TORONTO, Sept. 7, 2017 /CNW/ - 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
United Kingdom
- 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.
About Symbility
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
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
All trade names are the property of their respective owners.
SOURCE Symbility Solutions Inc.