Tune Protect Partners with bolttech for HK Travel Cover

Digital Distribution Tune Protect Re Limited, a travel and lifestyle reinsurance firm specialising in digital distribution, has partnered with bolttech Insurance, the Hong Kong subsidiary of insurance technology company bolttech, to provide travel insurance for AirAsia customers in Hong Kong.

The partnership enables customers to purchase travel coverage through three digital channels: the AirAsia website, the AirAsia Move mobile application and Tune Protect's AirAsia website.

Pioneering the Travel Insurance Space 

The distribution structure positions AirAsia Berhad as bolttech Insurance's licensed corporate agent, with Tune Protect Re Limited serving as the insurance programme manager.

Product Features The insurance offering comprises two tiers: a Lite Comprehensive Plan and a Plus Comprehensive Plan. 

Both include personal accident coverage, trip cancellation protection and baggage delay compensation. 

The product features an On-Time Guarantee mechanism, which triggers an automated payout when flights are delayed by two hours or more from the scheduled departure time.

Market Development The Hong Kong launch represents part of Tune Protect's regional expansion strategy. 

The collaboration utilises bolttech's regulatory framework in Hong Kong to facilitate the distribution of travel insurance products through digital channels.

Alister Musgrave, Regional General Manager for Hong Kong & Taiwan at bolttech, says: “We're thrilled to provide Hong Kong travellers with convenient protection and peace of mind through AirAsia Travel Insurance. 

“Our collaboration with Tune Protect highlights our commitment to improving our partners' offerings and providing customers greater choice, ease, and a superior customer experience.”

Janet Chin, Chief Executive Officer of Tune Protect Re, adds: “This initiative enhances our service offering for Hong Kong travellers and aligns with our strategic vision for regional expansion, establishing ourselves as a leader in the travel insurance industry.”

The service launch introduces round-the-clock worldwide travel assistance for Hong Kong customers departing on AirAsia flights. The partnership combines bolttech's local market presence with Tune Protect's experience in travel protection products.

bolttech: Becoming an Insurtech Unicorn

Having only launched in 2020, Singapore's bolttech has transformed how insurance products reach consumers worldwide. 

Today, its digital exchange platform spans over 35 markets across four continents, facilitating connections between traditional insurers and a new generation of distribution partners.

The numbers tell a compelling story: US$50bn in quoted annual premiums flow through its platform, which hosts more than 6,000 insurance products. 

Its network encompasses 700+ distribution partners and 200+ insurance providers, making it one of the most extensive insurance ecosystems globally.

Investors have taken notice. The company's Series A round broke records for insurtech funding. Its subsequent Series B round, led by insurance giant Tokio Marine, pushed Bolttech's valuation to US$1.5bn. The round expanded further when LeapFrog Investments contributed an additional US$50m in 2023, bringing total Series B funding to US$246m.

This meteoric rise in just a few years has established Bolttech as a key player in embedded insurance, with particular strength in high-growth markets where traditional insurance penetration has historically lagged.

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