KUALA LUMPUR (Oct 31): Tune Protect Bhd said its wholly-owned subsidiary Tune Protect Ventures Sdn Bhd (TPV) has received conditional approval from Bank Negara Malaysia (BNM) to participate in the Financial Technology Regulatory Sandbox.
This will allow 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 group said.
The Sandbox environment, it said, 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.
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’s conditions, said Tune Protect in a statement.
Its chief executive officer Rohit Nambiar said the group had 18 months ago, set in motion a plan to establish a bolt-on business that leverages the strong engagement it had with Gen Z, millennials and small and medium enterprise (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 Malaysian 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,” Rohit said.
TPV principal officer Koot Chiew Ling said the company 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,” Koot added.
Tune Protect’s share price closed up half a sen or 1.89% at 27 sen on Monday (Oct 31), giving the group a market capitalisation of RM203 million.
Source: https://www.theedgemarkets.com/article/tune-protect-unit-receives-conditional-approval-enter-bnms-financial-technology-regulatory