The Singapore-headquartered insurance ecosystem consolidator Fermion Group has been established by the digital banking and insurance solutions provider Silverlake Axis as it ventures into insurtech.
Fermion is set to build insurance ecosystems to meet the current needs of the banking, financial services and insurance (BFSI) sectors, delivering insurance value chains through tech solutions.
For the sake of increasing complexity in the insurance value chain, incurred by consumers, sales channels, distribution systems and processing platforms alike, there is a growing necessity for the varying elements of the ecosystem to be consolidated.
Furthermore, digital transformation in the insurance industry helps insurers to stay relevant by providing fully personalised, needs-based contextual experiences.
To facilitate business growth, Fermion identifies and creates ways for businesses to integrate insurance ecosystems into customer journeys.
Andrew Tan, Group Managing Director for Silverlake Axis, comments: “With Fermion, we are revolutionising the insurance ecosystem by providing digital solutions and analytics at every touchpoint, enabling banks, insurers, and financial services distributors to build differentiated insurance ecosystems into almost any enterprise or industry.”
Solutions include software as a service (SaaS) end-to-end collaborative exchange platform that extends from sales to claims, generating analytics with artificial intelligence for every property and casualty (P&C) product; and digital customer engagement technology solutions that cover life, health, and long-term savings.
Peter Miller, Fermion Group’s newly-appointed Chief Executive Officer, says: “A new chapter has started in the business of insurance. It’s no longer a simple financial transaction, the business is more holistic.
“With Fermion, we are taking affirmative steps to reshape how the banking, financial services, and insurance industries co-exist and collaborate in the future, by creating insurance ecosystems and enabling entities to become a part of an existing insurance ecosystem.”
Fermion incorporates the capabilities, expertise, and technology solutions from Merimen and Cyber Village, extending the enterprise technology software and services that Silverlake Axis offers into the insurance sector.