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.”

Fermion has created an environment where everyone involved is collaborating. Coordination is smoother, and 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.

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

Click for more in Nikkei Asia’s original article
(Full access may require subscription)