Currently serving blue-chip and government clients, the tech vendor is eyeing a number of partnerships
A provider of management software for health claims adjudication is positioning itself to grow in a huge international market.
Smart Employee Benefits (SEB), which offers proprietary software, solutions, and services to automate the management of employee benefits, is experiencing major international growth, according to InvestorIntel. Offering insurers the ability to eliminate outsourcing and perform adjudication more efficiently and cost-effectively themselves, the Canadian tech provider has consolidated forecasts of $135 million in revenue and $12 million EBITDA for 2017, up from 2016’s $100 million in revenue and $3.2 million EBITDA.
The company has two main divisions. Its technology division has been getting business from blue-chip corporate and government clients. With a $300-million backlog from customers including Manulife, RBC, the Canadian government, and the city of Toronto, it accounts for the majority of the firm’s revenues and is expected to drive sustainable growth for the upcoming quarters.
The second unit, the healthcare benefits division, has just come on-stream and promises high margins and future growth through numerous partnerships that are currently being ironed out. Citing company information, InvestorIntel reports one potential partner: a global reinsurer with a significant equity stake in SEB, which is also using SEB’s processing software in a 5-product rollout in Canada this year. The reinsurer also intends to harness the software in several other countries where it operates.
SEB has also submitted dozens of RFPs to federal, provincial, and other agencies, which would be worth millions to the company’s financials even if only a few push through.
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Smart Employee Benefits (SEB), which offers proprietary software, solutions, and services to automate the management of employee benefits, is experiencing major international growth, according to InvestorIntel. Offering insurers the ability to eliminate outsourcing and perform adjudication more efficiently and cost-effectively themselves, the Canadian tech provider has consolidated forecasts of $135 million in revenue and $12 million EBITDA for 2017, up from 2016’s $100 million in revenue and $3.2 million EBITDA.
The company has two main divisions. Its technology division has been getting business from blue-chip corporate and government clients. With a $300-million backlog from customers including Manulife, RBC, the Canadian government, and the city of Toronto, it accounts for the majority of the firm’s revenues and is expected to drive sustainable growth for the upcoming quarters.
The second unit, the healthcare benefits division, has just come on-stream and promises high margins and future growth through numerous partnerships that are currently being ironed out. Citing company information, InvestorIntel reports one potential partner: a global reinsurer with a significant equity stake in SEB, which is also using SEB’s processing software in a 5-product rollout in Canada this year. The reinsurer also intends to harness the software in several other countries where it operates.
SEB has also submitted dozens of RFPs to federal, provincial, and other agencies, which would be worth millions to the company’s financials even if only a few push through.
Related stories:
Can AI take over the life insurance application process?
Empire Life/ Symbility deal reflects challenges for third party administrators
