways to protect travellers when they travel domestically and internationally. With the launch of MediSavers eTravelSavers Inbound, tourists who are travelling to Malaysia will enjoy special coverage which includes COVID-19 medical expenses, while fulfilling the mandatory Malaysia immigration law of having COVID-19 insurance when travelling.

MediSavers eTravelSavers Outbound program covers tourist’s medical expenses, trip cancellations, flight delays, COVID-19 medical protection and more while fulfilling the international travel requirements.

In line with this, MediSavers collaborates with KOOP MMA, together with its digital platform under eMedAsia, www.traveller.emedasia.com which offers pre-booking for RTK-Antigen and travel insurance services within eMedAsia platform. “This will reduce congestion at airports, as incoming travellers can now pre-book online for professional RTK-Antigen tests at private clinics”, says Kooperasi Persatuan Perubatan Malaysia (KOOP MMA).

Even more exciting is the establishment of MediSavers eHomeSavers Easy, which provides a peace of mind for both homeowners and tenants to protect their home building, home contents or personal items from unexpected disasters such as fire, flood, burst pipes and other events.

“Protecting our members is not the only goal. By providing these extensive sustainable products, we are creating the perfect digital platform to suit the market’s needs and allows our members to upgrade their lifestyle without worrying about financial constraint because we are here to provide the best coverage for them”, said Dato’ Marcus Kam.

In addition to that, MediSavers has also announced its first referral program called Refer and Reward which enables members to earn commissions through new sign-ups or renewals.

“In this program, an advisor or a member can simply share a referral link and invite people to download the MediSavers App and receive rewards once a new user registered. This special announcement will benefit the advisors at most who have been supporting MXM and MediSavers relentlessly all this while”, said Sam Tang.

Rohit Nambiar added, “This strategic partnership will enable Tune Protect to provide protection to PHM and MXM’s existing and growing members. By leveraging on their network, we want to grow our reach into new customer segments to provide simplified, accessible and digital-friendly insurance. We are excited to have the opportunity to strengthen our collaboration to deliver more value to its growing base by providing our insurance solutions for better financial security and ultimately improve their lives.”
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Comments Off on Mediven® and Tune Protect team up to offer Diagnostic Screening and COVID-19 insurance coverage via MyDocLabTM

Mediven® and Tune Protect team up to offer Diagnostic Screening and COVID-19 insurance coverage via MyDocLabTM

KUALA LUMPUR, April 13 – Medical Innovation Ventures Sdn. Bhd. (Mediven®), Tune Protect and MyDocLabTM today officially launched their community care collaboration which offers COVID-19 insurance coverage and diagnostic screening via mobile app, MyDocLabTM.

The unique tripartite collaboration is touted as a first in the market with the merging of innovation, insurance protection and diagnostic screening. Mediven® test kit users can now enjoy the added bonus of insurance coverage at no extra costs.

Mediven® Executive Director, En Ariff Ismail explained, “This initiative is timely as the nation moves into the endemic phase and communities learn to live with the virus. Our Community Care Collaboration is designed to offer peace of mind and double protection; all within convenience of one’s mobile phone. Users of Mediven®’s ProDetect® self-test kits will receive an allowance if tested positive for COVID-19 Category three and above. Users will also be protected with accidental death and total permanent disability benefits. The coverage is valid for 14 days upon submission of their test results via MyDocLab.

Mediven®, a Penang-based medical diagnostic company which develops, manufactures, and markets advanced high quality clinical diagnostic molecular and rapid tests, is the manufacturer of ProDetect® self-test kits, approved by the Malaysia Medical Device Authority (MDA).

Explaining Tune Protect’s involvement, Group CEO, Mr Rohit Nambiar commented, “Tune Protect’s partnership in this collaboration is very much in line with our business aspirations. We aim to make insurance simplified and accessible for everyone. With the power of technology and through this collaboration, we are one step closer to providing protection anytime, anywhere at the convenience of the fingertips. We are truly honoured to be the official insurance partner to offer value added insurance protection to Mediven® Covid test kit users which will be a relief for Covid positive patients.”

Mediven® Operations Director, Dr Lim Li Sze, added, “Protection is key in everyone’s mind as we go through this trying and prolonged health challenge. This community care collaboration allows us to extend double protection in terms of diagnostic screening and insurance coverage to protect ourselves, our families, our workplaces and the community at large.”

MyDocLabTM users can also tap on the multi-featured digital platform to conduct virtually-supervised screenings for Medical Device Authority (MDA) approved test kits, made possible through partnerships with select private clinics and laboratories. Travellers arriving in Malaysia who must undergo a professionally administered RTK within 24 hours of arrival can also opt to perform their self-test within the comforts of their home or quarantine centre via the app. Same day result anytime, anywhere are guaranteed.

In addition, the app also allows bookings for real-time PCR, rapid antigen and post-vaccination neutralising antibody tests at clinics and laboratories. Travellers may also purchase travel insurance with a COVID-19 cover as required by the Malaysian government.

Additionally, Human Resource managers of corporate companies will also find the MyDocLabforWork feature helpful as it essentially helps companies effectively manage and track their employees’ health status through a hassle-free process.

Dr Lim said that they are working closely with partner pharmacies to educate consumers on the double protection of insurance and diagnostic screening offered to assist them in these endemic times. Mediven® ProDetect® COVID-19 test kits (saliva or nasal formats) are available in most major chain pharmacies and retails outlets such as Alpro, AMPM, CARiNG, Georgetown, Watsons, Wellings, Be Pharmacy and 7-Eleven.
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Comments Off on PropTech Startup Instahome Partners Tune Protect To Offer First Complimentary Landlord Insurance

PropTech Startup Instahome Partners Tune Protect To Offer First Complimentary Landlord Insurance

Kuala Lumpur, Malaysia — 13 April 2022 – Catcha Group-backed real estate technology company, Instahome Sdn Bhd (Instahome) has announced its partnership with Tune Protect Malaysia (Tune Protect) to offer complimentary landlord insurance for worry-free rental. The newly launched landlord insurance is the first ever in Malaysia where the landlord is able to collect security deposits at the beginning of the tenancy agreement and also secure free insurance coverage.

The landlord insurance aims to provide additional reassurance for potential financial loss related to rental properties rented out via the Instahome platform. It covers homeowners from rental liabilities such as unpaid rent, property damages and theft.

The introduction of landlord insurance comes after extensive market research conducted by Instahome, where more than 70% of landlords expressed interest in a product that safeguards their investment properties.

Eric Tan Leong Yit (Eric), CEO and Co-Founder of Instahome shared that although homeowners hold deposits, they still worry about property damages and stolen furniture from runaway tenants.

“We are doing this to bring landlords the ultimate peace of mind. Based on landlord surveys, we believe a combination of traditional rental deposits and additional insurance brings the best of both worlds. Collecting deposit alone might not be enough as loss of rental and property damages can exceed the deposit amount; while a zero deposit insurance package is expensive and time-consuming, and landlords are often faced with tenants that do not keep the property well maintained.”

“We heard our landlords, and this is why we are thrilled to be partnering with Tune Protect as it helps us reinforce our commitment to improving our landlord experience,” Eric added.

With the landlord insurance, a homeowner can keep the initial two and a half months’ security deposit collected, and in the event of a tenant runaway, be entitled to receive up to RM1,500 in rental losses, RM500 in legal fees, RM15,000 for malicious damage done to the insured property and RM1,000 for theft by the tenant.

Janet Chin (Janet), Chief Partnership & eCommerce Officer of Tune Protect said, “We are happy to partner with Instahome to empower Malaysian landlords and challenge the archaic renting experience. With Instahome digitising the home rental experience, and Tune Protect complementing the experience with our simplicity and accessibility, we are confident that this partnership will be a gamechanger in the property rental market and improve the quality of the rental ecosystem.”

“Our wide array of insurance products means Instahome can offer added benefits by embedding Tune Protect products into their purchase path to provide customers with the relevant coverages that meet their lifestyle needs. It is all about simplifying the insurance journey for customers and we are happy to meet them where it is most convenient for them, such as the Instahome digital platform,” Janet continued.

Packaging insurance into Instahome’s offerings simplifies the rental journey for homeowners, offering them end-to-end support. Landlords will receive full coverage support which includes: 1) eviction support with Instahome guiding the landlords throughout the claims process in the court and connecting them with panel lawyers; 2) 7 days a week swift customer service to handle queries; 3) free rental collection system that sends rent payment reminders and rewards on-time paying tenants and; 4) maintenance support to provide landlords with reliable contractor recommendations and special rates through Instahome’s partnership with Kaodim.
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