Ancileo, a Singapore-based software program as a service supplier (SaaS) for the insurance coverage ecosystem, introduced has raised US$ 3 million seed funding from Fermion.
In line with Ancileo, it’ll achieve entry to some 230 banks and 150 insurers to supply digital transformation options within the space of embedded insurance coverage with this strategic funding.
Moreover, Fermion’s international footprint will broaden to 26 markets, and the corporate will convey its insurance coverage ecosystems options into the journey and life-style market.
Ancileo’s SaaS platform powers embedded journey insurance coverage distribution for international journey firms akin to Etihad Airways, Scoot, One Vasco and extra.
It delivers customised digital options that bypass present insurer legacy techniques and enabling them to associate with any distribution ecosystem for brand spanking new progress alternatives.
Olivier Michel, Founding father of Ancileo stated,
“This seed funding is essential as it’ll help our quick progress wants however what we’re actually enthusiastic about is the prospect of pooling our respective belongings collectively and constructing distinctive worth propositions that assist insurers develop their portfolio within the journey and banking ecosystem.”
Peter Miller, CEO of Fermion Group feedback,
“Ancileo’s entrepreneurial spirit and mindset, in addition to their applied sciences complement and improve our personal enterprise proposition.
Our mixed strengths will allow us to serve banks and insurers in all places akin to to develop into extra adaptive, inventive, and resilient at establishing new distribution ecosystems.”