Kuala Lumpur, 19 December 2024 – Tune Protect Group Berhad (“Tune Protect or “Group”) announced the launch of a new benefit for its AirAsia Travel Insurance customers, the Delay Lounge Pass, a perk that provides access to over 1,500 airport lounges worldwide when flights are delayed by two hours or more. Available across AirAsia’s extensive global network¹, the Delay Lounge Pass is available exclusively for customers purchasing or opting in for either one of the AirAsia Travel Insurance plans, which include the Value Pack, Premium Flex, and AirAsia Plus² for flights departing from or arriving in Malaysia and Thailand.

The Delay Lounge Pass transforms the experience of flight delays by offering customers access to airport lounges equipped with high-speed Wi-Fi, charging stations and a range of experiential facilities, including spa treatments and discounts at bars and restaurants. This new feature goes beyond the usual travel insurance benefits that AirAsia guests are able to enjoy, further elevating their worry-free travel experience. Aside to gaining monetary compensation due to delayed flights which is part of the AirAsia Travel Insurance coverage, customers are also compensated with the ease and comfort of airport lounges to make the most of their waiting time.

“Travel delays are unsolicited, and we understand the challenges of navigating them when travelling with a big family or managing a busy schedule, especially during peak travel season such as the upcoming year end and school holidays. At Tune Protect, we aspire to enhance every aspect of the travel journey to be as comfortable and stress-free as possible. Whether it is parents seeking a quiet space to manage their children, business travellers needing to catch up on work, or solo travellers wanting a peaceful spot to relax, the access to the airport lounges addresses the needs of every traveller,” said How Kim Lian (“How”), Group Chief Executive Officer of Tune Protect.

Customers can enjoy the Delay Lounge Pass benefit by following these simple steps:

1. Purchase or Opt In for Travel Insurance: Customers must purchase any of the AirAsia Travel Insurance plans (Value Pack, Premium Flex, AA Plus) while booking their flight.
2. Complete Registration: After purchase, customers will receive a thank-you email along with an email for lounge registration. Customers must register their upcoming flights using the unique code received via the lounge registration email before departure.
3. Flight Tracking Confirmation: Once registered, customers will receive an acknowledgement email confirming that their flight is being tracked via FlightStats.
4. Receive Lounge Access Voucher: If their flight is delayed by two hours or more, customers will automatically receive a delay
   notification along with a digital lounge access voucher upon arrival at the airport. The voucher can be used immediately.

“This latest initiative underscores Tune Protect’s commitment to delivering innovative and customer-centric solutions for travellers. Coupling of core products and services with experiential propositions is common in other industries, and what we are doing now is adopting these best practices into the insurance industry to make it more appealing for our target audience, in this case, travellers. The experiential proposition that entails our travel insurance is meant to elevate customers’ travel experiences, and the offering of airport lounge access is the beginning of us achieving our aspiration, which is to become a relevant player within the travel ecosystem in the region,” How said.

In the event that the flight is delayed, but customers do not utilise the voucher that was issued, it will still be valid for one-time use within 30 days from the issuance date at any of the 1,500 airport lounges worldwide. The Delay Lounge Pass voucher is uniquely assigned to the registered travellers and is non-transferable. Customers purchasing any of the AirAsia Travel Insurance plans (Value Pack, Premium Flex, and AirAsia Plus) for their travel companions must ensure that each guest is accurately registered to ensure a seamless experience.

Aside to the Delay Lounge Pass, Tune Protect has also enhanced its travel insurance features in the AirAsia Travel Insurance plans by introducing TravelFlex Lite, which is a flexible cancellation benefit due to unforeseen circumstances . TravelFlex Lite benefit reimburses the cost of the flight tickets up to RM500 if customers are unable to travel. Other key features of the AirAsia Travel Insurance plans are the On-Time-Guarantee which reimburses RM100 for a 2-hour delay; and Baggage Delay which reimburses RM120 for every 6-hour delay, up to RM360.

For more information on the Delay Lounge Pass and the AirAsia Travel Insurance Plans, including terms and conditions, please visit https://delayloungepass.tuneprotect.com/airasia and https://www.tuneprotect.com/airasia/AABundlePackage/.

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¹ Excluding outbound flights from China
² For flights departing from Subang SkyPark Terminal

SINGAPORE, 12 December 2024 – Tune Protect Group Berhad (“Tune Protect”) and AirAsia Aviation Group Limited (“AirAsia”) announced the launch of the AirAsia Comprehensive Travel PLUS in Singapore. The enhanced AirAsia Travel Insurance features Cashless Hospital Admission services for AirAsia flights departing from Singapore. This innovative feature ensures travellers enjoy a smooth and stress-free experience should they need medical assistance abroad.

The Cashless Admission service is seamlessly integrated into the AirAsia Comprehensive Travel PLUS at no additional cost. Travellers departing from Singapore can easily purchase the plan through all AirAsia booking platforms, both online and offline, including the “Manage My Booking” feature and Online Check-in via the airasia MOVE app. Premiums start at an affordable SGD28.60 for a return trip plan.

Janet Chin, Chief Executive Officer of Tune Protect Re said, “This feature comes at an opportune time as travellers fly off for their long-awaited end-of-the-year holidays. The AirAsia Comprehensive Travel PLUS aims to enhance the travel experience for our customers by providing comprehensive insurance coverage and simplifying access to medical care for emergency medical illness, injury and accident while abroad. The enhanced travel insurance plan eliminates the financial burden and worry of coming up with cash for hospital admissions during overseas trips.”

“As we strengthen our presence in the region, we are committed to integrating deeply into the travel ecosystem and partnering with key regional players like AirAsia to deliver exceptional travel insurance solutions tailored to meet the diverse needs of travellers. Together, we aim to empower travellers with peace of mind, ensuring their journeys are as safe and seamless as possible. ,” said Janet.

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

Besides Singapore, the Cashless Hospital Admission is also available for travellers departing from Malaysia, Thailand, and Indonesia. Tune Protect is scheduled to introduce the feature in Vietnam and other markets in the near future.

Paul Carroll, Chief Commercial Officer of AirAsia Aviation Group said, “The AirAsia Comprehensive Travel PLUS by Tune Protect is another step forward in enriching the travel experience for our guests. By enhancing our offerings, it provides peace of mind to guests departing from Singapore and other key markets like Malaysia, Thailand, and Indonesia, ensuring they are covered for emergencies abroad. For those using our Fly-Thru service to explore destinations beyond Asean, this insurance complements the convenient and stress-free journey we pride ourselves on delivering.”

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

To activate the Cashless Hospital Admission services while abroad, customers simply need to follow a straightforward process:

1. Contact the Tune Protect – AirAsia Emergency Hotline at +65 3165 6256 and provide their flight booking number for verification.
2. Upon verification, a Medical Agent will notify a nearby Medical Provider and, if necessary, arrange transportation.
3. A Coverage Letter will be issued directly to the Medical Provider to ensure uninterrupted medical attention.
4. Policyholders can be rest assured that their medical bills will be taken care of, eliminating the need for claim submissions.

The AirAsia Comprehensive Travel PLUS provides access to over 7,500 hospitals worldwide through a collaboration with the globally renowned care and mobility provider, Europ Assistance. This feature eliminates unexpected out-of-pocket expenses, ensuring ultimate peace of mind for worry-free travel. By combining seamless travel experiences with comprehensive insurance coverage, Tune Protect and AirAsia are redefining the travel experience for customers around the world.

For more information on AirAsia Comprehensive Travel PLUS with Cashless Hospital Admission Services, please visit https://www.tuneprotect.com/airasia/singapore/en/product/comprehensive-travel-insurance-plus-plan/

Fully Digital Claims Process with Instant Payout via DuitNow

KUALA LUMPUR, 4 December 2024 – Tune Protect Malaysia (“Company”, “Tune Protect”), the Malaysian General Insurance subsidiary of Tune Protect Group Berhad (“Group”) has redefined the travel insurance experience with the launch of its Travel Easy Instant Travel Claims Payout feature, now accessible through the Tune Protect mobile app. This feature simplifies the claims process, offering travellers a fully digital and hassle-free experience with instant payouts via DuitNow upon claim approval.

Travel Easy is a travel insurance product which provides coverage for flights across all airlines. The Instant Travel Claims Payout feature is the latest innovation that is introduced to expedite the claims process, particularly for the Travel Delay benefit. By eliminating unnecessary documentation such as travel itineraries and delay confirmations for delays between 3 hours to under 9 hours, the claims submission process is also completely paperless and fully digital. Travellers can submit claims via the app, and payouts are processed on the day of approval through DuitNow, providing instant reimbursement.

Travellers purchasing the individual Travel Easy policy can receive RM200 for the first complete three hours of delay, followed by an additional RM200 for every subsequent six hours¹. This feature redefines the new norm for convenience and efficiency, delivering a faster and more seamless claims experience.

“Travellers today demand faster, more convenient solutions, and our Instant Travel Claims Payout feature is designed to meet those needs. We have integrated cutting-edge digital solutions to offer the speed, convenience, and security they deserve. By leveraging real-time flight data for claim verification and using DuitNow for instant payments, we ensure that the claims process is as seamless and expedited as possible,” said Jubin Mehta, Chief Executive Officer, Tune Protect Malaysia.

He added, “Our fully digital and paperless process allows travellers to submit claims efficiently and easily, from anywhere at any time. This ensures a seamless, stress-free experience, especially when it is needed most. By leveraging advanced technologies like Robotic Process Automation (RPA), we have automated the entire claims assessment process, from registration to payment. This not only eliminates tedious paperwork but also significantly accelerates approvals and payouts, delivering an enhanced insurance journey to our customers.”

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 days². The introduction of the Travel Easy Instant Travel Claims Payout further enhances this commitment by reducing the overall turnaround time for those opting for DuitNow as their reimbursement method, shortening the payout to within same day upon approval.

Step-by-step guide to submitting an Instant Travel Claims Payout:

1. Open the Tune Protect app and navigate to the claims section
2. Fill out the simplified claims form, select Travel Delay benefit and DuitNow as the preferred reimbursement method
3. Attach any required supporting documents (only applicable for delays beyond 9 hours, no supporting documents required for delays under 9 hours)
4. Click on submit for processing

Travellers interested in purchasing Travel Easy can enjoy an instant 25% discount when buying online. For more information about Tune Protect and the Instant Travel Claims Payout feature, visit https://shop.tuneprotect.com/travel-insurance/, or download the Tune Protect mobile app from the App Store or Google Play Store today.

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^{1 & 2}Terms and conditions apply

Strategic partnership underscores Tune Protect’s commitment to global growth and innovation in travel insurance

Hong Kong, 18 November 2024 – Tune Protect Group Berhad (“Tune Protect”, “Group”), a leading digital lifestyle insurer in the region, has strengthened its global footprint through a strategic partnership with bolttech Insurance (“bolttech”), the Hong Kong general insurance arm of international insurtech, bolttech. Together, they have launched AirAsia Travel Insurance for Hong Kong travellers on AirAsia flights. This initiative is aligned with the Group’s commitment to provide comprehensive and affordable travel protection tailored to the evolving needs of travellers in key markets.

“This strategic collaboration with bolttech in Hong Kong reflects Tune Protect’s broader ambition to grow our presence in key regional markets. By partnering with international players with strong local expertise like bolttech, we are delivering on our commitment to innovate and provide seamless travel insurance solutions that cater to diverse customer needs. Situated in the heart of Asia, Hong Kong serves as a gateway to major Asian markets such as China, Japan, Korea and Southeast Asia, making it an attractive market for travellers. As we plan towards further growth over the next two years, we are excited to leverage our expertise and bolttech’s local market reach and expertise to create unparalleled value for our customers, ensuring their travel experiences are not only protected but also enriched,” said How Kim Lian, Group Chief Executive Officer of Tune Protect.

How added, “With an expansive network of close to 50 insurance partners worldwide, the Group is well-positioned to onboard new regional partners, establishing ourselves as the premier one-stop digital insurance solutions partner by offering our technology and reinsurance solutions. To enhance our embedded insurance offerings, we will continue working closely with distribution partners to offer relevant protection at critical touchpoints along the customer journey.”

Alister Musgrave, Regional General Manager for Hong Kong & Taiwan at bolttech, said, “We’re thrilled to provide Hong Kong travellers with convenient protection and peace of mind through AirAsia Travel Insurance. Our collaboration with Tune Protect highlights our commitment to improving our partners’ offerings and providing customers greater choice, ease, and a superior customer experience.”

“Our long-standing partnership with AirAsia has allowed us to deliver enhanced protection and convenience to their guests in key markets such as Hong Kong. By providing customised travel insurance solutions, we aim to enhance the overall travel experience by introducing innovative value-added and complementary travel services. Looking ahead, we plan to introduce similar offerings in other key markets in Asia Pacific, reinforcing our commitment to providing comprehensive coverage and ensuring peace of mind for travellers during their journeys,” concluded How.

For more information about Tune Protect, visit www.tuneprotect.com.

KUALA LUMPUR, 25 November 2024 – Tune Protect Group Berhad (“Tune Protect” or “Group”; TUNEPRO, 5230) registered commendable financial results for the third quarter of the financial year 2024 (“3Q24”) with Profit After Tax (“PAT”) rising strongly by 50.3% Year-on-Year (“YoY”) from RM4.8 million to RM7.2 million. Underwriting result also grew positively by 17.3% YoY from RM5.2 million to RM6.1 million. How Kim Lian (“How”), Tune Protect Group’s Chief Executive Officer highlighted several key factors contributing to the Group’s profitability in 3Q24.

Improved net incurred claims and expenses
“Overall, the Group performed well despite relatively lower insurance revenue in 3Q24, falling 6.3% YoY to RM100.2 million compared to 3Q23 which was mainly due to Commercial revenue carried over from 2022 in 3Q23. Excluding the favourable impact amounting to RM7.1 million from the Tenang scheme¹ in 3Q23, net incurred claims and attributable expenses improved by RM3.0 million due to lower expenses and better Fire and Personal Accident (“PA”) claims experience,” said How.

How added that lower reinsurance premiums was in line with the Group’s continued effort in business portfolio review, focusing on more profitable segments. The Profit Before Tax (“PBT”) in 3Q24 was also impacted by RM4.0 million realised and unrealised foreign exchange (“Forex”) losses which were due to the sharp appreciation of the Malaysian Ringgit (“MYR”) against US Dollar (“USD”) from 4.7123 to 4.122 in the quarter.

Revenue lifted by Travel segment
“Nevertheless, on Quarter-to-Quarter (“QoQ”) basis, our insurance revenue improved particularly arising from contribution of the Travel segment. Our net incurred claims and attributable expenses improved QoQ due to enhanced cost efficiency as well as better claims experience from the Group’s Fire, Engineering, Cargo and PA business. Consequently improving our combined ratio which fell by 1.3% (YoY) and 11.3% (QoQ),” said How.

For the first 9 months of the financial year 2024 (“9M24”), the Group recorded a Loss Before Tax (“LBT”) of RM5.0 million, weighed primarily by the Group’s exposure to three large fire losses. However, the frequency of these large claims is higher than previous years and is expected to normalise moving forward.

“In 9M24, we incurred Impairment losses on intangible assets in 2Q24 from Tune Protect Ventures, the Group’s digital life insurance sandbox business. Furthermore, Digital Life traction was slower than expected, while the Health business can be offered via Tune Protect Malaysia (“TPM”). On the other hand, the impairment incurred by Tune Protect Thailand (“TPT”) was related to claims recovery of the Rubber Authority of Thailand’s PA account which was fully taken up during 2Q24,” added How.

Excluding these one-off occurrences, the Group would have recorded a Profit Before Tax (“PBT”) of RM11.5 million for 9M24.

Rebalancing investments to enhance returns
The Group is committed to its long term investment strategy of yielding steady returns for the Group and its shareholders.

“We continue to maintain a conservative investment strategy to enhance the Group’s overall investment returns. In the coming quarters, we will continue to rebalance our investments into Low Risk Unit Trust funds, with underlying investment predominantly in Malaysian Government Securities, Government Investment Issues and Government Guaranteed Corporate Bonds,” said How.

He provided further business updates on the Group’s businesses which demonstrated robust growth prospects. In 3Q24, the Group enhanced the User Interface (“UI”) and User Experience (“UX”) for its airline partner’s direct online channel, which has resulted in a growth of 5 percentage points in take-up rate and 12% in policies sold QoQ. The Group has also introduced the Tune Protect Travel Gadget through the airline direct channel to increase take-up rate in the Malaysia market. Additionally, several Business-to-Business (“B2B”) partnerships have also been activated during the quarter including travel agencies in Malaysia and a credit card provider in Thailand.

In addition, the Group’s airline partner has registered positive traction for the Cancel For Any Reason product since its launch in 2Q24. Gross Written Premium (“GWP”) grew by more than 100% and number of policies issued grew by 71% QoQ, with claims experience remaining favourable. In collaboration with a travel technology provider, the Group, via its B2B portal, has also rolled out the ‘Flight Watcher’ service where travellers can access real time alerts via email, WhatsApp or SMS to receive notification on gate changes, flight delays or cancellations, and other updates 48 hours before departure; as well as the ‘Automated Check-in’ service that initiates online check-in procedure to enrol flight and delivers boarding pass to the registered travellers via email.

Leveraging on regional travel ecosystem
“In line with the review of the Group’s business portfolio, we will continue to focus on the more profitable segments of the business while maintaining cost discipline to ensure favourable underwriting results in the coming quarters. With the Group’s ongoing efforts of leveraging on the regional travel ecosystem along with its product innovation, we are optimistic that our travel insurance products will continue to grow positively in the coming quarters,” How said.

Aside to Travel as its focus, the Group remains vigilant in managing its Motor business through pricing optimization, portfolio mix improvement and claims management. The Group’s strategy aims to align the Motor claims ratio at par with industry standards, and is expecting favourable impact in Motor claims going forward.

The overall market outlook remains favourable. The Group remains cautiously optimistic that its business strategies and capital strength will sustain growth in the medium to long term.

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¹The PerlindunganTenang scheme was a financial aid programme introduced by the Malaysian government to offer simple and affordable insurance plans to the lower income group. The scheme was discontinued in FY23.

Rentokil Pest Control Malaysia and Tune Protect Malaysia Launch TermiteShield, a Revolutionary Insurance Plan for Termite Damages

Rentokil Pest Control Malaysia, the leading provider of pest control solutions in Malaysia, has announced the launch of TermiteShield — a groundbreaking new Termite Insurance Plan specifically designed to protect homeowners from the financial burden of property damages caused by termites. In partnership with Tune Protect Malaysia, Rentokil’s Residential Termite Treatments now come with added financial protection against termite-related damages. Effective September 1^ˢᵗ 2024,

TermiteShield offers coverage for property damages caused by termites to your home contents such as furniture, fixtures, and fittings. By combining expert termite treatment services with financial protection, this comprehensive coverage ensures peace of mind for property owners.

To commemorate this significant partnership, a signing ceremony was held on October 17^ᵗʰ 2024. A formal signing between Carol Lam, Managing Director of Rentokil Initial Malaysia, Philippines & Brunei, and Jubin Mehta, Chief Executive Officer of Tune Protect Malaysia was the cornerstone of the event.

In her opening remarks, Carol Lam emphasised Rentokil’s commitment to innovation as part of the company’s unwavering drive to provide the most trusted pest control solutions.

Understanding the frustration that homeowners often experience when dealing with termites, she highlighted the importance of proactive termite treatment and the need for a reliable insurance solution. “By combining Rentokil’s proven termite control capabilities with Tune Protect Malaysia’s reliable TermiteShield insurance coverage, homeowners are safeguarded not only from structural. damage but also from the associated financial strain, ultimately giving them peace of mind”, she stated.

“The collaboration between Rentokil Initial and Tune Protect Malaysia represents a bold step towards redefining home protection. Through the launch of TermiteShield Insurance, we are merging Rentokil’s unparalleled pest control expertise with our tailored insurance solutions, creating an all-encompassing shield against one of the most silent yet devastating threats—termites. This partnership underscores our commitment to providing homeowners with more than just a service; we are offering them the security, peace of mind, and financial protection they deserve in safeguarding their most valuable asset—their homes,” said Jubin Mehta (“Jubin”), Chief Executive Officer of Tune Protect Malaysia.

Following the speeches, a formal signing ceremony took place, marking the official partnership between Rentokil Pest Control and Tune Protect Malaysia.

Rentokil Pest Control Malaysia is confident that TermiteShield will revolutionise the way homeowners approach termite control and protection. By combining expert pest control services with comprehensive insurance coverage, the company aims to set a new standard in the industry.

This strategic partnership is formed with a clear aspiration to protect people and enhance lives, in the way that both companies know best.

The strategic collaboration aims to provide comprehensive travel protection for Hong Kong travellers

Hong Kong, 22 October 2024 – Tune Protect Re Limited (“Tune Protect”), the global travel and lifestyle reinsurance specialist, in partnership with bolttech Insurance (“bolttech”), the Hong Kong general insurance arm of international insurtech, bolttech, launched AirAsia Travel Insurance for Hong Kong customers on AirAsia Berhad (“AirAsia”) flights. This is made possible through AirAsia Berhad, the licensed corporate agent of bolttech Insurance in partnership with Tune Protect Re Limited, the insurance programme manager of AirAsia.

AirAsia Travel Insurance is available to purchase via the AirAsia website, AirAsia Move Mobile App and Tune Protect AirAsia website for customers departing from Hong Kong on all AirAsia flights. Customers can choose between the Lite Comprehensive Plan and the Plus Comprehensive Plan, for benefits like personal accident coverage, trip cancellation, baggage and flight delay coverage, and 24-hour Worldwide Travel Assistance.

This initiative is part of Tune Protect’s strategic plan to expand its regional presence and offer comprehensive and affordable travel protection for its customers. By partnering with bolttech Insurance, Tune Protect aims to meet the evolving needs of travellers in Hong Kong. This collaboration is a synergy of bolttech’s local market reach and expertise and Tune Protect’s ability to provide comprehensive yet affordable travel insurance.

Alister Musgrave, Regional General Manager for Hong Kong & Taiwan at bolttech, said, “We’re thrilled to provide Hong Kong travellers with convenient protection and peace of mind through AirAsia Travel Insurance. Our collaboration with Tune Protect highlights our commitment to improving our partners’ offerings and providing customers greater choice, ease, and a superior customer experience.”

“We are excited to launch the new travel insurance product in partnership with bolttech Insurance for AirAsia guests. This initiative enhances our service offering for Hong Kong travellers and aligns with our strategic vision for regional expansion, establishing ourselves as a leader in the travel insurance industry. This strategic expansion is key to our goal of becoming a global player in the travel sector. We look forward to enhancing the travel experience of AirAsia guests by providing them with comprehensive insurance coverage, ensuring peace of mind during their journeys, ” said Janet Chin, Chief Executive Officer of Tune Protect Re.

A key feature of this travel insurance is the On-Time Guarantee, which provides a payout if customers experience a delay of at least two hours from their original or rescheduled departure time advised by AirAsia.

For more information on AirAsia Travel Insurance, visit https://www.tuneprotect.com/my/airasia/hong-kong/en/home/.

• One-off impairments and fire claims affected Tune Protect 2Q24 financial performance
• Excluding impairments and fire claims, marginal PBT of RM1.5 million

KUALA LUMPUR, 28 August 2024 – Tune Protect Group Berhad’s (“Tune Protect” or “Group”; TUNEPRO, 5230) financial results for the second quarter of the financial year 2024 (“2Q24”) were affected by one-off impairments from the Group’s subsidiary Tune Protect Ventures (“TPV”) and its associate company, Tune Protect Thailand (“TPT”), and abnormally high fire losses. Insurance revenue also declined 6.7% year-on-year (“YoY”) which led to a Loss Before Tax (“LBT”) of RM10.3 million.

How Kim Lian (“How”) Tune Protect Group’s Chief Executive Officer elaborated further on the key factors affecting the Group’s 2Q24 financial performance.

Normalised numbers, excluding one-off impairments and claims
“The Group’s profitability was impacted by the one-off impairments from TPV of RM3.0 million, as well TPT of RM4.9 million. Our net claims incurred was also higher as we experienced two abnormally large fire losses in 2Q24, in contrary to 2Q23 where we had benefitted from the better than anticipated claims experience from the Tenang Personal Acccident (“Tenang PA”) scheme, which had since been discontinued,” said How.

Consequently, the Group’s combined ratio increased 9.9% YoY due to the higher net incurred claims and attributable expenses. Increased acquisition cost ratio also contributed to the increase in the Group’s combined ratio, partially offset by a lower reinsurance ratio.

“The lower reinsurance ratio was due to the Group’s gradual exit from the Large Industrial Risk business leading to savings in reinsurance premiums. If we were to remove the anomalies mentioned above from the equation, overall, the Group would have recorded a slight Profit Before Tax (“PBT”) of RM1.5 million,” added How.



Stable investment performance and strategy
The Group maintains a conservative investment strategy while looking for opportunities to enhance its overall investment returns. Moving forward, it plans to progressively increase its investment into Low Risk Unit Trust Funds, with underlying investment predominantly in Malaysian Government Securities, Government Investment Issues, and Government Guaranteed Corporate Bonds.

“The Group’s investment performance in 1H24 has been stable and we expect more of the same in 2H24. We will be rebalancing some of our money market or fixed deposits into Malaysian government guaranteed bond funds where we are aiming for a reallocation mix of 2% in deposits and 98% in low-risk unit trust funds by the end of 2024,” said How.

Capitalising on market gaps and opportunities
The Group is reprioritising its efforts in the Travel segment with various initiatives in key growth areas such as championing the regional travel ecosystem. For example, it is focused on increasing take-up rate (“TUR”) through existing distribution channels, such as AirAsia.

“Through in-depth analysis on our current Travel business, we acknowledge that more can still be done to address the gaps in the take-up rate for the Group’s airline business such as AirAsia. Now that we’ve seen where the gaps are, we will be actively rolling out various initiatives to increase the take up rate and grow our Travel business further,” said How.

To capitalise on various market gaps and opportunities identified by the Group, there are exciting plans to optimise the airline market by seizing new opportunities based on flight durations and meeting the demands of customers with new products based on certain behaviours and lifestyles.

For medium haul flights, there are opportunities to reprice bundled products to be more competitive by offering better product benefits. For international short haul flights, the Group is benchmarking the affordability of insurance relative to air tickets and premiums to airfare ratio. It is conducting some experiments to increase the TUR by adjusting prices to match affordability.

“We are also actively looking at addressing market needs with unique new products. For example, for budget conscious non-tourists we plan to offer gadget protection at low premiums on top of our travel insurance. For event goers and concert goers, we plan to offer event protection at affordable premiums. For affluent travellers, we plan to offer cancellation insurance,” explained How.

In addition, the Group is targeting activation of airline indirect channels such as offline and online travel agents by bundling travel with tour packages, enhancement of the Group’s products at the same pricing and offering agents higher margins as part of the incentive scheme.

“We are focused on both the offline and online travel agency channels within our existing exclusive distribution partners. This will allow us to penetrate deeper into the travel ecosystem by targeting regional players in areas such as travel agencies, hotel chain, cruises and event organisers. To achieve our objectives, we will roll out global innovative travel products to maintain our market leading position and consistent customer experience. We are expecting claims ratio to taper with the growing Travel mix in our portfolio,” How continued.

Outlook
With the travel and tourism sector showing robust resurgence to pre-pandemic levels of 2019, as well as the Group’s ongoing efforts in leveraging the Travel ecosystem in the region, the Group is optimistic that the travel insurance products will continue to grow positively in the coming quarters.

“The Group has reviewed its portfolio and will focus on the more profitable segments of the business while maintaining cost discipline to ensure favourable underwriting results in upcoming quarters. We remain cautiously optimistic that our business strategies and capital strength will continue to fuel growth for the Group over the medium to longer term,” How concluded.

BANGKOK, 26 August 2024 – Tune Insurance Public Company Limited (“Tune Protect Thailand”), an associate company of Tune Protect Group Berhad (“Group”), is delighted to announce the appointment of Sasivimol Choladda (“Sasivimol”) as its new Chief Executive Officer. With nearly 20 years of distinguished experience in the airline industry and a significant track record in the insurance sector, Salsivimol brings a wealth of knowledge to her new role and is poised to lead the company into a new era of growth and innovation.

Sasivimol is a seasoned professional with an impressive career background. She has made significant contributions to leading airlines like Singapore Airlines, Qantas, and Japan Airlines during her tenure at Amadeus Asia, where she developed extensive expertise in sales, project management, and account management.

Transitioning to the insurance industry, Sasivimol has spent the last five years at MSIG Insurance (Thailand) Public Company Limited as the Vice President of Digital and Affinity, Business Development. In this role, she demonstrated proficiency in handling general insurance products and excelled in digital insurance distributions, catering to both direct-to-consumer and strategic partner channels. She significantly grew their Gross Written Premium (GWP) portfolio and spearheaded innovative initiatives like the first Office of Insurance Commission (OIC) regulatory-approved usage-based insurance, showcasing her expertise in innovation and digital strategies.

At Chubb, she propelled the company’s travel insurance segment to second place in the market based on Gross Written Premiums (GWP) by leveraging her deep expertise in the field. Sasivimol is a pivotal figure in digital transformations, emphasizing cultural alignment and customer-centric approaches. Her strengths in sales, marketing, eCommerce, digital innovation, and partnerships have positioned her as a key driver of business growth and market presence.

In her new role, Sasivimol will report to the Board of Directors of Tune Protect Thailand as well as to the Group Chief Executive Officer (CEO) of Tune Protect Group Berhad. She will also be a member of the Group Executive Committee (EXCOM).

“We are confident that Sasivimol’s extensive experience, strategic vision, and innovative mindset will be invaluable as she leads our Thailand business unit. Her impressive track record and forward-thinking approach make her the ideal leader to drive our ambitious goals and improve our market position in Thailand. Please join us in welcoming her to our team. We look forward to her leadership in steering Tune Protect Thailand towards new heights,” said How Kim Lian, Group CEO of Tune Protect Group Berhad.

Sasivimol holds a Bachelor of Arts (B.A.) in Political Science, International Relations from Chulalongkorn University.

Experience seamless travel with comprehensive coverage and cashless hospital admissions

JAKARTA, 29 July 2024 – Tune Protect Group Berhad (“Tune Protect”) and AirAsia Aviation Group Limited (“AirAsia”) announced the launch of the enhanced AirAsia Travel Insurance in Indonesia, the AirAsia Comprehensive Travel PLUS, featuring the Cashless Hospital Admission services for AirAsia flights departing from Indonesia. Introduced earlier this month, this innovative feature offers travellers a seamless and hassle-free experience when seeking medical assistance abroad.



The Cashless Admission service is included in the AirAsia Comprehensive Travel PLUS at no extra cost. Travellers departing from Indonesia can purchase AirAsia Comprehensive Travel Plus through all AirAsia online and offline booking platforms, including the Manage My Booking feature and Online Check-in via the airasia MOVE app. Premium starts from as low as IDR 60,000 for a return trip plan.

Janet Chin, Chief Executive Officer of Tune Protect Re said, “Our partnership with AirAsia is designed to elevate the travel experience for our customers by offering them comprehensive insurance coverage and streamlining the process of obtaining medical care abroad. The AirAsia Comprehensive Travel PLUS eliminates the financial burden of hospital admissions during overseas trips, ensuring travellers can focus on their journey without worry. As we continue to expand our footprint in the region, we are dedicated to going deep into the travel ecosystem and leverage on partners that are key regional players like AirAsia to provide top-notch travel insurance solutions that cater to the diverse needs of travellers.”

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

Aside to Indonesia, the Cashless Hospital Admission is also available for travellers departing from Malaysia and Thailand, and Tune Protect is scheduled to introduce the feature in more markets by the end of the year.

Paul Caroll, AirAsia Group Chief Commercial Officer said, “At AirAsia, our goal is to offer the best travel experience for our guests. With the practical addition of the Cashless Hospital Admission service to the AirAsia Comprehensive Travel PLUS, they can explore the world with confidence, assured that their medical needs will be promptly taken care of in case of emergencies. This service is the perfect solution for worry-free travels, significantly enhancing the safety and convenience for our guests.”

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

To activate the Cashless Hospital Admission services while abroad, customers simply need to follow a straightforward process:

1. Contact the Tune Protect – AirAsia Emergency Hotline at +62 2130406202 and provide their flight booking number for verification.
2. Upon verification, a Medical Agent will notify a nearby Medical Provider and, if necessary, arrange transportation.
3. A Coverage Letter will be issued directly to the Medical Provider to ensure uninterrupted medical attention.
4. Policyholders can be rest assured that their medical bills will be taken care of, eliminating the need for claim submissions.

The AirAsia Comprehensive Travel PLUS provides access to over 5,000 hospitals worldwide through a collaboration with the globally renowned care and mobility provider, Europ Assistance with P.T. Asuransi Dayin Mitra Tbk as the insurance underwriter. This feature eliminates unexpected out-of-pocket expenses, ensuring ultimate peace of mind for worry-free travel. By combining seamless travel experiences with comprehensive insurance coverage, Tune Protect and AirAsia are redefining the travel experience for customers around the world.

For more information on AirAsia Comprehensive Travel PLUS with Cashless Hospital Admission Services, please visit: https://www.tuneprotect.com/my/airasia/indonesia/id/product/comprehensive-travel-insurance-plus-plan-id/