Zurich Malaysia, local insurtech firm Senang.io, and Bank Islam have joined forces to introduce digital takaful solutions via the Be U by Bank Islam app.
Be U by Bank Islam is a fully cloud-native digital banking proposition and the app allows for tracking payments made through DuitNow QR and transfers as well as its Visa debit card.
The first product launched under this partnership is “Microtakaful for Gig Workers”. This takaful solution is designed specifically for gig workers, providing on-demand services, medical coverage, and an easy-to-use in-app claim management system.
Zurich Malaysia brings its extensive experience in takaful to this collaboration, while Senang.io contributes its advanced technology platform.
The integration of these takaful products into the Be U By Bank Islam app is expected to enhance accessibility and user experience.
Future plans of the partnership include the introduction of more takaful products over the next three years.
These products, in collaboration with various takaful providers, will cover a broad range of services and cater to different segments of the population.
Noor Farilla Abdullah, Group Chief Digital Officer of Bank Islam said,
“The new microtakaful offering, facilitated through Open APIs, seamlessly integrates gig work protection within the app, enabling users to conveniently access takaful add-ons and process claims directly through the platform.
The inclusion of microtakaful solutions within the app enriches the gig economy, offering peace of mind and financial protection to a vulnerable segment of workers, making it easily accessible in times of unexpected challenges.”
Shamsul Azman, Chief Executive Officer, Zurich General Takaful said,
“We are honoured to be able to embark on this innovative journey as it aligns perfectly with Zurich Malaysia’s mission to “Care for What Matters”.
As the gig economy continues to grow, it is important that we cater to the protection needs of the participants. Together with our partners, we will create a brighter and more secure future.”
Featured image: (From left to right) Shamsul Azman, Chief Executive Officer, Zurich General Takaful, Noor Farilla Abdullah, Group Chief Digital Officer of Bank Islam and Sharian Raj, Chief Executive Officer and Founder of Senang.io
