TORONTO, ONTARIO--(Marketwired - Jul 21, 2014) - Symbility Health Inc., a division of Symbility Solutions Inc. (TSX VENTURE:SY), a global provider of cloud-based and smartphone/tablet-enabled claims technology for the property and casualty and health insurance industries, is pleased to announce the formalization of a signed contract with Moncton-based multi-line insurance provider, Assumption Life.
In an effort to expand their business outside of Atlantic Canada with Third-Party Administrator (TPAs) partners, Assumption Life will adopt Symbility Health's electronic platform as their base technology to manage the anticipated growth and scale of this distribution channel. This platform will enable Assumption Life to exchange data more efficiently and accurately with their TPAs by leveraging the power of Symbility Health's cloud-based technology. Additionally, the partnership will enable Symbility Health's existing third-party administrator network to build their businesses with another carrier by delivering both self-insured and fully insured plans.
"After thoroughly assessing Assumption Life's needs regarding group benefits management, we chose to partner with Symbility Health because they are a trusted technology vendor with a proven and secure claims management platform," said Alain Parent, Director of Sales - Group Insurance at Assumption Life. "Our strategy to use Symbility Health technology will not only result in efficiency gains but will also allow our internal IT department to focus their resources on other business areas."
"It's a tremendous honour and a major milestone for Symbility Health to welcome Assumption Life as our first insurance carrier customer," commented Richard Adair, CEO, Symbility Health. "Assumption Life's interest in our products demonstrates that our new value proposition based on collaboration through technology is starting to gain traction and we look forward to further capitalizing on these business opportunities within the Canadian health insurance landscape."
About Assumption Life
Founded in 1903, Assumption Life offers a full range of products, including life insurance, group insurance, investment and retirement solutions, and mortgage loans. The company is now active in every Canadian province and territory. Its head office is located in Moncton, New Brunswick. For more information, please visit www.assumption.ca.
About Symbility Solutions Inc.
Symbility Solutions® (TSX VENTURE:SY) is a global provider of cloud-based and smartphone/tablet-enabled claims technology for the property and health insurance industries. Designed to be flexible and easy-to-use, Symbility Solutions' two product suites, Symbility Property™ and Symbility Health™, empower insurers to collaborate across the entire claims processing workflow and reduce costs while delivering a market-leading claims experience. For more information, please visit www.symbilitysolutions.com or follow Symbility on Twitter at @symbility and on LinkedIn at symbility-solutions.
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