Ancileo, a Singapore-based software-as-a-service provider for the insurance ecosystem, raised $3 million in seed funding from Fermion.
With this strategic investment, Ancileo will gain access to some 230 banks and 150 insurers to offer digital transformation solutions in the area of embedded insurance.
The move is expected to help insurers improve and modernize their insurance distribution models, as well as forge the way towards a global insurance ecosystem in travel and banking.
Company: Ancileo Pte Ltd.
Round: Seed Round
Funding Month: July 2022
Lead Investors: Fermion
Company Website: https://www.ancileo.com/
Software Category: Insurance as a service
About the Company: Ancileo is a SaaS platform for the insurance ecosystem, offering a comprehensive range of technology solutions to enable digital partnerships between insurers and their distribution partners. Ancileo's core capabilities include API solution, white-label, agent portal management, claims automation, policy management, and localized payment solutions for insurance premium collection. Ancileo’s SaaS platform powers embedded travel insurance distribution for some of the most recognized travel brands in the world such as Etihad Airways, Scoot, One Vasco, and 15 other partners among which, one of the top 3 global credit card schemes, one of the top 3 Chinese OTA, one of the top 5 global hospitality group.