Fermion CEO Peter Miller
Singapore-based insurtech startup Ancileo announced that it has raised US$3 million in seed funding from Fermion Group. In a press statement, the company said that 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 its proven insurance ecosystem solutions into the travel and lifestyle market.
“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,” said Ancileo Founder Olivier Michel.
Ancileo’s software-as-a-service (SaaS) platform aims to power 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 that it described as “one of the top three global credit card scheme, one of the top three Chinese OTA, and one of the top five global hospitality group.”
Also Read: The power of insurtech: Reshaping the insurance industry in 2022
It delivers customised digital solutions that aim to bypass existing insurer legacy systems and empower them to partner with any distribution ecosystem creating entirely new growth opportunities.
Fermion Group provides end-to-end digital engagement powered by data and an ecosystem. It serves any entity that has insurance in its roadmap for growth, and for others, helping them understand how to leverage the opportunity.
From its headquarter 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 and wellness, property and casualty, long-term savings and protection as well as travel and lifestyle.
Peter Miller, CEO of Fermion Group commented on the investment, “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.”
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Image Credit: Fermion Group
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