Singapore-listed software company Silverlake Axis recently announced Fermion Group, an insurtech entity which identifies and creates ways for businesses to integrate insurance ecosystems into customer journeys. But its managing director Andrew Tan tells The Edge Singapore that Fermion was formed at least eight years ago, when it acquired Merimen, a cloud computing software-as-a-service platform for insurance companies.
“The conscious decision to buy Merimen was our first entry point. Back then, we knew that we had to diversify from banking and insurance was a natural extension,” says Tan.
He describes the transaction as a “small acquisition”. At the time, Merimen was only operating in the niche space of processing motor claims for insurance companies in Malaysia, Singapore, Indonesia and the Philippines. Gradually expanding the business, Silverlake eventually acknowledged that insurance is a good business to be in, leading to a business expansion.