Tune Protect Gets Conditional Approval to Join BNM’s Regulatory SandboxNovember 1, 2022 0 comments
Tune Protect Ventures, a wholly owned subsidiary of Tune Protect Group, has received conditional approval from Bank Negara Malaysia (BNM) to participate in its Financial Technology Regulatory Sandbox.
The approval allows Tune Protect to test a digital life insurance business for the Malaysian market in the sandbox for a period of 12 months from the date of meeting certain conditions set out by BNM.
The sandbox environment will allow Tune Protect to innovate and offer a differentiated value proposition to the unserved and underserved communities affordable pure life and health protection.
Tune Protect aims to simplify the process of buying, self-service and claims for customers and is expected to introduce its first proposition in the coming weeks, upon meeting BNM conditions.
“18 months ago, we set in motion a plan to establish a bolt-on business that leverages the strong engagement we have with our Gen Z, millennial and SME customers.
As a Malaysia homegrown digital insurer, we believe we can target them with a digital-first approach on a sandbox mode, where one can buy all day-to-day retail insurance solutions, service or claim through an app or website,”
said Rohit Nambiar, Group Chief Executive Officer of Tune Protect.
“Tune Protect Ventures is going back to the fundamentals of insurance focusing on pure life and health protection. Our first proposition will be for SMEs and their employees. Being a startup and new, we will also be bringing about new technology and end-to-end digitisation.”
said Koot Chiew Ling, Principal Officer of Tune Protect Ventures.