TORONTO, ONTARIO–(April 26, 2013) – Symbility Solutions Inc.® (TSX VENTURE:SY)(OTCQX:ATBEF), provider of cloud-based and smartphone/tablet-enabled claims technology using the most comprehensive data for the property and casualty insurance industry, is pleased to announce that a major UK Insurer has signed a contract to integrate Symbility’s claims management software and mobile scoping tool into its organization through its European partner, The Innovation Group plc. (LSE:TIG). The contract will run for a period of seven years and be charged on a transactional basis. This will generate revenues of approximately CA$1,500,000 annually to The Innovation Group with Symbility sharing in the value of this contract under its reseller agreement.
Commenting Andy Roberts, Chief Executive Officer of Innovation Group said, “I am delighted that Innovation Symbility has been selected for its software and services as a partner of choice. The combination of leading technology and product expertise demonstrates Innovation Group’s ability to establish long-term partnerships with the world’s largest carriers. This contract embeds Innovation Symbility as the dominant UK market solution and combined with the exciting developments that are being delivered in 2013 and the traction we have already established in our European markets creates an exciting position for our property footprint.”
“I am proud that Symbility is now the dominant leader in property claims management solutions in the United Kingdom and am excited to add a recognized global brand to our valued client base,” stated Richard Adair, President and Chief Operating Officer, Symbility Solutions Inc. “When we entered the UK market in partnership with the Innovation Group in late 2008, it was a nascent market and insurance companies had yet to use third-party software to process claims. Today, we are proud to see a growing number of carriers deploying our best-in-class solutions.”
About Symbility Solutions Inc.
Symbility Solutions (TSX VENTURE:SY)(OTCQX:ATBEF) is a global software company dedicated to developing applications for the insurance industry. The organization currently has two product family brands: Symbility® and Adjudicare®.
The Symbility platform is a leading-edge, easy-to-use, cloud-based claims processing and estimating technology that optimizes claims performance for the Property & Casualty insurance industry. Relying on the most extensive and defendable property cost data developed by Marshall & Swift/Boeckh (“MSB”), our collaborative workflow management, mobile estimating, claims triage solutions and analytical services allow insurers to reduce costs while delivering a market-leading claims experience. Symbility Claims solutions, used in conjunction with MSB’s Underwriting Solutions, means property insurers now have a dynamic, market-driven enterprise solution. Providing a virtual feedback loop between claims and underwriting systems, this enterprise solution allows insurers to manage property risks more proactively and effectively. Symbility Mobile Claims is now available as a free Android™, iPad® and iPhone® application.
Adjudicare is an advanced, practical web-based software solution used by a network of Employee Benefits Brokers and Third-Party Administrator partners across Canada in the adjudication of health and dental claims. Adjudicare’s rules-based engine and leading-edge features ensure that claims are precisely adjudicated and paid in real-time, giving our partners’ customers optimum flexibility, along with transparent disclosure on the benefit plan’s financial performance.
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