Ancileo, a Singapore-based software as a service provider (SaaS) for the insurance ecosystem, announced has raised US$ 3 million seed funding from Fermion.
According to Ancileo, it will gain access to some 230 banks and 150 insurers to offer digital transformation solutions in the area of embedded insurance with this strategic investment.
Additionally, Fermion’s global footprint will expand to 26 markets, and the company will bring its insurance ecosystems solutions into the travel and lifestyle market.
Ancileo’s SaaS platform powers embedded travel insurance distribution for global travel companies such as Etihad Airways, Scoot, One Vasco and more.
It delivers customised digital solutions that bypass existing insurer legacy systems and enabling them to partner with any distribution ecosystem for new growth opportunities.
Olivier Michel, Founder of Ancileo said,
“This seed investment is important as it will support our immediate growth needs but what we are really excited about is the prospect of pooling our respective assets together and building unique value propositions that help insurers grow their portfolio in the travel and banking ecosystem.”
Peter Miller, CEO of Fermion Group comments,
“Ancileo’s entrepreneurial spirit and mindset, as well as their technologies complement and enhance our own business proposition.
Our combined strengths will enable us to serve banks and insurers everywhere such as to become more adaptive, creative, and resilient at establishing new distribution ecosystems.”
