Zurich Malaysia boosts takaful with new digital partnership

Zurich Malaysia boosts takaful with new digital partnership | Insurance Business Asia

Insurance News

Zurich Malaysia boosts takaful with new digital partnership

Collaboration aims to enhance financial inclusion

Insurance News

By
Roxanne Libatique

Zurich Malaysia, represented by Zurich Takaful Malaysia Berhad (ZTMB) and Zurich General Takaful Malaysia Berhad (ZGTMB), has formed a strategic alliance with AEON Bank (M) Berhad, the first Islamic digital bank in Malaysia.

The partnership aims to enhance financial inclusion by offering Syariah-compliant solutions that protect the personal and financial health of customers in Malaysia.

Shamsul Azman, CEO of ZGTMB, said the partnership highlights the insurance giant’s commitment to helping Malaysians protect their assets and creating opportunities to expand the Islamic finance sector in the digital space.

“We are honoured to spearhead the takaful digitalisation for the nation, leveraging on our global network, local technological capabilities to expand takaful coverage for all Malaysians. We’re delighted to bring our Zurich Edge proposition to AEON Bank, enabling a seamless, personalised, and more relevant user experience,” he said.

Importance of digital transformation in Malaysia

Nur Fatihah Mustafa, authorised representative of ZTMB, highlighted the significance of digital transformation:

“In this rapid age of digitalisation, we at Zurich Malaysia are constantly on the lookout for partners that align with our brand campaign ethos to ‘Care For What Matters’,” she said. “Our collaboration with AEON Bank represents a shared vision for promoting Syariah-compliant financial inclusion not only for Islamic communities, but for Malaysians of all walks of life. Through this multi-year collaboration, we are ready to meet the dynamic needs of today’s digital-savvy customers and be at the forefront of digital innovation. There’s no greater priority than the protection we can provide for our families and loved ones, and we’re excited and proud to be able to drive this through the partnership with AEON Bank.”

YM Raja Teh Maimunah, CEO of AEON Bank, emphasised the partnership’s goals: “This collaboration between AEON Bank and Zurich Malaysia’s takaful arms reaffirms our effort towards offering accessible and inclusive Syariah-compliant takaful solutions for Malaysians. We see a gap in the market for micro coverage and protection; thus, we aspire to facilitate access to affordable Takaful options, for Malaysians to be able to protect what matters most to them and a shield in difficult times. We look forward to working together with Zurich Malaysia to achieve this shared commitment.”

Earlier this month, Zurich General Insurance Malaysia Berhad and Zurich Life Insurance Malaysia Berhad teamed up with Malaysia’s first digital bank by offering micro-protection products tailored to the needs of the underserved population.