Automated Benefits Corp.
TSX VENTURE : AUT

Automated Benefits Corp.

June 21, 2005 13:00 ET

Automated Benefits Corp. Announces Signed Contract Between Symbility and The Economical Insurance Group

WATERLOO, ONTARIO--(CCNMatthews - June 21, 2005) - Automated Benefits Corp. (TSX VENTURE:AUT) is pleased to announce that its wholly owned subsidiary, Symbility Solutions Inc., has completed contract negotiations with The Economical Insurance Group resulting in the adoption and rollout of the Symbility Mobile Claims system for property claims estimation across Canada.

After having successfully completed the pilot program conducted in Southwestern Ontario, Symbility will now begin training adjusters and independent contractors designated by Economical in preparation for a national rollout. The pilot program was conducted to evaluate the Symbility mobile claims application against the following set of criteria:

- Consistency of estimate data and layout

- Acceptance and endorsement of system by contractors

- Accuracy and maintenance of data

- Ease of transmitting estimate information between contractors and adjusters

- Ease of storing and retrieving estimate data

- Readability of estimates and overall communication of information

- Quality of technical support

- Cost of system, expense reduction and overall return on investment in the technology, including ROI on other areas of The Economical Insurance Group core business such as underwriting

- Extent of Business Intelligence capabilities for comparative and trend analysis

- Ease of system administration and billing

- Must conform to Bill C- 6

- Cost of future integration

- Achieving all of The Economical Insurance Group Information Technology standards for security, integration standards and design.

- Availability of resources

The contract between Economical and Symbility commences June 19th and has a duration of 5 years. The national rollout will begin July 1st starting with the pilot regions and remaining regions of Ontario and then shifting west to Alberta and BC towards the end of the third quarter of this year.

"The signing of this contract is a major milestone for Symbility and Automated Benefits Corp." states James Swayze, Automated Benefits Corp. Chief Executive Officer. "This endorsement by Economical is the first within the Insurance community and sets the stage for our rapid expansion in conjunction with the acceptance we are experiencing with restoration contractors. Economical has worked with competing vendors for their claims estimation historically and for them to sign a 5 year deal with Symbility is tacit recognition that the Symbility Mobile Claims application is the technology leader in this sector and will be for the foreseeable future."

About The Economical Insurance Group

The Economical Insurance Group, founded in Waterloo, Ontario in 1871, is one of the largest property and casualty insurers in Canada with over $1.7 billion in premium volume and $3.3 billion in assets. This Canadian-owned company serves customers' needs through branches and service offices across the country. Members of The Group are Economical Mutual Insurance Company (including the Western General Farm Division), Waterloo Insurance Company, Perth Insurance Company, The Missisquoi Insurance Company and Federation Insurance Company of Canada.

About Automated Benefits Corp.

Automated Benefits Corp. is a software company dedicated to applications for the insurance industry with its head office in Toronto, Ontario. The Corporation currently has two subsidiaries, Autoben and Symbility.

Symbility has developed the Symbility mobile claims system focusing principally on residential and commercial property claims estimation for use by insurance company adjusters and independent contractors. With offices in Waterloo, Ontario and Montreal, Quebec, the Symbility mobile claims system is currently running pilot launches with Allstate Insurance Company of Canada, Gore Mutual, Disaster Kleenup and ServiceMaster in addition to its contract with Economical. Upon successful completion of its Canadian pilots, Symbility intends to expand its sales efforts of the Symbility mobile claims system in the United States and Europe.

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 in addition to insurance products for employer groups. The proprietary software of Autoben, ABI, assists in reducing the cost of employee benefits programs by allowing local adjudication and administration to over 23,000 employees across Canada.

Additional information regarding the acquisition can be found in the Filing Statement dated May 31, 2004 and filed by Automated Benefits Corp. on SEDAR at www.sedar.com on June 3, 2004.

The TSX Venture Exchange Inc. does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Automated Benefits Corp.
    James R. Swayze
    President and Chief Executive Officer
    (416) 874-7207