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About Us – TPV

BRIDGING THE GAP The setting up of Tune Protect Ventures Sdn Bhd (Tune Protect Life) was inspired since 2020, with a clear aspiration to protecting lives, in the way we know best – providing simple and affordable pure life & health protection for all, particularly the underserved groups that commonly go unnoticed by the traditional […]

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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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Nomination Form

 Easy Guide About Nomination What is nomination? Nomination is the process of naming a person in your policy certificate. It is a right given to the policy owner to choose someone to receive or manage the money disbursed by the insurance company in the event of your demise. Policy owner is encouraged to put […]
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