Tune Pro­tect ac­cel­er­ates di­ver­si­fi­ca­tion strat­egy

The Star Malaysia - StarBiz - - News -

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.”

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