TORONTO, ONTARIO -- (Marketwired) -- 04/26/13 -- Smart Employee Benefits Inc. ("SEB" or "Company") (TSX VENTURE: SEB), today reported its financial results for the three month period ending February 28, 2013.
SEB is a technology company providing "business processes software solutions and services" to corporate and government clients with specialty practices focused on "managing group benefit solutions and health claims processing environments."
Background on the SEB Business Model and Business Strategy
John McKimm, President and CEO states:
"For the past 21 months SEB has been focused on developing its technology platform for managing group benefit solutions and health claims processing environments. SEB has automated the administration, payment processing and reporting environment around an already-proven adjudication environment. SEB has a development team in Canada and also uses offshore resources to continue to enhance the automation and integration. There are two primary target markets in Canada - employee group benefits which exceed $33.0 billion annually and government funded benefits (federal and provincial) which are in excess of $23.0 billion. SEB's technology platform is easily adaptable to managing the end-to-end business processes in both environments. These markets are in excess of $56.0 billion in Canada, with the employee group benefit portion growing over 80% in the past decade.
SEB has spent over $4.0 million since 2011 automating the administration, payment processing/billing and reporting modules of its platform and integrating these modules into an already proven leading edge adjudication platform. Current management of SEB has also changed the revenue model to a "SaaS" model where services can be provided in either a private or public cloud. Previously, the adjudication software was primarily being sold in the traditional software "license and maintenance" revenue model. The SaaS model changes the purchase decision to an "operating budget" decision from a "capital budget" decision and the revenue becomes a more stable, long-term annuity stream. Through acquisitions, SEB intends to acquire the client relationships and vendor status to support a complementary organic growth model with both employers and government business opportunities.
SEB's technology platform manages the total business processing services for group benefit solutions and health claims processing on one fully-integrated technology environment. The SEB technology platform is open architecture, rules based and modular, and allows clients to utilize either a fully integrated solution or modules. SEB's "rules-based adjudication" environment is very unique and when combined with a fully-integrated Administration - Payment Processing/Billing - Real-Time, Self-Serve Reporting modules will provide unique and highly competitive solutions to the marketplace, both in Canada and globally. SEB can administer, adjudicate and report for all benefit types in one fully integrated environment. Rules creation is an administrative, not a programming exercise. Highly customized and flexible processing solutions can be created easily and cost effectively. The largest current implementation of the SEB Adjudication Environment is Oman Insurance in Dubai.
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