Tune Protect Group announced that its wholly owned subsidiary Tune Protect Ventures (Tune Protect Life) has received Bank Negara Malaysia’s (BNM) approval to participate in the Financial Technology Regulatory Sandbox.
Tune Protect Life will provide simple and affordable pure life and health protection geared towards the unserved and underserved communities namely SMEs, B40 and M40.
It is also looking at first time insurance buyers and those who are new-to-insurance with its products and propositions to drive financial inclusivity.
Koot 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.”
As a digital life insurance player, Tune Protect Life will also bring end-to-end digitisation to allow businesses to buy, self-serve and submit claims with minimal human intervention.
Tune Protect added that it is aiming to offer SME EZY via its B2C channels next year.
Rohit Nambiar, Group Chief Executive Officer of Tune Protect said,
“….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.”