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

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

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

Tune Protect has outlined the terms and conditions for the payout, aimed at assisting MYAirline passengers who have purchased Tune Protect Travel Insurance:

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

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

Please ensure that all the necessary documentation is provided as per the requirements outlined in the claim form. Tune Protect understands the importance of a prompt and efficient claims process to assist affected passengers during this challenging time. For any queries or assistance during the claims process, affected passengers can reach out to Tune Protect through its customer service hotline at 1-800-88-5753 or by sending an email to [email protected].

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:

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:

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.

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

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.

• 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.

50 children and teenagers from YCK, 37 volunteer staff from the Group, five Executive Committee members and the caretakers from YCK were involved in the Tune Protect Group’s Back-to-School CG initiatives.

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.

How Kim Lian (second from left) handed over the mock cheque to Dato’ Dr. Hartini Zainudin (second from right) during the ceremony, witnessed by Rohit Nambiar (first from left) and Ananti Rajasingam (first from right).

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.

Rohit Nambiar, Group Chief Executive Officer of Tune Protect at the recent PUMP launch event.

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.

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.

• 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.