Tune Protect focuses on travel segment

Tune Protect is shifting its focus to the Travel segment, despite facing some setbacks in its Q2 2024 financial results.

The company reported a loss of RM10.3 million ($2.4M) before tax in the second quarter of 2024, mainly due to one-time impairments from its subsidiary, Tune Protect Ventures (TPV), and its associate, Tune Protect Thailand (TPT), along with an unusually high number of fire claims. Without these issues, Tune Protect would have reported a small profit of RM1.5 million ($346k) before tax.

To strengthen its position in the Travel segment, Tune Protect is working to boost uptake rates through existing partners like AirAsia by addressing market gaps. This involves adjusting pricing for bundled products based on flight lengths and making sure prices are affordable in relation to airfares.

The company also plans to launch new, targeted insurance products, such as gadget protection for budget travelers, event protection for concert-goers, and cancellation insurance for higher-end travelers. Additionally, Tune Protect is expanding its reach by partnering with offline and online travel agents, bundling insurance with tour packages, and offering agents better products with higher profit margins.