Tune Protect brings new propositions to health insurance
By Digital News Asia September 22, 2021
- Leverages on digital to target millennials and Gen Z
- Awareness and demand for digital health insurance at an all-time high
Tune Protect Group Berhad (Tune Protect) sees significant growth opportunities in personal health insurance in Asia and as such is shaking up the industry with reimagined value propositions, low prices, digitisation and strategic partnerships.
In a statement, it claims that the Asia-Pacific healthcare insurance market is expected to reach US$500 billion (RM2,092 billion) by 2024, which includes markets such as China, India and developing markets in which the company has established its presence, including Malaysia, Thailand, Vietnam, and Cambodia.
[RM1 = US$0.24]
“The penetration of personal health insurance amongst Malaysians and the rest of Asia is still low.
“However, awareness is at an all-time high now and there is increased demand for digital health insurance,” said Ben Assanasen (pic), Tune Protect group health lead.
“Healthcare costs and demand will continue to rise, driven by the increase in communicable and non-communicable diseases, and a growing aging population,” he added.
According to Asian Healthcare and Hospital Management, the private health insurance market in Asia is projected to expand with nearly 3 million Asians actively seeking health insurance by the end of 2020.
As the Covid-19 pandemic continues to affect economies around the world and reduce the personal savings of individuals, the company said it expects to see an acceleration of demand for personal health insurance.
To compete, the group is mainly focused on millennials and Gen Z as they are both generations who appreciate solutions that are budget friendly, easy to navigate and are accessible digitally end-to-end, right from sign-up to claims, it said.
By the end of 2021, Tune Protect said it will introduce a no-frills value proposition to address the vulnerable B40 group with the aim to help lessen the healthcare protection gap and ensure this group has access to suitable healthcare.
Offering Low Prices
Tune Protect health propositions are premised upon the basis of affordability where its price suits the current tightened wallets.
Its products are bite-sized in nature with simple add-on options allowing customers to choose what they really need and what they are comfortable paying, the company said.
To the millennials and Gen Z’s who are financially conscious, cost remains the biggest barrier, it added.
By breaking down the coverage and allowing them to decide what goes into the plan will allow them to save for other wants and needs such as home and travel once it is allowed, it said.
Earlier this year, Tune Protect Malaysia introduced PRO-Health Medical where it offers affordable plans suited to one’s needs, with premiums starting from as low as RM50 monthly and annual limits as high as RM150,000.
Other health products introduced include myFlexi CI which is a flexible and customisable critical illness plan, Tune iPass and iPass Covid-19 which cover the medical expenses due to Covid-19 infection. myFlexi CI is due to be launched in Malaysia by the end of the year.
With the aim to make insurance simple and accessible for everyone, Tune Protect said it has invested resources to bring about a digital experience that is targeted at the millennials and Gen Z generations who prefer to shop and communicate online.
The end-to-end customer journey encompasses the buying experience, policy management, service and claims experience is all done via the mobile app, it added.
“The entire experience is a straight through process with minimal underwriting requirements. Tune Protect wants its customers to be able to choose and understand what they are buying and what is being covered, all at their fingertips,” said Assanasen.
Meanwhile, Tune Protect said it is accelerating its partnerships reach and further expanding its presence across the Asean region with affinity and digital partners as well as insurance partners.
Up till July 2021, Tune Protect said it has secured more than 35 partnerships across Malaysia, Thailand, Vietnam, and Cambodia, which included six healthcare partners.
Through these partnerships, Tune Protect is able to provide complementary solutions to customers with its partners’ expertise and open up greater access for customers to obtain its products and propositions., it said.
The complementary propositions offered by the company include the health and wellness programmes by Naluri, telemedicine services by Health2GO and medical second opinion (myEliteDoctor) by Preferred Global Health, it added.
For more information about Tune Protect, please visit https://www.tuneprotect.com/
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