Tune Protect optimistic on premium growth

Razman Hafidz Abu Zarim is new CEO of Tune Protect Group Bh

ETALING JAYA: Tune Protect Group Bhd expects to return to double-digit growth in gross written premiums (GWP) for the financial year 2018 onwards, driven by its recent digital transformation in collaboration with AirAsia.

Speaking to reporters after its 6th AGM, group chief executive officer Razman Hafidz Abu Zarim said for 2017, the group would still be expecting a single digit growth in GWP, similar to 2016's level.

Razman said due to the ever-growing technological advancement and innovation, the insurance industry was undergoing rapid shift.

"For 2017, we still expect some short term pains due to the challenges in the insurance industry. Hence we are still hoping for some satisfactory results this year," noted Razman.

For FY16, Tune Protect's GWP increased by 5.7% to RM501mil.

The group achieved a 18.8% growth in net profit to RM86.6mil in FY16, mainly driven by its general insurance operations in the country. Revenue, meanwhile, increased but at a slower pace.

Razman said digitalisation will also help the group to reduce costs further by automating more operations amd streamlining its entire process.

“Tune Prorect recognises the potential of leveraging on the vast data we have over 400 million customers carried over the last 15 years,” he said.

The tie-up with AirAsia will see the integration of Tune Protect's data by leveraging on AirAsia'a full-fledged data and digital team.