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Nikkei: Desired Ecosystem of a Singapore Insurtech

Nikkei: Desired Ecosystem of a Singapore Insurtech

Singapore-based Fermion intends to be the engine powering life insurance companies around the world. In order to accelerate the digitization of the insurance industry, it is currently collaborating with multiple Japanese non-life insurance companies, and in the process, it is refining the emerging field of “Insurtech” in the financial hubs of Asia.

“Japan is a really big business partner,” said Fermion CEO Peter Miller. The company’s customers include Tokio Marine Holdings, Sompo Holdings and MS&AD Insurance Group Holdings.

“A fintech company in the field of insurance provides a platform for various procedures related to insurance, such as insurance sales and insurance claim processing. We provide these systems to insurance companies so they can operate efficiently through digitization.”

What kind of services? Consider the case of a car accident. It involves personnel from different organizations, such as tow companies, auto repair shops, lawyers, damage assessors and even medical institutions to move the accident vehicle. As a result, Fermion has created an environment where everyone involved is collaborating. Coordination is smoother, and responses after the accident are more efficient.

Furthermore, the system is not created for a specific insurance company. Instead, it can be used by all insurance companies. That is also why it is called an “ecosystem”.

In Asia, Fermion connects with more than 9,000 businesses at repair shops, law firms, and other businesses within the ecosystem. Additionally, it networks with over 3000 clinics and more than 100 hospitals. “We have built a customer network of 500,000 companies and 11 million people.”

“As an ecosystem, we have come into contact with vast amounts of data from various insurance companies. We pride ourselves on being a ‘data custodian’.”

The system analyzes insurance claims with artificial intelligence (AI) based on past data in order to find fraud and reduce processing speed. “Data is a big part of our business. Data will help insurers price their insurance products more efficiently and sell more,” Miller said.

In addition to its base in Singapore, Fermion has operations in Southeast Asia, Hong Kong, and Japan, and works with over 150 insurance companies.

 

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