GXBank is set to launch its first digital insurance product in the third quarter of 2024, namely a plan that protects individuals from unauthorised transactions arising from cybercrimes and electronic scam messages. This comes as the digital bank enters into a 10-year bancassurance partnership with Zurich General Insurance Malaysia Bhd and Zurich Life Insurance Malaysia Bhd to co-create a range of micro protection products for underserved Malaysians.

In a statement, GXBank said that it will work with Zurich Malaysia to leverage on intuitive technology and data-driven insights to identify pain points among customers. From there, they can then go on to design digital insurance products that are not just affordable, but also simple and user-friendly – starting with the cybercrime and electronic scam insurance plan that can help to combat the rising cybercrimes in Malaysia.

“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,” said the chief executive officer of GXBank, Lai Pei Si.

Country chief executive officer and head of Zurich Malaysia, Junior Cho also echoed the sentiment, noting that this partnership is the first-of-its-kind in Malaysia since it is signed with the country’s very first digital bank. Together, Zurich hopes to be able to increase the number of insured individuals in Malaysia.

“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,” said Cho.

Earlier this year, GXBank had already hinted that it is looking to roll out a number of protection and lending products in the second half of 2024. At that time, however, the digital bank did not reveal any specific details or timelines, and only said that more details will be shared closer to the launch dates.  

• TAGS:
• GXBank
• Junior Cho
• Lai Pei Si
• Microinsurance
• Zurich General Insurance Malaysia Bhd
• Zurich Life Insurance Malaysia Bhd
• Zurich Malaysia