TUNE INSURANCE BOOSTED BY ONLINE SALES, RE­GIONAL ROLL­OUT

Insurance - - COMPANY CORNER -

Source: Bor­neo Post Online, 21 Novem­ber 2013

Tune Insurance Hold­ings Bhd ( Tune Insurance) ex­pe­ri­enced strong growth for the third quar­ter of 2013 (3Q13), boosted by online sales and the roll­out of its re­gional cov­er­age. RHB Re­search In­sti­tute Sdn Bhd (RHB Re­search) noted at Tune Insurance’s 3Q13 re­sults brief­ing that chief ex­ec­u­tive of­fi­cer Peter Miller ex­pressed sat­is­fac­tion with the growth of the group’s busi­nesses, al­though he felt that much more needed to be done to achieve its long-term tar­gets. Tune Insurance rolled out its travel insurance busi­ness to AirAsia Zest and Cebu Pa­cific pas­sen­gers in June. The com­pany noted that this mar­ket ac­counted for only three per cent of over­all 3Q13 online sales or pol­icy count. How­ever, both car­ri­ers con­trib­uted more than 10 per cent of the 3Q13 pas­sen­ger num­bers vis-à-vis AirAsia’s other en­ti­ties. On the whole, it feel that the Philip­pines’ travel insurance con­tri­bu­tion has yet to make a full im­pact, and ex­pect the take- up rate to in­crease in the up­com­ing quar­ters. The group’s lo­cal gen­eral insurance ( GI) sub­sidiary is ex­pe­ri­enc­ing its pre­mium port­fo­lio re­bal­anc­ing bear fruit, the com­pany be­lieves it is set to spur top line growth with­out com­pro­mis­ing mar­gins. Tune Insurance’s mo­tor port­fo­lio, which has in­creased in pro­por­tion to 35 per cent from 1Q13’s 27 per cent low, is now deemed a lower risk com­pared with last year. It was noted that the pro­por­tion of com­pre­hen­sive mo­tor cov­er­age was re­tained at 99 per cent, while the re­main­ing one per cent com­prises third-party cov­er­age against 16 per cent seen a year ago. Mean­while, com­mer­cial ve­hi­cle cov­er­age now rep­re­sented 15 per cent of its mo­tor port­fo­lio mix, up on in­creas­ing mo­tor fran­chise re­la­tion­ships with ve­hi­cle mak­ers like Hyundai, Ford and Land Rover.

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