GXBank and Zurich Malaysia Forge 10-Year Exclusive Bancassurance Partnership
GXBank and Zurich Malaysia Forge 10-Year Exclusive Bancassurance Partnership
GX Bank Berhad (GXBank) has joined forces with Zurich General Insurance Malaysia Berhad and Zurich Life Insurance Malaysia Berhad to unveil a 10-year exclusive bancassurance tripartite partnership aimed at co-creating micro protection products for underserved Malaysians.
The first offering, slated for launch in the third quarter of the year, seeks to “protect underserved individuals from unauthorized transactions resulting from cyber-crime, as well as transactions initiated by electronic scam messages,” the press statement reads. The collaboration aims to “develop innovative digital insurance products that are simple, easy-to-understand, and affordable.”
PwC’s 2023 survey revealed that 84% of the uninsured population in Malaysia are aged between 18 and 34 years old. 58% of Malaysian adults lack any form of life or takaful insurance coverage. Furthermore, the surge in cybercrimes in Malaysia – with online fraud cases doubling over five years since 2019 – amounted to losses estimated at RM1.3 billion in 2023 alone.
Pei-Si Lai, CEO of GXBank, underscored the significance of the partnership in delivering tailored banking solutions for underserved Malaysians. “Our partnership enables us to address safety pain points regarding digital banking, and safeguard Malaysians against life and financial uncertainties.”
“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.
Pokdepinion: Protection is important from a financial perspective as well.
