TORONTO, ONTARIO--(Marketwired - June 6, 2013) - Symbility Solutions Inc.® (TSX VENTURE:SY)(OTCQX:ATBEF), provider of cloud-based and smartphone/tablet-enabled claims technology, and Marshall & Swift/Boeckh (MSB), the leading provider of building cost data and estimating technology, have expanded their partnership agreement to provide Symbility Mobile Claims® clients with a seamless integration to MSB's Residential Component Technology™ (RCT) Express underwriting solution.
The integration with MSB's RCT Express eliminates the silo effect between the two services by using a common cost database in both claims and underwriting. The improved automation and workflow will measurably reduce premium leakage and loss ratios for carriers by creating a seamless information exchange about the characteristics of risks and their associated losses. Claims adjusters will receive automatic access to utilize data in the underwriting file to expedite their adjustment process and underwriters gain the benefit of validated information from the claims adjuster to assess risk information observed onsite. The claim file that adjustors will ultimately work with will, in effect, be pre-populated with content of the underwriting property characteristics and replacement cost calculation to further expedite the claims process and concurrently spot discrepancies in the underwriting file.
"Virtually everyone from policyholders and agents to underwriters and claims adjusters receives measurable benefit from leveraging an integrated claims and underwriting solution," said Steven Brewer, Senior Vice President of Underwriting Solutions, MSB. "The power of this solution is in the simplicity of the integrated workflow. We now deliver value via a few simple clicks in the claims estimating and underwriting workflows, which enable seamless information exchange in seconds. This solution also paves the way for more granular analytics insights that can uncover transformational business opportunities."
"We are delivering on our promise to create dynamic, market-driven enterprise solutions that allow insurers to manage property risks more proactively and effectively," states James Swayze, CEO, Symbility Solutions. "Having claims and underwriting departments use one common cost database will help our joint customers to generate estimate parity and increased defendability."
About Marshall & Swift/Boeckh (MSB)
Marshall & Swift/Boeckh (MSB), a Decision Insight Information Group™ company, is the leading provider of building cost information, residential and commercial analytics solutions and book of business management services for the property insurance companies, financial services organizations and government entities. MSB offers the industry's most extensive and validated underwriting and claims property data. Throughout eight decades of experience, MSB has compiled a strong track record of consistently developing innovative property solutions, analyzing their clients' operations and providing them with the assistance needed to dramatically improve their business results. This track record continues today as they serve as the hub for all of their clients' property needs and work tirelessly to help them maximize their profitability and achieve a competitive advantage.
About Symbility Solutions Inc.
Symbility Solutions ® (TSX VENTURE:SY)(OTCQX:ATBEF) 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 .
All trade names are the property of their respective owners.
