Kuala Lumpur, 31 March, 2023 – bolttech, the international insurtech, and Tune Protect Group (“Tune Protect”, “Group”), the region’s digital lifestyle insurer, have announced a strategic partnership to launch a new generation of device protection solutions and support services in Malaysia. Tune Protect Malaysia, the Malaysian General Insurance arm of the Group, is the exclusive underwriter for the device insurance coverage, while 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 device protection solutions.
Recent data reveals that the smartphone user penetration rate in Malaysia in 2022 stands at 88.79% of the population, which has steadily increased over the last five years [1]. 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 and support services in the market.
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 that 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 and seamlessly embed our insurance solutions. We’re starting it first in Malaysia and will continue to explore other opportunities to expand it in other countries.”
The device insurance coverage is underwritten by Tune Protect Malaysia, providing protection for cracked screens, accidental and liquid damage, as well as 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, and 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 and subscribe to a program that suits their needs. More distribution partners are expected to launch the offering for their customers in the coming months.
For more information about the device protection and support services programs, please visit https://device.bolttech.my
About Tune Protect Group Berhad
Tune Protect Group Berhad (Tune Protect) is a financial holding company listed on the main market of Bursa Malaysia. Aspiring to be the lifestyle insurer that everyone loves in the region, Tune Protect aims to simplify the insurance experience leveraging digital and offer affordable, yet comprehensive protection plans and propositions to suit individual and corporate needs in the Health, Lifestyle and SMEs pillars. Tune Protect has established a global presence across 60 countries through its general insurance and reinsurance subsidiaries, joint venture companies, as well as via strategic partnerships with local underwriters in these markets.
For more information on Tune Protect, visit their website at https://www.tuneprotect.com/
[1] Statista, Smartphone penetration rate as share of the population in Malaysia from 2010 to 2020 and a forecast up to 2050