Bank software player Silverlake Axis targets insurtech

Photo by Adi Goldstein on UnsplashPhoto by Adi Goldstein on Unsplash

This item was originally published on finews.asia.

Southeast Asia banking software developer Silverlake Axis is targeting a new market: Insurtech.

The Singapore-listed developer, founded in 1989, already provides software services to 40 percent of Southeast Asia’s 20 largest banks.

On Thursday, the company said it launched a subsidiary called Fermion to provide “white label” insurance software architecture to clients, which will likely include banks. The software can be customised to individual clients; Fermion will also provide management and consultancy services with the software architecture.

Tapping a CEO

Peter Miller, an insurance technology specialist, was appointed CEO of Fermion; he was previously the CEO of Malaysia-listed Tune Insurance and CEO of Tune Money.

Fermion is already in talks with “a few” customers, a representative told finews.asia.

The platform Fermion develops will handle the sales-to-claims business, while also generating analytics using artificial intelligence, the company said in a press release Thursday.

“Insurance products have become transactional as a core product to upsell across all sectors, including banking & financial services,” the company said, adding customers often expect to be offered insurance products during other transactions.

On its website, Singapore-listed Silverlake Axis said insurers it is working with include AIG, Chubb, MSIG, AXA, NTUC Income and others.