Fermion Pte. Ltd. has invested in Singapore insurtech Ancileo Pte. Ltd. in a move expected to help insurers improve and modernise insurance distribution models, as well as pave the way for a truly global insurance ecosystem spanning travel and banking.
The deal sees Fermion’s global footprint expanding from 10 to 26 markets, and will see its insurance ecosystems solutions entering the travel space. For its part, Ancileo gains access to some 230 banks to potentially transform and bring efficiencies to the processes to bancassurance.
Commenting on the deal, Peter Miller, CEO of Fermion Group said:
“Ancileo’s entrepreneurial spirit and mindset, as well as their technology complement our own business proposition. Combined, our strengths will help insurers everywhere to become more adaptive, creative, and resilient at establishing new distribution ecosystems.”
Fermion’s investment will also help to accelerate and scale Ancileo’s business, while the pooling of resources will bolster the companies’ respective capabilities for building and improving ecosystems that benefit the wider insurance industry.
Miller added that the agreement would bolster Fermion’s efforts to help migrate businesses from outdated legacy systems and adopt new ways to distribute insurance, rapidly increasing the number of partners that can distribute their insurance policies, and building digital partnerships on a global scale while focussing on targeted personalisation for customers.
“Our investment in Ancileo arms Fermion with the right ingredients to grow exponentially, as well as expand into the travel and hospitality sectors”.
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