Tune unveils ambitious growth plan and Vietnam target

May 30 2019 by InsuranceAsia News Staff

Tune Protect chief executive Khoo Ai Lin said at this week’s annual general meeting it wants to increase the firm’s number of annual policies from 10 million to 14 million each year by 2022.

It is also pursuing a stake in an undisclosed Vietnamese insurer, with the acquisition expected to be completed by year-end.

The insurer had partnered with Indonesia’s Asuransi Buana Independent and Association of Indonesian Tours and Travel Agencies East Java to distribute travel insurance through an integrated business-to-business online platform.

Recently, the group acquired a 9.9% stake UK insurtech start-up Laka for M$2.64 million (US$630,000) to widen its digital distribution.

Khoo Ai Lin commented: “The strategic plan, named GAIN, is a three- to five-year plan. It will take time in terms of heightening our capabilities.

“Our aspiration is to get about 42 million policies within three years. Currently, we are doing about 10 million policies each year. It is supposed to gradually increase to 14 million over the period.”

Tune Protect will also forge strategic tie-ups with insurers with sizeable retail bases and a common goal to grow affinity business leveraging digitisation.

Ai Lin added: “By focusing on our transformational pillars and leveraging insurtech, we shall go beyond airlines, beyond travel insurance and beyond conventional insurance.”

The firm recently appointed former QBE chief operating officer (in Malaysia) William Foo as Malaysia chief executive of Tune Insurance.

 

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