TORONTO, ONTARIO — (September 7, 2017) Following the release of their second quarter earnings, Symbility Solutions Inc. (“Symbility” or “the Company”) (TSX.V: SY), is pleased to provide a business update on the Company’s strengthening momentum in international markets. With relatively few competitors offering a globalized claims management cloud platform, Symbility is ideally positioned for further growth internationally.
“We’re excited to see how the international market has embraced our platform,” said James Swayze, CEO of Symbility Solutions. “Insurance has traditionally been seen as a slow moving industry, but with the rise of the InsureTech sector and increased investment by carriers in digital technology, we’ve seen faster adoption and an increased desire to innovate. This trend, coupled with the successful delivery of our strategy to provide consumer-facing applications to our carriers’ policyholders, create new areas of potential growth for Symbility as we roll these applications out in our international customer base.”
International Growth Highlights
- Symbility is the market leader in the United Kingdom. Since Symbility’s market entry in 2008, many of the country’s largest insurance carriers have adopted the Symbility platform to support their claims management practices.
- This success has led to extensive use in the UK supply chain, with thousands of users across more than 200 separate supply chain organisations regularly accessing the platform.
- The use of Symbility software in the UK is not limited to industry professionals, but also extends to policyholders. UK Symbility customers have recently begun the deployment of LINK, Symbility’s consumer-facing application, providing their policyholders with full visibility of their claim and, where necessary, allowing them to add supporting claim information directly into the Symbility Cloud.
- Carriers in the UK have seen an extremely high take-up rate amongst policyholders when the LINK service is offered and Symbility is now looking to expand the application’s use into additional global markets.
Germany & Europe
- In Germany, the Symbility platform is utilized extensively by both insurance carriers and supply chain organisations across the insurance sector.
- Symbility’s German customer base includes companies, such as insurance carriers AXA, Helvetia Group, and DEVK and supply networks Rainbow International and tripleSAN, amongst others, all of whom have expanded their use of the platform since initial deployment. As press released earlier this year, AXA and Rainbow International have both renewed long term contracts with Symbility in 2017.
- The Company has successfully expanded into the Benelux region (Belgium, Netherlands, and Luxembourg) winning two new customers, including P&V Group. The sales pipeline in this region is strong, and we expect this momentum to lead to further contract wins as opportunities mature.
- Symbility is also currently pursuing active new deployments and pilot opportunities in France, Italy, Spain and Switzerland.
APAC & South Africa
- Outside of the European region, Symbility has established highly successful customer relationships with multiple insurance carriers across South Africa, Australia and New Zealand.
- This success is in part to the strategy Symbility has deployed of establishing relationships with Value Added Resellers in those markets. With our VAR’s support, Symbility continues to expand with existing clients and win new contracts.
Our international teams are working hard to develop and deliver on new customer engagements and pilots in all of these geographies, highlighting Symbility’s position as a world leader in the field of insurance software, already delivering on the promise of the broader InsurTech sector.
Symbility (TSX.V: SY) believes in creating world-class experiences that simplify business and improve lives. With a history in modernizing insurance claims solutions for the property and health industries, Symbility has established itself as a partner that puts security, efficiency and customer experience first. Symbility PROPERTY™ brings smarter thinking to property insurance. Symbility HEALTH™ helps benefits professionals build their brands and businesses. Our strategic services team, Symbility INTERSECT™ empowers a variety of businesses with smarter mobile and IoT product development strategy, design thinking and engineering excellence. With our three segments pushing industries forward, Symbility proves that change for the better is entirely possible. symbilitysolutions.com
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FOR FURTHER INFORMATION, PLEASE CONTACT:
|James R. Swayze
Chief Executive Officer
Blair R. Baxter
Chief Financial Officer
|Lucy De Oliveira
VP, Global Marketing