), Malaysia’s first digital bank, has announced a 10-year exclusive bancassurance partnership with Zurich General Insurance Malaysia Berhad and Zurich Life Insurance Malaysia Berhad. The tripartite partnership aims to introduce micro-protection products to address the insurance needs of the underserved.
The first digital insurance product is expected to be introduced by GXBank and Zurich Malaysia in the third quarter of this year and will focus on protecting underserved individuals from unauthorised transactions resulting from cybercrime, as well as transactions initiated by electronic scam messages.
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.”
Quoting a 2023 survey by PwC, 84% of the uninsured population in Malaysia are aged between 18 to 34 years old. It highlighted an alarming statistic that 58% of adults in Malaysia do not have any life or takaful insurance.