Tune Protect Sees Growth of 30% in NEP. More than 80% in Customer Count
Rohit Nambiar, Tune Protect Group's Chief Executive Officer, highlighted the sustained momentum of the Group, with the second consecutive profitable quarter and the decline in Covid-19 claims for Tune Protect Thailand.
Tune Protect Group Berhad (Tune Protect) has reported a strong start to the year, posting its second consecutive profitable quarter in the first quarter of 2023 (1Q23).
The Group recorded a 29.9% year-on-year growth in Net Earned Premium (NEP), reaching RM81.2 million, while Net Written Premium (NWP) dropped by 7.3% to RM76.3 million during the same period.
Growth in NEP
The growth in NEP was driven by the Group's preferred business segments, including AirAsia Travel, Motor, and Health. Tune Protect also saw a significant rebound in net investment income, which increased by more than 100% to RM10.2 million in 1Q23.
Rohit Nambiar, Tune Protect Group's Chief Executive Officer, highlighted the sustained momentum of the Group, with the second consecutive profitable quarter and the decline in Covid-19 claims for Tune Protect Thailand. The Group expects steadier investment yields with reduced volatility following the switch of Tune Protect Malaysia's portfolio into money market funds.
Despite a lower overall Lifestyle pillar Net Written Premium, the growth in AirAsia Travel by 175% and Motor by 18% year-on-year partly mitigated the impact. Notably, travel premiums in 1Q23 reached 92% of pre-Covid-19 levels. The Group's Net Earned Premium growth has outpaced expenses for four consecutive quarters, and there has been an improvement in the Management's Expenses ratio.
Tune Protect - Long Term Objectives
Tune Protect emphasizes the importance of strategic partnerships in achieving long-term goals and objectives. The Group has expanded its digital partnerships and collaborated with Senang for its first personal cyber crime insurance, Tune CyberSecure, offering protection against electronic fund transfer fraud, online retail fraud, and identity theft. Additionally, the Group has launched new channel partnerships, including the AEON-bolttech program, providing coverage for accidental damage, liquid damage, cracked screens, theft, and extended warranty for devices and home appliances.
As a mobile-first company, Tune Protect plans to launch more mobile features in 2023 and 2024. The Group aims to enhance the customer experience with features such as first loss notification, tow truck tracker, preferred workshop options, telematics, hyper-personalization/customization, AI claims assessment, and a self-service portal.
Customer satisfaction is a key focus for Tune Protect, aiming to become a Customer Net Promoter Score (NPS) leader. The Group has achieved a Customer NPS score of +39% as of December 2022, and the unique active customer count grew by more than 80% year-on-year, reaching 1.82 million. To improve customer experience, Tune Protect has introduced the On-The-Spot Claims Assessment Scheme for Fire products, enabling paperless claims submissions and faster payment processing within three working days.
Cloud0-based Contact Centre
Tune Protect has also launched a cloud-based contact center platform for more efficient call management and introduced a renewal notice for B2C customers, allowing direct renewals through the Group's website.
As part of its commitment to environmental, social, and governance (ESG) practices, Tune Protect has introduced ESG Insights, a data platform providing easily accessible and up-to-date ESG information on the Group's website. The platform simplifies ESG data from various sources into a single readable dataset, allowing users to extract specific information using selection criteria.
Overall, Tune Protect Group Berhad's strong performance in 1Q23, sustained profitability, and focus on customer satisfaction and strategic partnerships position the Group for continued growth in the insurance industry.
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