Tune Protect Ventures Sdn. Bhd. (TPV), a wholly owned subsidiary of Tune Protect Group Berhad (Tune Protect) has received conditional approval from Bank Negara Malaysia (“BNM”) to participate in the Financial Technology Regulatory Sandbox.
The approval allows TPV 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 TPV to innovate and offer a differentiated value proposition to the unserved and underserved communities in line with its aspiration of providing simple and affordable pure life and health protection, particularly for this market segment., it said. TPV will leverage technology 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.
Rohit Nambiar, Group Chief Executive Officer of Tune Protect said, “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. This business idea stems from our fundamental belief that these segments are under-penetrated, under-insured and traditional forms of distribution has not worked to reach them. We believe they are now more open to buying simple life protection solutions, above and beyond their lifestyle, health, and SME package solutions from us. As a Malaysia homegrown digital insurer, we believe we can target them with a digital-first approach on a Sandbox mode (Test and Learn), where one can buy all day-to-day retail insurance solutions, service or claim through an app or website. The next few weeks will be exciting for us as we will be rolling out our solutions and we can’t wait to show you what and how.”
The Group boasts of proven partnership and technology credentials that have given its subsidiaries a compelling competitive advantage. “With this, we have been able to offer insurance solutions to large customer groups in an embedded and frictionless mode leveraging on our state-of-the-art technology infrastructure. Our technology is highly scalable, can process high transaction volumes and activate partnerships and opportunities in record time,” Rohit continued.
Koot Chiew Ling (“Chiew Ling”), Principal Officer of TPV said, “TPV is going back to the fundamentals of insurance focusing on pure life and health protection. We are excited to showcase our flagship product which will be a first of its kind on our shores. 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.”
Earlier, TPV had completed the submission of application, propositions, and plans to BNM as part of the Sandbox application process.
