Ancileo, a Singapore-headquartered software as a service (SaaS) solution provider for the insurance sector, recently revealed that it acquired $3 million in seed funding from Fermion.
As noted by Ancileo’s management, it will be able to gain access to around 230 banking institutions and 150 insurers to provide digital transformation services in the areas of embedded insurance with this latest investment.
In addition to these services, Fermion’s international presence should further expand to 26 different markets, and the firm will bring its insurance ecosystem solutions into the travel and lifestyle market segments.
Ancileo’s SaaS platform supports embedded travel insurance distribution for international travel firms like Etihad Airways, Scoot, One Vasco and others.
It provides customized virtual solutions that are able to bypass insurer legacy systems and enabling them to partner with any distribution ecosystem for key growth opportunities.
Olivier Michel, Founder of Ancileo, stated:
“This seed investment is important as it will support our immediate growth needs but what we are really excited about is the prospect of pooling our respective assets together and building unique value propositions that help insurers grow their portfolio in the travel and banking ecosystem.”
Peter Miller, CEO of Fermion Group, remarked:
“Ancileo’s entrepreneurial spirit and mindset, as well as their technologies complement and enhance our own business proposition. Our combined strengths will enable us to serve banks and insurers everywhere such as to become more adaptive, creative, and resilient at establishing new distribution ecosystems.”
As noted by its management, Ancileo is a software as a service provider for the insurance ecosystem, “offering a comprehensive range of technology solutions to enable digital partnerships between insurers and their distribution partners.”
Ancileo core capabilities “include plug and play API solution, white label, agent portal management, claims automation, policy management and localised payment solutions for insurance premium collection.”
As explained by its management, FERMION builds insurance ecosystems “to meet the contemporary needs of the banking, financial services, and insurance (BFSI) sectors, delivering state-of-the-art technological solutions to establish insurance value chains.”
Fermion provides the technology, talent, expertise, and solutions “required to build differentiated insurance ecosystems, which helps businesses to grow by integrating insurance ecosystems into customer journeys.”
Fermion Pte. Ltd., the holding company of Silverlake Axis Ltd’s (SLVX.SI) insurance technology businesses, “was established in 2021.”
Headquartered in Singapore, and “has locations in Southeast Asia, Hong Kong, Japan, and the UAE.” Fermion Group works “with over 150 insurers and processes over 150 thousand claims a month creating over 10 billion USD in premiums and claims across three primary insurance ecosystems, which include Property & Casualty, Health & Wellness, and Long Term Savings & Protection.”