Zurich Malaysia And GXBank Partners Up To Support Underserved Markets
GX Bank Berhad (GXBank), Zurich General Insurance Malaysia Berhad and Zurich Life Insurance Malaysia Berhad, have just announced a 10-year exclusive bancassurance tripartite partnership to co-create micro protection products for underserved Malaysians.
Through the use of data-driven insights and intuitive technologies, GXBank will work with Zurich Malaysia to create new and innovative insurance products that are simple, affordable, and user-friendly, to address customer pain points.
The first product that is being developed is set to be released in the third quarter of 2024. It aims to protect underserved individuals from unauthorised transactions resulting from cyber-crime, as well as transactions initiated by electronic scam messages.
“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,” said Pei-Si Lai, Chief Executive Officer, GXBank.
“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,” said Junior Cho, Country CEO / Head of Zurich Malaysia.
Insurance accessibility remains elusive
According to a 2023 PwC survey, up to 84% of the uninsured population are between 18-34 years old, young Malaysians who are in the prime of their life. On top of that, an alarming 58% of adults in Malaysia do not have any life or takaful insurance.
In today’s always online and interconnected world, scams and cyber-crimes are on the rise. The need for protection is more important than ever, especially with the increasingly volatile events in the world today. This partnership hopes to facilitate more affordable insurance products without imposing additional financial burden on already tight budgets.
