Malaysia’s first digital bank, GXBank, in collaboration with Zurich General Insurance Malaysia and Zurich Life Insurance Malaysia, has announced a 10-year bancassurance partnership aimed at developing affordable micro protection insurance products for underserved Malaysians.
The partnership will focus on using advanced technology and analytics to identify and address customer needs, creating digital insurance products that are simple, affordable, and accessible.
A key initiative of this collaboration will be the launch of a new insurance product in the third quarter of the year designed to provide protection against unauthorised transactions and cybercrime, which have been on the rise in Malaysia.
A 2023 survey by PwC showed that 84% of the uninsured population in Malaysia are between the ages of 18 and 34, and 58% of adults in the country do not have any form of life or takaful insurance.
Additionally, cybercrime losses from January to November 2023 are estimated at RM1.3 billion.
Pei-Si Lai, Chief Executive Officer, GXBank said,
“Our partnership enables us to address safety pain points regarding digital banking, and safeguard Malaysians against life and financial uncertainties.
As a young digital bank, we are excited to partner with Zurich Malaysia who has a presence in 200 countries and is at the forefront of transforming insurance services. Together, we hope to fractionalise insurance and make it affordable for every Malaysian.”
Junior Cho, Country CEO and Head of Zurich Malaysia said,
“This long-term partnership with GXBank enables us to be flexible and agile in how we can co-create relevant affordable insurance products.
Together, we look forward to instilling confidence and empower Malaysians to take charge of their financial future, and support Malaysians in caring for what truly matters in their lives.”
