(Image source: Fermion Group homepage.)
Silverlake Axis Ltd, a provider of digital banking solutions and collaboration across insurance, retail, payment & logistics ecosystems in Asia listed on Singapore Stock Exchange (SGX), has formed Fermion Group(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, according to a Silverlake Axis statement.
Fermion addresses what Silverlake Axis characterizes as the increasing complexity in the insurance value chain which 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. The company also asserts that digital transformation in the insurance industry helps insurers to stay relevant by providing fully personalized, needs-based contextual experiences.
Fermion currently works with over 150 insurers in three primary ecosystems, which include: health & wellness (over 3,000 clinics, labs, doctors and over 100 hospitals); property/casualty (more than 24,000 intermediaries and 9,000 workshops, repair facilities, lawyers, loss adjusters, and part suppliers) long term savings & protection (over 11 million members and 500,000 corporate and financial services providers), according to Silverlake Axis.
To help businesses grow, Fermion says it identifies and creates ways for businesses to integrate insurance ecosystems into customer journeys. Solutions include a SaaS end-to-end collaborative exchange platform that extends from sales to claims, generating analytics with artificial intelligence for every property/casualty product; and digital customer engagement technology solutions that cover life, health, and long-term savings.
Revolutionizing the Insurance Ecosystem
“With Fermion, we are revolutionizing 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,” comments Andrew Tan, Group Managing Director, Silverlake Axis Ltd.
Silverlake Axis reports that Peter Miller, an insurance technology expert, has been appointed Fermion Group’s CEO. “A new chapter has started in the business of insurance: it is no longer a simple financial transaction, the business is more holistic,” says Miller. “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.”