Bank Software Player Silverlake Targets Insurtech

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.