All Posts in Category: In the News (My)

Tune Protect Partners Super Strap To Provide Complimentary Baggage Insurance

KUALA LUMPUR, Feb 19 (Bernama) — Tune Protect Group Bhd has partnered baggage wrapping service provider, Super Strap, to offer travellers who wrap their checked-in baggage, free insurance to cover for any loss during a flight.

Known as the Baggage Wrap Insurance, it is underwritten by Tune Insurance Malaysia Bhd, Tune Protect Group said in a statement here today.

The service is available at six different locations, namely KL International Airport (KLIA), Miri Airport, Tawau Airport, Sultan Ismail Petra Airport (Kota Baharu), Sultan Abdul Aziz Shah Airport (Subang) and KL Sentral.

“The partnership with Super Strap brings another avenue for us to offer worry-free protection for travellers.

“Losing your baggage is a daunting experience. With this offering, we are able to provide a customised product to address this concern,” Chief Executive Officer of Tune Protect Group Bhd, Junior Cho said.

 

Source: BERNAMA, 19 February 2016

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Tune Bekerjasama Dengan Super Strap Sediakan Insurans Bagasi

KUALA LUMPUR, 19 Feb (Bernama) — Tune Protect Group Bhd bekerjasama dengan penyedia perkhidmatan pembalut bagasi, Super Strap, untuk menawarkan pengembara yang membalut bagasi daftar masuk mereka perlindungan insurans percuma bagi sebarang kehilangan semasa dalam penerbangan.

Dikenali sebagai ‘Baggage Wrap Insurance’, ia ditaja jamin oleh Tune Insurance Malaysia Bhd, kata Tune Protect Group dalam satu kenyataan hari ini.

Perkhidmatan itu ditawarkan di enam lokasi iaitu Lapangan Terbang Antarabangsa KL (KLIA), Lapangan Terbang Miri, Lapangan Terbang Tawau, Lapangan Terbang Sultan Ismail Petra (Kota Baharu), Lapangan Terbang Sultan Abdul Aziz (Subang), dan KL Sentral.

Kerjasama dengan Super Strap ini adalah satu lagi kaedah bagi kami dalam menawarkan perlindungan kepada pengembara, kata Ketua Pegawai Eksekutif Tune Protect Group, Junior Cho.

Source: BERNAMA, 19 February 2016

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Tune Protect eyes better results

PETALING JAYA: Tune Protect Group Bhd (formerly Tune Ins Holdings Bhd), which saw its third quarter earnings drop by 20%, is unperturbed by the external headwinds and slower domestic consumption as it strives to chalk up a better set of results this year.

Its chief executive officer Junior Cho (pic) told StarBiz that despite the anticipated softness in domestic consumption and external uncertainties, the company is optimistic to maintain strong sales growth this year underpinned by its key strategic initiatives.

Tune Protect Group Bhd CEO Junior Cho

Without going into specific numbers, he said: “We expect a double digit growth in top line performance this year as we continue to actively take initiatives to further grow our business and heighten awareness of the value of travel insurance.

“The company will also continue to aggressively pursue strategic partnerships in the region.

“As for our general insurance business, we expect to outpace the industry average with high single digit growth for Tune Insurance Malaysia Bhd (TIMB) despite the continued softness in the market, through innovative product profiling and benefit enhancements,’’ Cho noted.

TIMB is the group’s non-life insurance unit.

He said Tune Protect would bank on two key channels in a bid to outpace the general insurance industry growth of mid-single digit by this year.

He said they involved growing its global travel business (through innovative products, new markets and new partnerships) as well as enhancing its general insurance business and digitising its direct-to-consumer products.

In September last year, the company launched its Direct-to-Consumer website whereby consumers could directly and easily purchase a number of lifestyle based products including travel insurance.

Meanwhile, analysts are expecting a single digit expansion in the premium income of the life and non-life insurance sectors in Malaysia over the next few years.

CIMB Research is urging investors to focus on insurance companies that have exposure to overseas markets and the takaful business, given the cautious outlook for growth in the conventional insurance sector.

It has kept an “overweight” rating on Malaysia’s insurance sector, naming Tune Protect Group and Syarikat Takaful Malaysia Bhd as its top picks.

The research house is projecting single digit growth rates for the industry’s premiums in 2015-16, at 5%-6% for general insurance and 7%-8% for life insurance.

For the third quarter ended Sept 30, 2015, Tune Protect Group’s net profits were down by some 20% to RM12.9mil compared with RM16.2mil a year ago. Earnings for the nine months stood at RM47.7mil, an 8.2% decrease over the same period last year mainly due to higher management expenses which include higher royalty fees related to the use of the Tune trademark and cost of rebranding, as well as the one-time sale of building in 2014.

However, operating revenue for the said quarter increased by 10.5% to RM121mil while net earned premium grew 18.9% to RM80.7mil.

Despite the weaker third quarter earnings, analysts are reiterating their add and buy calls on the company’s stock. CIMB Research said it was maintaining an “add” call on Tune Protect Group although it was cutting its financial year (FY) 2015 and FY 2017 forecast earnings per share by about 17-18%.

This was premised on the growth potential for its travel insurance business in the region, positive prospects for its non-life insurance unit in Thailand in the longer term and possibly more tie-ups with other airlines, it noted.

An insurance product manager and underwriter across the Asia-Pacific, Tune Protect has online and general insurance businesses.

It also provides online travel protection products for AirAsia Bhd and has partnerships with Cebu Pacific and Air Arabia and has footprints in over 30 countries across four continents, including countries in the Middle East-North Africa and European Union regions.

For this year, Cho said among some of the broad strategies or areas of focus to boost earnings would be to increase its global travel business, grow its offline and biz-to-biz partnerships including establishing new airline partnerships and grow its market presence in the Middle East and Asean.

On its latest plans in Indonesia after the recent termination agreement with Indonesia-based insurer PT Asuransi Staco Mandiri, he said: “We will continue to evaluate a number of opportunities within Indonesia.

“However, we cannot comment on any specific timeline at the moment.

At the same time, the company will continue to actively evaluate opportunities across Asean to further our expansion strategy. This is both for the general insurance and online business (including digital and travel partnerships).” The company’s shares were down by 2 sen to RM1.29 last Thursday.

 

Source: The Star, 4 January 2016

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Tune Protect focuses on making insurance simple, convenient and affordable

Technology is the single most impactful force that is shaping how the world is doing business today. A formidable friend or foe, it remains the bridge that connects customers who require information on the go in the most convenient manner. Riding this wave of change, Tune Insurance has realigned its business focus and refreshed its brand proposition by reintroducing itself as Tune Protect.

“Customer demands are pushing change. Demands for easier access to information, simplified processes and personalised experience are just among some of the most prevalent influencers of change,” says Junior Cho, CEO of Tune Protect Group. “The all-new Tune Protect is catering to these demands by making its product more relevant to the diverse lifestyle needs of customers in an easy, convenient and simple manner.”

Tune Protect makes its debut in the digital insurance business with four lifestyle products on its website tuneprotect.com – Tune Guard, Tune Drive Care, Tune EZ Term and Tune TrIP. Specially targeted at Malaysian consumers, the niche products are customised to meet people’s most basic requirements.

Tune Guard is a customised plan catering to victims of snatch theft and robberies, while Tune Drive Care provides car passenger coverage. Tune EZ Term provides affordable and simple life insurance protection for a fixed five-year term, and Tune TrIP is standalone travel insurance that provides “before, during and after” benefits across all countries.

A key player in the field, Tune Protect initially gained rapid popularity as the exclusive insurer of low-cost airline leader AirAsia. It has since expanded its footprint to collaborate with other airlines and travel partners across the globe, gaining a reputation among the region’s fastest-growing insurers.

It is the same brand of consumer trust that allowed Tune Protect to carve a client-focused niche in the insurance industry. Core to the group’s operations are its general insurance business through subsidiary Tune Insurance Malaysia.

Since its incorporation in 2011, Tune Protect has grown to serve more than 25 million policyholders worldwide, with more than 12 million policies issued in Malaysia alone. Today, Tune Protect is present in more than 50 countries and territories, with general insurance entities in Malaysia and Thailand. It is also represented with a joint venture in the Middle East.

“Insurance has long been thought of as a complex, costly and intangible product; that is why many people are still reluctant to spend on it,” Cho says. “The key is finding innovations to make the product not only tangible to the consumer, but also relevant, accessible and indispensable.”

Among Tune Protect’s innovative campaigns is the 10 baht (HK$2.16) insurance plan launched in Thailand last year through popular top-up machines called Boonterm kiosks. With coverage of 10,000 baht, the plan features simple and affordable insurance packages targeted at low- to middle-income customers aged between 20 and 60 – a market consisting of nearly 1.8 million individuals.

More recently, Tune Protect launched Thai Rice Insurance, offering farmers protection from losses suffered due to floods, drought, storms, pests and diseases. It also established a collaboration with Advanced Info Service, Thailand’s leading mobile phone network operator, providing travel personal accident coverage to customers who sign up for the network’s international roaming services.

“Rather than driving profits, these campaigns focus on building brand awareness among the young generation – and the results are highly promising,” Cho says. “More consumers are discovering affordable policies that match their lifestyles. The next stage will be to cover similar markets such as Indonesia, the Philippines and the Middle East, which remain untapped by such innovative campaigns.”

Last year, Tune Protect claimed the top award as Forbes Asia’s “Best of the Best” among 200 outstanding listed companies in the Asia-Pacific with annual revenues under

US$1 billion. Today, it is on its way to becoming Asean’s leading digital insurance franchise.

“We are about making insurance simple, easy, convenient, relevant and affordable – giving customers the kind of peace of mind they are looking for wherever in the world they are headed,” Cho says. “We want to break geographical boundaries and empower consumers to set the trends for the insurance industry.”

Open to diversifying into other complementary sectors, Tune Protect aims to grow with potential partners in Asean, and ultimately have a ubiquitous footprint globally.

 

Source: South China Morning Post, 9 December 2015

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