Tune Protect accelerates diversification strategy

PETALING JAYA: Tune Protect Group Bhd is accelerating its diversification plan across products, partners and channels and focusing on more lifestyle and on-demand solutions that will address the new needs of consumers in the wake of the Covid-19 pandemic.

In a statement yesterday, the company said it will also be seeking additional partnerships in Asean, particularly in Vietnam and Indonesia, as well as the Middle-east, to ease the impact of the pandemic on the general insurance and reinsurance business.

“The company’s overall revenue has been affected, especially in the travel protection business with the closure of international borders and airlines temporarily hibernating their fleet.

“The Covid-19 pandemic has affected almost every country around the world and disrupted the global economy, with the travel sector being one of the hardest hit.”

Tune Protect group chief financial officer How Kim Lian said the company has rolled out differentiated products including Covid-19 coverage in Malaysia and Thailand, as well as in several business-to-business markets within the Middle-east.

“Whilst we observed the impact of the Covid-19 pandemic on our travel business in second-quarter 2020, we have also at the same time observed the rise of new opportunities within the segment.”