However, the approval is conditional upon TPV meeting certain criteria set by Bank Negara Malaysia (BNM) that is to participate in its Financial Technology Regulatory Sandbox, the company, which is a subsidiary of Tune Protect Group Bhd, said in a statement today.

The sandbox is a platform on which companies get to offer more innovative products to the unserved and under-served communities.

Participating in the sandbox is in line with TPV’s aspiration to provide simple and affordable life and health insurance, particularly for this segment of the market.

TPV said it would leverage on technology to simplify the process of purchasing, self-service and claims for customers. The first proposition is expected in the coming weeks once conditions set by BNM are met.

Tune Protect group CEO Rohit Nambiar said the plan was put in place 18 months ago to leverage on the strong engagement the company already had with its Gen Z, millennial and SME customers.

“The idea stems from our belief that these segments are under-penetrated and under-insured and the traditional forms of distribution have failed to reach them,” he said.

However, Nambiar said, TPV believes that those in this market segment are now more open to buying simple life insurance.

“We believe we can target them with a digital-first approach on a test and learn mode that enables them to buy all day-to-day retail insurance, seek service or file claims through an app or website,” he added.

TPV principal officer Koot Chiew Ling said the company is going back to the fundamentals of insurance by focusing on pure life and health protection.

“Our first proposition is for SMEs and their employees. Being a start-up and still new, we will also be bringing about new technology and end-to-end digitalisation,” she added.