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Malaysian Insurance Market Bolstered as Tune Protect Looks to Expand Coverage With bolttech

bolttech, the international insurtech, and Tune Protect Group (“Tune Protect”, “Group”), the Malaysian digital lifestyle insurer, have announced a strategic partnership. Together, they will launch a new generation of device protection solutions and support services in the region.

Tune Protect Malaysia, the Malaysian general insurance arm of the Group, is the exclusive underwriter for the device insurance coverage. Meanwhile, bolttech is the appointed corporate agent and the provider of the device support services. Through the partnership, bolttech and Tune Protect aim to offer customers a convenient and seamless end-to-end customer experience for insurance device protection solutions.

Recent data reveals that the smartphone user penetration rate in Malaysia in 2022 stands at 88.79 per cent of the population. This has steadily increased over the last five years. Consequently, more customers are exposed to the daily risk of device damage. The partnership between bolttech and Tune Protect aims to meet the growing demand for device protection, in addition to support services in the market.

Malaysia is a step towards further expansion 

Mark Simmons, chief executive officer, Europe and Asia, bolttech said: “Our partnership with Tune Protect offers customers in Malaysia comprehensive protection and support beyond the insured device. We will continue to work with Tune Protect to create innovative solutions. These will cater to the needs of the customers’ modern and digital lifestyles.”

Rohit Nambiar, group chief executive officer of Tune Protect said: “In line with our strategic vision as a digital and lifestyle insurer, this collaboration with bolttech offers us the opportunity to extend our market reach. Additionally, it allows us to seamlessly embed our insurance solutions. We’re starting it first in Malaysia. However, we will continue to explore other opportunities to expand it in other countries.”

The device insurance coverage is underwritten by Tune Protect Malaysia. It provides protection for cracked screens, accidental and liquid damage. This is as well as an extended warranty for insured devices, including smartphones and home appliances.

The device support services, provided by bolttech, include:
  • Device trade-in
  • 24/7 technical support
  • Device repair concierge service
  • Logistics service for device pick-up and delivery.

The solutions are available as a bundled package or can be purchased separately, i.e., insurance coverage only or support services only.

Customers can visit their nearest Samsung, Ascend SP, Ultimate Devices or Unifi stores to find out more. They can subscribe to a program that suits their needs. More distribution partners are expected to launch the offering for their customers in the coming months.

Author

  • Francis is a journalist and our lead LatAm correspondent, with a BA in Classical Civilization, he has a specialist interest in North and South America.

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