24 February 2022, Singapore – Silverlake Axis Ltd (SLVX.SI) has formed Fermion Group (fermion.io), an entity headquartered in Singapore. Fermion builds insurance ecosystems to meet the contemporary needs of the banking, financial services and insurance (BFSI) sectors, delivering state-of-the-art technological solutions to establish insurance value chains.
Increasing complexity in the insurance value chain necessitates that the whole ecosystem — consumers, sales channels, distribution systems, processing platforms, and the people who serve the industry — be linked seamlessly, cohesively, efficiently, and cost-effectively. Furthermore, digital transformation in the insurance industry helps insurers to stay relevant by providing fully personalised, needs-based contextual experiences.
To help businesses grow, Fermion identifies and creates ways for businesses to integrate insurance ecosystems into customer journeys. Solutions include software as a service (SaaS) end-to-end collaborative exchange platform that extends from sales to claims, generating analytics with artificial intelligence for every property and casualty (P&C) product; and digital customer engagement technology solutions that cover life, health, and long-term savings.
Andrew Tan, Group Managing Director for Silverlake Axis Ltd, says, “With Fermion, we are revolutionising the insurance ecosystem by providing digital solutions and analytics at every touchpoint, enabling banks, insurers, and financial services distributors to build differentiated insurance ecosystems into almost any enterprise or industry.”
Peter Miller, an insurance technology expert, has been appointed Fermion Group’s Chief Executive Officer. Miller says, “A new chapter has started in the business of insurance: it is no longer a simple financial transaction, the business is more holistic. With Fermion, we are taking affirmative steps to reshape how the banking, financial services, and insurance industries co-exist and collaborate in the future, by creating insurance ecosystems and enabling entities to become a part of an existing insurance ecosystem.”
Fermion incorporates the capabilities, expertise, and technology solutions from Merimen and Cyber Village, extending the enterprise technology software and services that Silverlake Axis offers into the insurance sector.
Fermion Group (fermion.io) builds insurance ecosystems to meet the contemporary needs of the banking, financial services, and insurance (BFSI) sectors, delivering state-of-the-art technological solutions to establish insurance value chains. Fermion provides the technology, talent, expertise, and solutions required to build differentiated insurance ecosystems, which helps businesses to grow by integrating insurance ecosystems into customer journeys.
Fermion Pte. Ltd., the holding company of Silverlake Axis Ltd’s (SLVX.SI) insurance technology businesses, was established in 2021. Headquartered in Singapore, and has locations in Southeast Asia, Hong Kong, Japan, and the UAE. Fermion Group works with over 150 insurers and processes over 150 thousand claims a month creating over 10 billion USD in premiums and claims across three primary insurance ecosystems, which include Property & Casualty, Health & Wellness, and Long Term Savings & Protection.
Silverlake Axis Ltd. (SAL) is a leading enterprise technology, software and services company largely focused on financial services and serving 40% of the top 20 largest banks in South East Asia. Founded in 1989, SAL has an impeccable track record of successful delivery of innovative and transformative solutions to its enterprise customers and their ecosystems. The Group has more than 370 enterprise customers in over 80 countries across Asia, Europe, Middle East, Africa, and Americas.
Under Axis Systems Holdings Limited, SAL was listed on the SGX-SESDAQ on 12 March 2003. It was renamed Silverlake Axis Ltd in 2006 following the acquisition of SAACIS, the company that owns the Silverlake Integrated Banking Solution (SIBS) and the listing was transferred to the Mainboard of the Singapore Exchange on 22 June 2011. For more information about SAL, please visit www.silverlakeaxis.com.