Extra tags: Digital TransformationData Sovereignty
Tune Protect Malaysia (Tune Protect) has got official authorisation from Bank Negara Malaysia (BNM) to host its insurance core system on Telekom Malaysia Bhd's (TM) Cloud Edge. Tune Protect, TM, and Huawei Technologies (Malaysia) Sdn Bhd (Huawei Malaysia) collaborated to make this possible. Tune Protect will be able to re-platform its existing GIS (General Insurance System), an insurance core system, on the cloud as a result of this agreement.
The system will be hosted on Cloud α Edge, Malaysia's first and only Hyperscaler Public Cloud that promotes data sovereignty. This is a significant milestone since Cloud Edge now meets the full requirements of BNM's Risk Management in Technology (RMiT) full guidance checklist, making it the first and only Public Cloud in Malaysia to host an insurance core system.
The core system includes a set of Systems, Applications, and Products (SAP) that will be entirely housed on Cloud α Edge, ensuring Tune Protect remains in the vanguard of digital transformation projects.
This collaboration between the three parties will ensure Tune Protect customers receive consistent speeds in user portal experience; more tailored and matching insurance offerings for their requirements; and better insurance premium rates due to infrastructure and intelligence optimisation.
Works are currently underway for the core insurance system to be deployed in multiple phases commencing July 2022. Prasanta Roy, Group Chief Technology Officer of Tune Protect said, “As the first insurer to have received the approval to host the core system on Cloud, we are further enhancing our group credentials. Cloud is the centrepiece of our digital transformation that will enable us to achieve speed-to-market and introduce more innovative products and services for our customers.”
Tune Protect's existing business capabilities and services will be transformed into a highly scalable, agile cloud-native open-source platform, allowing it to unlock unlimited digital value. Cloud α Edge plays an important role as a digital platform enabler in Malaysia by offering comprehensive cloud services. This transformation is necessary to support today's fast-paced and demanding business operations and ensure that the organisation maintains its market competitiveness.
This agreement will provide Tune Protect clients with a whole new level of involvement. Apart from cloud and digital services, Huawei and TM offer advising and consultation services in terms of compliance and technical needs that follow Bank Negara Malaysia's guidelines (BNM).
Meanwhile, Imri Mokhtar, Group Chief Executive Officer of TM said, “We fully understand the importance for FSI customers, including insurers such as Tune Protect, to have highly secured digital infrastructure while they continue accelerating their digital adoption. Given the rising volume of digital transactions and our commitment to excellent customer experience, we must ensure that the infrastructure supporting our partner is resilient, scalable and protected on all fronts. With TM Cloud α Edge being fully compliant to BNM’s RMiT, FSI players can reap the benefit of scalability and agility to future-proof their business, while simultaneously protecting customer data, at a superior price advantage. Through our enterprise and public sector business solutions arm, TM ONE, we are ready to serve the industry with end-to-end robust and secured digital infrastructure, befitting our role as the sole Malaysian Cloud Service Provider (CSP) under the MyDIGITAL initiative.”
Huawei Malaysia’s Vice President of the Cloud and AI Business Group, Mr Lim Chee Siong said, “It is always our goal at Huawei Cloud to dive into digitalisation and to provide everything as a service. Huawei will continue to innovate and team up with our partners to dive into digital and build the cloud foundation for an intelligent world. Cloud is just the beginning. We view it as a runway to transport businesses to even greater heights.”
TM is the only local company with its own core Data Centre and Cloud infrastructure and complete data residency, location, and sovereignty. This infrastructure is reinforced by Huawei Malaysia's engagement with Cloud, AI, and the most advanced cyber security practises and technologies, putting it on track to become Malaysia's first end-to-end Cloud and AI infrastructure service provider. This implies that data on the Cloud is stored in Malaysia rather than overseas, addressing data sovereignty concerns.