TUNE Protect Group Bhd has received Bank Negara Malaysia’s (BNM) conditional approval to participate in the Financial Technology Regulatory Sandbox to test a digital life insurance business for the Malaysian market.
In a statement yesterday, Tune Protect said the conditional approval, received via its wholly owned subsidiary Tune Protect Ventures Sdn Bhd (TPV), is 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,” Tune Protect said.
It said TPV will also 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.
Tune Protect CEO Rohit Nambiar said the group has been planning to establish a bolt-on business that leverages strong engagement with customers from the Gen Z, millennials, and small, medium and enterprises (SMEs).
“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,” he said.
The group believe that it can target the Gen Z, millennials and SME customers 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.
Additionally, the group boasts of proven partnership and technology credentials 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,” he added.
TPV principal officer Koot Chiew Ling said TPV 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 start-up and new, we will also be bringing about new technology and end-to-end digitisation,” she said.
Earlier, TPV had completed the submission of applications, propositions and plans to BNM as part of the Sandbox application process.
Source: https://themalaysianreserve.com/2022/11/02/tune-protect-gets-bnm-conditional-approval-to-join-financial-regulatory-sandbox/