GXBank has announced an exclusive 10-year partnership with Zurich General Insurance Malaysia Berhad and Zurich Life Insurance Malaysia Berhad. This collaboration aims to tackle the insurance needs of underserved populations by introducing micro-protection products. Leveraging cutting-edge technology and data insights, both the digital bank and Zurich Malaysia plan to co-create innovative digital insurance offerings that are both accessible and affordable.
In a statement, GXBank CEO Pei-Si Lai emphasises the significance of this collaboration in enhancing safety measures in digital banking and providing Malaysians with protection against life and financial uncertainties. Meanwhile, Zurich Malaysia head and CEO Junior Cho underscores that the strategic alliance with the digital bank empowers both parties to be nimble in designing pertinent and economical insurance solutions.
Both GXBank and Zurich Malaysia are expected to introduce their first digital insurance product during the third quarter of the year. It will target protection against unauthorised transactions stemming from cybercrime and electronic scam messages. The digital bank aims to have this product address the escalation of cybercrimes in Malaysia, evidenced by a doubling of online fraud cases over five years.
Additionally, GXBank quoted a 2023 survey by PricewaterhouseCoopers (PwC), revealing a significant portion of the uninsured demographic falls within the 18 to 34 age bracket, with 58% of adults lacking any form of life or takaful insurance. In light of these challenges, the digital bank and Zurich Malaysia hopes that their partnership will be able to bridge the insurance gap and facilitate the provision of more affordable insurance products without imposing additional financial strain.
(Source: GXBank press release)
