Tune Protect gains entry to Malaysia’s fintech sandbox
Tune Protect Ventures (TPV) has received conditional approval from Bank Negara Malaysia to participate in the Financial Technology Regulatory Sandbox.
With the approval, TPV can now test its digital life insurance business in the sandbox for a period of 12 months, upon meeting certain conditions set out by the Malaysian central bank and top financial regulator.
According to TPV, the sandbox environment will provide it more freedom to innovate and come up with new ways to provide simple and affordable pure life and health insurance products to unserved and underserved communities. TPV will use digital technology to simplify the process of buying, self-service and claims for customers and it plans to introduce its first proposition in the coming weeks.
“Eighteen 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,” said Rohit Nambiar (pictured above), CEO of Tune Protect Group. “This business idea stems from our fundamental belief that these segments are underpenetrated and underinsured, 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, 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.”
“TPV is going back to the fundamentals of insurance focusing on pure life and health protection,” said Koot Chiew Ling, principal officer of TPV. “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.”
