One year after signing first US contract, Symbility validates efficiency gains through decreased settlement times and improved customer retention
WATERLOO, ONTARIO–(CCNMatthews – Feb. 12, 2007) – Symbility Solutions Inc. (www.symbilitysolutions.com), a wholly owned subsidiary of Automated Benefits Corp. (TSX VENTURE:AUT), is pleased to announce the resulting customer efficiency gains on the first anniversary of Symbility mobile claims deployment in the USA.
After the first full year of production with insurance companies in the United States, an analysis of customer data was conducted to evaluate the impact of the Symbility mobile claims solution on the following key metrics; total claim settlement duration, first-call settlement rate, re-inspection rate, adjuster productivity, and customer renewal rates. The results are as follows:
Settlement Duration: Reduced from an average of 14 days to 5 days
First-Call Settlement: Increased from 10% to 55% settlement on initial visit
Re-inspection Rate: Claim site re-inspection reduced from 7% to 1% of claims
Adjuster Productivity: Adjuster claim count increased by 50% per day
Customer Renewal Rate: Customer renewal increased 3-4% over the course of the year
“These results have exceeded our customer’s expectations. By reducing settlement time by two-thirds and increasing the percentage of claims settled on the first visit, the efficiency gain is obvious but it’s the indemnity impact that is even more compelling.” states James Swayze, Chief Executive Officer at Automated Benefits Corp. “Our clients now have the ability to get their policyholders back on their feet faster, and the quicker response helps mitigate the tendency for losses to increase in scope over time. The combination of process efficiencies and addressing indemnity payouts equates to millions of dollars in savings for insurance companies using the Symbility mobile claims system.”
For detailed analysis related to customer case studies performed and more information about the Symbility mobile claims solution, please visit www.symbilitysolutions.com.
About Automated Benefits Corp. and Symbility Solutions
Automated Benefits Corp. (www.autoben.com), headquartered in Toronto, Ontario, is a software company dedicated to developing applications for the insurance industry. The corporation currently has two subsidiaries, Autoben and Symbility.
Symbility Solutions (www.symbilitysolutions.com) has developed a mobile claims system focusing principally on residential and commercial property claims estimation for use by insurance company adjusters and independent contractors. Symbility has offices in Waterloo, Ontario and Montreal, Quebec. Autoben is focused on the employee benefit segment of the life insurance industry. Located in Edmonton, Alberta, Autoben provides claims management software for health and dental plans for employer groups. The proprietary software of Autoben assists in reducing the cost of employee benefits programs by allowing local adjudication and administration to over 28,000 employees across Canada.
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The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Automated Benefits Corp. will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Automated Benefits Corp.
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