Press release from Marketwire
Symbility Solutions' Partner, Innovation Group, Signs Contract With esure Group
Thursday, May 30, 2013
Symbility Solutions' Partner, Innovation Group, Signs Contract With esure Group08:00 EDT Thursday, May 30, 2013
TORONTO, ONTARIO--(Marketwired - May 30, 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 esure Group (esure), a UK-focused personal lines insurer, has signed a new 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).
As part of the three-year contract, esure will use Symbility as its web-based claims scoping and supplier management solution. Symbility's mobile technology will support esure's home claims management strategy by developing its claims delivery capability and reducing the average claims settlement duration.
Commenting Andy Roberts, Chief Executive Officer of Innovation Group said, "We've worked with esure for a number of years and are proud to be associated with the brand. We are extremely pleased to broaden out the property services we provide to them, with the introduction of Innovation Symbility. Innovation Symbility is clearly the first choice for UK insurers now, enabling them to reduce the claims lifecycle, increase visibility of claims activity and make savings to pass on to their customers. We look forward to extending our relationship with esure as we help them achieve their overall goals."
"We are very pleased to welcome esure to the growing list of international companies implementing Symbility's cloud-based claims management tools" stated Richard Adair, President and Chief Operating Officer, Symbility Solutions Inc. "We look forward to capitalizing on the momentum of being the leading software provider in the European insurance industry and continuing to develop innovative solutions to service this market."
About esure Group
esure Group plc is a UK-focused personal lines insurer founded in 2000 by Peter Wood, the foremost general insurance entrepreneur in the UK and the Group's Chairman. The Group also owns 50 per cent of top-four UK insurance price comparison website, Gocompare.com. The Group has established a strong platform for growth and a track record of profitability. The Group has achieved this against a backdrop of challenging market conditions through a disciplined and conservative approach to its motor underwriting business, the application of the same philosophy in growing its home underwriting business, and a strong focus on generating revenues from associated activities such as the sale of additional insurance products alongside its core motor and home insurance policies and, more recently, the development of its branded broker services. These associated activities offer higher returns on capital employed and another source of cash generation that, together with the home underwriting business, are part of a wider diversification strategy aimed at reducing the Group's exposure to the cyclicality of the motor insurance market.
About The Innovation Group plc:
Innovation Group (LSE:TIG) is a global provider of insurance software solutions and business process services. With revenues of £193m (US$ 302m) in 2012, it employs over 2,400 people across North America, Europe, Asia Pacific and South Africa and works with 15 of the top 20 global insurance markets, 16 of the top 20 global insurance companies and 3 of the world's top 5 fleet and lease management companies.
About Symbility Solutions Inc.
Symbility Solutions (TSX VENTURE:SY)(OTCQX:ATBEF) is a progressive 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 cloud-based software solution used by a network of Employee Benefits Brokers, Third-Party Administrator partners, plan members and plan sponsors 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. Member and administrator portals, as well as Adjudicare's centralized database, are all available on the same cloud-based platform and can be accessed seamlessly anytime by any user. Adjudicare UnionPro is the only web-based Hour Banking product to provide unions a worry-free solution to track their members' hour banking, benefit plan eligibility, and contribution data.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Lucy De Oliveira
Symbility Solutions Inc.
(416) 359-9339, ext. 1007