GX Bank & Zurich

Berhad, Malaysia’s first digital bank, has announced a strategic 10-year bancassurance partnership with Zurich General Insurance Malaysia Berhad and Zurich Life Insurance Malaysia Berhad. This exclusive agreement seeks to revolutionize the insurance landscape by offering micro-protection products tailored to the needs of the underserved population.

The collaboration, outlined in a recent joint press announcement, aims to deliver digital insurance solutions that are simple, user-friendly, and affordable. GXBank intends to use advanced technology and data-driven insights to identify customer pain points, collaborating with Zurich Malaysia to develop innovative digital insurance products.

The first of these digital insurance offerings is expected to launch in the third quarter of 2024, focusing on protection against unauthorized transactions stemming from cybercrime, as well as losses resulting from electronic scam messages. The product targets individuals typically underserved by traditional insurance markets.

More Accessible - 84% of Malaysia’s uninsured population falls between the ages of 18 and 34. Moreover, 58% of adults in Malaysia do not have life insurance. This gap in coverage is coupled with a rise in cybercrimes, with online fraud cases doubling over the past five years from 2019 to 2023, leading to losses estimated at RM1.3 billion in 2023 alone.