Kuala Lumpur, 9 November 2018 – Sports+, Tune Protect’s first on-demand protection plan was launched today. It is one of the few plans available in Malaysia that covers a wide range of extreme sports, and provides the flexibility of selecting cover from just 1 day, up to 1 year, all within a few taps at tuneprotect.com/sports. Sports+ is the perfect companion for sport enthusiasts, fitness buffs or anyone who needs protection from accidental injuries, unforeseen medical expenses and sports equipment damage.
Tune Protect’s Sports+ is the first on-demand protection plan for the Group. The move is in line with their commitment to being a leading lifestyle enabler in the region, and part of the digital transformation rolled out by the Company.
“We are dedicated to being in the insurtech space where on-demand services mark another milestone of the many innovative products we are able to bring to market,” said Razman Hafidz, Chief Executive Officer of Tune Protect Group at the launch. “The main challenge in insurtech is ensuring regulations are passed to allow everyone to enjoy the benefits of protection at the right time, right place and right price for each unique individual,” he added.
In line with one of the Group’s strategic pillars in leading in product innovation and differentiation, Tune Protect launches itself into the digital age by combining algorithms and hard data to produce on-demand, usage-based and behavioural-based products to specific segments of customers.
In Malaysia, sports and recreation is a significant market with value of gross output increasing from approximately RM14 billion in 2010 to RM17 billion in 2015*. E-commerce sales in the fitness industry recorded a 14% increase between 2017 and 2018 to RM130 million**, with the largest contributor to that being wearables such as Fitbit. Within the Klang Valley, the number of fitness studios, fitness apps and other health conscious establishments have become more prevalent in the past few years. It is clear that the trend towards sport and fitness is on an upward climb.
With this insight, Tune Protect’s Sports+ plan gives consumers peace of mind even upon embarking on sporting and extreme sport pursuits overseas. Suiting varied lifestyles, the on-demand option is easy, fast and provides the flexibility of purchasing the plan immediately before engaging in a sporting activity. While there are specific exclusions, the extreme sports covered include paragliding, white water rafting, snowboarding, kite surfing and even bungee jumping to name a few.
Malaysia has been chosen as the first country for the Group to launch Sports+, through Tune Protect Malaysia. Very soon, similar protection plans will be made available in Europe, Middle East, India and Africa (EMEIA) through partners worldwide.
“We are proud to be the first country to launch Sports+ which makes getting protection easy, fast and accessible to consumers who are into sports,” said Thai Mei Lih, General Manager, Strategic Management of Tune Protect Malaysia. She adds: “the introduction of Sports+ as the first on-demand protection is also in line with one of Tune Protect Malaysia’s key strategic areas in product innovation where we look at speed to market of our products and catering to various customer segments in the market”.
In line with the ability to choose your ‘price’, Tune Protect’s Sports+ has two offerings providing total coverage of up to RM33,500.00 or RM56,000.00 for accidental death or permanent disablement, medical expenses and sports equipment damage. The premium payable depends on the choice of plan and duration of cover (between 24 hours and 1 year), which ranges from RM5.00 to RM350.00 (excluding Stamp Duty).
“Just like ride-sharing apps like Grab, where you hail a cab when you need it, similarly, protection on-demand allows you to operate the same way – getting your protection on-the-spot, with just a few taps before you decide to jump into that kayak, or when you’re standing at that triathlon starting line,” Razman proudly remarked.
Also present at the launch was active power-couple Dennis Yin and Jazel Lim. Dennis is a dancer, fitness enthusiast and most recently owner of physical fitness centre – House of Champions. Jazel is a model, fitness enthusiast and self professed gym junkie. Together they showcase the benefits of Sports+ in an exciting and ‘extreme’ campaign video to be released at the end of the month.
Tune Protect’s Sports+ aims to transform the way people stay active and to help them stay living ‘in-the-moment’ and protected as they desire. Now, everyone can participate in sports as well as extreme sports, and stay fit with Tune Protect as their trusted protection partner.
In conjunction with the launch of Sports+, various initiatives will be taking place which include a special 25%*** instant cash back on the product as well as partnering with an international surfing sportswear company for an event in December 2018.
*** Notes:
- 25% instant cash back applicable on premiums charged, excluding applicable duties and taxes
- Promo code TPSPORTS18, apply at com/sports
- Promo code expires 31 December 2018, or for the first 200 customers
