Newly incorporated digital bank GX Bank Berhad and Zurich Insurance Malaysia have jointly announced a 10-year exclusive partnership to co-create micro protection products for the underserved in Malaysia.
By leveraging intuitive technology and data-driven insights, GXBank will identify customer pain points, and work with Zurich Malaysia to co-create innovative digital insurance products that are simple, user friendly and affordable. The first product, set to be introduced by GXBank and Zurich Malaysia in the third quarter of the year, aims to protect underserved individuals from unauthorised transactions resulting from cyber-crime, as well as transactions initiated by electronic scam messages.
Pei-Si Lai, Chief Executive Officer, GXBank, “Our partnership enables us to address safety pain points regarding digital banking, and safeguard Malaysians against life and financial uncertainties. Echoing Pei-Si, Junior Cho, Country CEO / Head of Zurich Malaysia said “For many, the need for insurance protection is often weighed between the affordability and their financial standing. Coupled with the lack of understanding of the need for insurance protection, these are the main reasons why the populace, especially the financially vulnerable, remain uninsured.
“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,” he added.
Cited a 2023 survey by PwC, the statement noted that a worrying 84 percent of the uninsured population are between 18-34 years old – Malaysians in their prime years of life.
The duo opined that the statistics are alarming, especially 58 percent of adults in Malaysia do not have any life or takaful insurance.
They noted the situation is exacerbated by the rising cyber-crimes in the country – online fraud cases have doubledover five years from 2019 to 2023, with losses in 2023 (January to November) estimated at a staggering MYR 1.3 billion ($270 million) .
The need for protection is more important than ever, especially with the increasingly volatile events in the world today, said the statement.
