Qishin Tariq · · 1 min readSG insurance software firm raises $3m from Fermion
Ancileo, an insurance software-as-a-service provider, has raised US$3 million in seed funding from insurance ecosystem builder Fermion.
Photo credit: Vlad Deep / Unsplash
Founded in 2015, Ancileo provides embedded travel insurance distribution services for businesses. It counts travel brands like Etihad Airways, Scoot, and One Vasco among its users.
On the other hand, Fermion – a company under Singapore-listed fintech firm Silverlake Axis – builds insurance ecosystems for various industries beyond travel such as life, health, property, and casualty.
The strategic investment gives Ancileo access to around 230 banks and 150 insurers, which will let it provide more digital transformation solutions for embedded insurance offerings.
Meanwhile, Fermion will expand the global network of its insurance ecosystem solutions to 26 markets. It currently operates in 10 markets across Asia.
Ancileo founder Olivier Michel said the seed funding will support the insurtech firm’s immediate growth needs, while the strategic partnership will enable both companies to better help insurers grow their portfolios in the travel and banking ecosystem.
In a survey held by Ancileo earlier this year, the company found that Singaporeans were conservative about embedded travel insurance, with only 35% of respondents likely to purchase such offerings.
See also: Full-stack insurtech is taking over SEA
Editing by Miguel Cordon and Lorenzo Kyle Subido
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