SGX-listed Tech Firm Silverlake Axis Ventures on Insurtech, Launches Fermion

SGX-listed Tech Firm Silverlake Axis Ventures on Insurtech, Launches Fermion

03 March 2022, Singapore – Silverlake Axis Ltd (SLVX.SI), the industry leading digital banking solutions & innovative collaboration across insurance, retail, payment & logistics ecosystems in Asia that is listed on Singapore Stock Exchange (SGX), 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.

NOTES TO EDITORS

1. 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 centres, lawyers, loss adjusters, and part suppliers)
• Long Term Savings & Protection (over 11 million members and 500,000 corporate and financial services providers).

2. Fermion processes over 150,000 claims a month, through more than 12,000 ecosystem partners. Customers range from governments to multinational corporations through to SMEs.

3. Fermion is established in Southeast Asia, Hong Kong, Japan, and the UAE.

4. The Fermion logo has horizontal lines of the letter 'F' form a bar chart that signifiesgrowth, while the fresh, lime green colour scheme highlights the innovative thinking and newcollaborations Fermion will adopt to bring vision to reality. The logo embodies the Fermionspirit: growth-oriented, receptive to collaborations and partnerships, and always forward-looking.

5. Insurance products have become transactional as a core product to upsell across allsectors, including banking & financial services, logistics, e-commerce, retail, transportation,through to emerging fields including employee engagement, wellness, protection, andsustainability are incorporating insurance products as a standard offering to the customers.

6. According to McKinsey’s Global Insurance Report 2022, insurers must be able to providefully personalised, needs-based contextual experiences to stay relevant. Like otherindustries, the insurance industry needs to embrace and invest in digital transformation oftheir processes. Fermion offers a single source digital transformation solution for any entitythat is engaged, or wants to be engaged in the insurance industry. As traditional industryborders fall away, ecosystems will have a big impact on the future of insurers, andinsurtechs want to be a part of this recomposition of the value chain. (Source: Creatingvalue, finding focus: Global Insurance Report 2022 by McKinsey & Company.)

7. McKinsey's research suggests that insurance ecosystems could make US$60 trillion inrevenue by 2030. Fermion helps banks, financial services, and insurance companies to buildnew ecosystems in areas like mobility, healthcare, and the connected home. While only thelargest insurers will be able to build their own ecosystems, the ability to connect withecosystems will be a must for all carriers as these systems grow in size and customerscome to expect insurance products as part of the offering. Fermion’s experience is buildingsuch ecosystems, and connecting new entities to existing ecosystems. (Source: Creatingvalue, finding focus: Global Insurance Report 2022 by McKinsey & Company.)

8. Interviews with Peter Miller may be requested through Theodore Woon(theo@pinpointpr.sg).