NEW YORK - February 18, 2014 - INNODATA INC. (INOD) reported that RGA Reinsurance Company has announced today a strategic relationship with Innodata`s Synodex subsidiary. RGA Reinsurance Company is the principal operating subsidiary of Reinsurance Group of America, Incorporated (RGA). RGA ranked #275 in the 2013 Fortune 500 list and consistently ranks among the top 10 largest providers of life reinsurance in the world according to A.M. Best.
In its announcement, RGA stated that it expects the strategic relationship to include use of Synodex`s APS.Extract(TM) data and incorporation of other Synodex data into its product offerings. APS.Extract(TM) is a computer-addressable electronic data feed and customizable report produced from healthcare records by Innodata`s Synodex subsidiary. It may be used by insurance carriers and reinsurers in connection with life insurance risk assessment and claim investigation.
"RGA began testing and validating the Synodex APS.Extract process and product with several client evaluations starting in late 2011," said Dave Wheeler, Senior Vice President, U.S. Underwriting, RGA Reinsurance Company. "Based on these tests and validations, we have become confident in Synodex`s ability to deliver high-quality, consistent data that accurately depicts even the most complex medical cases, and we have confidence in this tool as a key component in the underwriting process. We anticipate that our clients who use Synodex should be able to place more business with improved efficiency while at the same time enhancing the quality of their underwriting decisions as part of their qualifying underwriting processes.
"In addition, we have begun implementing innovative product enhancements using Synodex APS.Extract data. By incorporating Synodex data into RGA`s Rx automated scoring system, we will not only be able to assign risk or severity scores to drug prescriptions fulfilled, which we do today, but will also be able to assign scores to drug prescriptions issued, which we see as providing further protective value. Additionally, we have begun designing innovative underwriting programs whereby we automatically assign risk scores - much like we do with Rx today - based on an entire medical history using Synodex data. We are enthusiastic about the prospect that Synodex`s innovation holds for the industry," Wheeler concluded.
Jack Abuhoff, Innodata Chairman and CEO, stated, "We are extremely pleased with RGA`s announcement today. We view it as an important milestone in our commercial strategy. We look forward to finalizing terms with RGA and beginning work."
RGA Reinsurance Company is the principal operating subsidiary of Reinsurance Group of America, Incorporated (RGA), which is among the largest global providers of life reinsurance. RGA operations are located in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Singapore, South Africa, South Korea, Spain, Taiwan, Turkey, the United Arab Emirates, the United Kingdom and the United States. Worldwide, the company has approximately $2.9 trillion of life reinsurance in force, and assets of $39.7 billion.
Synodex, a subsidiary of Innodata (INOD), transforms medical records into computer-addressable digital data and customizable reports. This enables insurance companies to drive efficiency and cycle-time reductions in risk assessment and claim investigation while maintaining the highest levels of quality. Synodex also provides related platforms and services. For more information, contact Synodex at +1.201.371.8090.
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These forward-looking statements are based largely on our current expectations, and are subject to a number of risks and uncertainties, including without limitation, that contracts could be terminated by clients, projected or committed volumes of work may not materialize; that our Innodata Advanced Data Solutions segment has not reported any substantial revenues to date and is subject to the risks and uncertainties of early-stage companies; the primarily at-will nature of the contracts with our customers and the ability of customers to reduce, delay or cancel projects; continuing Content Services revenue concentration in a limited number of customers; continuing Content Services reliance on project-based work; inability to replace projects that are completed, cancelled or reduced; depressed market conditions; changes in external market factors; the ability and willingness of our customers and prospective customers to execute business plans which give rise to requirements for digital content and professional services in knowledge processing; difficulty in integrating and deriving synergies from acquisitions, joint venture and strategic investments; potential undiscovered liabilities of companies that we acquire; changes in our business or growth strategy; the emergence of new or growing competitors; various other competitive and technological factors; and other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission.
We undertake no obligation to update or review any guidance or changes in status of customer contracts, client relationships, or other forward-looking information, whether as a result of new information, future developments or otherwise. Actual results could differ materially from the results referred to in the forward-looking statements. In light of these risks and uncertainties, there can be no assurance that the results referred to in the forward-looking statements contained in this release will occur.
Innodata Isogen, Inc.
Stanley or Andrew Berger
SM Berger & Company
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Source: Innodata Isogen Inc. via GlobeNewswire
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