Zurich Malaysia signs bancassurance partnership with GXBank [Yahoo! Finance]
ZURICH INS GROUP S/ADR (ZURVY)
NASDAQ:AMEX Investor Relations:
zurich.com/en/investor-relations
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Source: Yahoo! Finance
The partnership's primary objective is to co-create micro protection products tailored to the challenges faced by underserved communities in Malaysia. Zurich Malaysia's subsidiaries Zurich General Insurance Malaysia and Zurich Life Insurance Malaysia are teaming up with GXBank, a joint venture between Grab Holdings, Singapore Telecommunications, and a group of other investors including Kuok Group. Under the alliance, GXBank will leverage technology to identify customer pain points and collaborate with Zurich Malaysia to develop digital insurance solutions. The first product from this partnership, anticipated for release in the third quarter of the year, will offer protection against the growing threat of cybercrime, including unauthorised transactions and scams. Citing a 2023 survey by PwC, the insurer highlighted that 84% of the uninsured population in Malaysia are young adults aged between 18 and 34. Furthermore, the urgency for such products is underscored by the rise in
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