Zurich Malaysia and GXBank will also launch other new insurance products. Credit: Mojahid Mottakin/Shutterstock.

Zurich General Insurance Malaysia and GXBank have jointly launched Cyber Fraud Protect, a digital insurance product designed to shield customers from financial losses due to cybercrime.  

This new offering, available through the GXBank application, is powered by the Zurich Edge platform. 

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Cyber Fraud Protect provides coverage for unauthorised electronic transfers from bank accounts, e-wallets and cards.  

The product offers three plans: basic at RM1 ($0.23) per month, plus at RM2 per month and pro at RM4 per month. 

Zurich Malaysia country CEO/head Junior Cho said: “Cyber Fraud Protect embodies our brand promise, ‘Care For What Matters,’ by delivering essential security in an increasingly digital world. We are confident it will offer Malaysians the robust protection they need in today’s fast-changing digital landscape.  

“In designing and launching this product, our primary focus was ensuring a smooth, positive customer experience, and with the Zurich Edge platform we have been able to do just that, delivering a seamless and convenient in-app purchasing journey for GXBank customers.” 

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GXBank CEO Pei-Si Lai said: “Co-creating Cyber Fraud Protect with Zurich, this product is unique and one-of-a-kind. It not only offers the highest coverage protection of up to RM20,000 against losses due to unauthorised transactions from cybercrimes, but also the widest coverage for all local bank accounts, debit or credit cards and e-wallets beyond GXBank’s ecosystem.”  

As part of the collaboration, Zurich Malaysia and GXBank will also launch other new insurance products. 

It expands the existing bancassurance partnership between Zurich Malaysia, which includes Zurich General Insurance Malaysia and Zurich Life Insurance Malaysia, and GXBank.  

The companies aim to develop micro protection products for Malaysia’s underserved communities. 

GXBank will utilise technology to pinpoint customer pain points, working with Zurich Malaysia to craft digital insurance solutions.