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.