Tune Protect Group launches digital solutions for Small Medium Enterprises (SMEs) and Micro SMEs (MSMEs)
27 May 2023 09:40am
Tune Protect Life Principal Officer Koot Chiew Ling, Tune Protect Group Chief Executive Officer Rohit Nambiar, Tune Protect Malaysia Chief Executive Officer Jubin Mehta.
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The solutions aim to close the protection gap and make insurance more accessible to SMEs and MSMEs in Malaysia. The innovative digital solutions are the first in the market for online employee health and life insurance by TPL and the one-stop microsite offering customised business insurance by TPM.
As a significant contributor that constitutes 99 per cent of total businesses in Malaysia's economy, the poor uptake of insurance among SMEs and MSMEs for employee benefits and natural disasters is an alarming issue.
Employee benefits play a crucial role in enhancing staff well-being, retention, and productivity while businesses face the risk of significant losses due to natural disasters. Moreover, the medical inflation rate in Malaysia was 12 per cent in 2022, which is six times higher than the annual general inflation rate and is expected to increase to 15 per cent this year.
However, insurance has been perceived as an expensive, complex, and burdensome process for businesses, with challenges in sourcing affordable insurance, understanding policies, and accessing relevant information about suitable coverage options.
Consequently, despite recognising the importance of insurance, many SMEs and MSMEs are still hesitant to take the first step.
To address this critical gap in SME and MSME protection, Tune Protect unveiled a comprehensive digital proposition tailored to the needs of this underserved segment through its subsidiaries, TPL and TPM.
By providing a simplified and seamless insurance journey, the digital-led initiatives aim to overcome common barriers such as affordability, complexity, and limited access, making it easier for MSMEs to explore insurance products to safeguard the well-being of their businesses and employees.
Tune Protect Group Chief Executive Officer Rohit Nambiar said: "It is unfortunate to see that despite being a vital part of the economy, contributing 37.4 per cent to the GDP in 2021, SMEs remain largely uninsured or underinsured.
This protection gap exposes them to significant risks and vulnerabilities. Hence why, we as a digital insurer, are taking proactive steps to address the insurance needs of MSMEs, leveraging our digital-first approach.
Everyone deserves to be protected. We believe that by making insurance accessible, affordable, and convenient, we can support the growth and resilience of the MSME community, contributing to a stronger and more secure economy."
Simplify, Customise and Connect - A One-stop Solution for MSMEs
TPM also introduced a user-friendly homegrown SME Microsite, a one-stop platform for business owners and small businesses to obtain customised insurance solutions.
The microsite offers easy access to information, enabling MSMEs to make informed decisions about their coverage needs. It also provides a marketplace for MSMEs, offering profession-based insurance bundles such as Business Shield with a 15 per cent platform-exclusive premium rebates and connecting them with partners' offerings.
“Complexity, affordability, and lack of customisation have been significant challenges for MSME business owners when obtaining insurance. Through our one-stop microsite solution, we aim to address these challenges head-on.
"By providing customizable insurance solutions and simplifying the process of managing risk, we not only aim to enhance the customer experience but also to provide our MSME community a platform to collaborate with one another.
"The microsite is a significant initiative for TPM as we strive to empower the MSME community and onboard partners that we can work together towards creating a thriving MSME ecosystem for their growth and protection,” said Tune Protect Malaysia Chief Executive Office Jubin Mehta.
