James Swayze, CEO of Symbility Solutions (SY:TSX.V) explains this technology company's possible solution to your insurance delays.
James Swayze, CEO of Symbility Solutions (SY:TSX.V) on Mobile Solutions for Insurance Claims
Symbility solutions is a global software company focused, above all, on modernizing the insurance industry. The CEO explains how this technology can be a solution to insurance delays.The primary focus is on taking the property insurance industry and the health and employee benefits insurance industries.The company is poised to improve the claims process, which is very paper-based, through mobile tools that collect all of the data remotely on site in real-time.The platform can drastically improve the efficiency of the process. By connecting all of the constituents through a cloud based communication hub, it can assure customers' satisfaction.Operated in eight countries, the company generated revenue in 2016 of $33 million dollars and reached 60,000 users of the platform.How the the Insurance App works
Imagine you had a chiropractic assessment. Typically that's a fairly intense paper process. You get a paper bill, you pay your bill, you submit it to human resources.
Symbility app allows you to take a photograph, figures out the co pay between you and your company and then does electronic fund transfer to your account.
By having that advantage of time, the company has had a decade to collect data to get input from customers. So, they could make modifications to build scale in the work platform.
Now they have a captive audience that's growing country-by-country, company by company. And a number of products that are constantly pushing the envelope from an innovation standpoint.
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