Following Tune Ins Holdings' acquisition of the controlling interest in Oriental Capital Assurance (OCA) in May, it launched the newly formed Tune Insurance Malaysia Berhad (TIMB).
Launched late last month, TIMB kicked off with a new logo, introduced new management and implemented new systems into to protect AirAsia's travellers.
TIMB will leverage on online marketing channels of the Tune Group to complement its sales and marketing via its agency network and insurance brokers, in order to further expand its current customer base.
"Fostering an alliance with Air Asia and the Tune Group is a strategic decision and we are indeed delighted to be a part of this collaboration. With our entry into the Tune Group, we are better placed and with stronger financial and technological backing to be more competitive in the insurance market," said Daniel Su, CEO of TIMB.
"Our strategy moving forward is to leverage on these strong foundations to satisfy the insurance needs of an extensive base of customers. That is our key competitive strength," added Su.
Tan Sri Dr Tony Fernandes, co-founder of Tune Group, said, "With this acquisition, we are licenced to issue policies in all classes of general insurance in Malaysia across a broad range of industry and customer segments.
"We are also in discussions with other general insurance providers in other Asian markets where we provide our online insurance business with a view to being able to underwrite insurance policies in those markets and to provide general insurance products," he added.
Fernandes said the objective was for TIMB to offer a diversified portfolio of insurance products, with a focus on retail products.