04 07 2022 , Singapore – Ancileo has raised USD 3M seed funding from Fermion. The move is expected to help insurers improve and modernise their insurance distribution models, as well as forge the way towards a global insurance ecosystem in travel and banking.
With this strategic investment Ancileo will gain access to some 230 banks and 150 insurers to offer digital transformation solutions in the area of embedded insurance. By extension, Fermion’s global footprint will expand to 26 markets, and the company will bring their proven insurance ecosystems solutions into the travel and lifestyle market.
The founder of Ancileo, Olivier Michel remarks, “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 comments, “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.”
Ancileo’s software as a service (SaaS) platform powers embedded travel insurance distribution for some of the most recognised travel brands in the world such as Etihad Airways, Scoot, One Vasco and 15 other partners among which, one of the top 3 global credit card scheme, one of the top 3 Chinese OTA, one of the top 5 global hospitality group. It delivers customised digital solutions that bypass existing insurer legacy systems and empowers them to partner with any distribution ecosystem creating entirely new growth opportunities.
Fermion Group provides end to end digital engagement powered by data and ecosystem. Operating Asia’s largest insurance SaaS platform, Fermion serves any entity that has insurance in its roadmap for growth, and for others, helps them understand how to leverage the opportunity.
Fermion Group is a Silverlake Axis Ltd (5CP: SGX) company. Headquartered in Singapore, it operates from locations across Southeast Asia, Hong Kong, Japan and the UAE. Working with over 150 insurers, Fermion builds primary ecosystems, which include Health & Wellness, Property & Casualty, Long Term Savings & Protection as well as Travel & Lifestyle. Visit www.fermion.io.
Ancileo is a software as a service platform 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 API solution, white label, agent portal management, claims automation, policy management and localised payment solutions for insurance premium collection. For more information, visit www.ancileo.com