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Smart Employee Benefits shares surge after EQ Care deal

The virtual programme EQ Care will be added to the SEB Admin FlexPlus Platform, said SEB
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Virtual Medical Care transforms healthcare for employees and employers

Shares in tech group Smart Employee Benefits Inc (CVE:SEB) surged over 8% on Thursday as the company announced an agreement with a healthcare firm and its medical clinic program.

The virtual programme EQ Care will be added to the SEB Admin FlexPlus Platform, which currently administers benefits to more than 330,000 plan members at over 50 of Canada’s largest employers.

Virtual Medical Care transforms healthcare for employees and employers.

Employees can use their smartphone, tablet or computer to access medical care.

For employers it contributes to healthier employees, less absenteeism and lower healthcare costs for benefit plans.

READ: Smart Employee Benefits is "well positioned for strong organic growth in revenue"

Today’s market in Canada is estimated to be in the tens of millions of dollars with exponential growth into the hundreds of millions as virtual healthcare becomes a cornerstone of the healthcare road map.

Mohamad El Chayah, the president and chief executive of SEB Administrative Services Inc, the SEB subsidiary that has entered the deal, said: "“We are in the midst of a technology revolution that is disrupting and transforming Health Care around us every day.

SEB’s objective is to provide our clients with state of the art technology and benefit solutions in managing their benefit environments.

"FlexPlus combined with EQ Care will provide a secure virtual digital environment for FlexPlus plan members to interact with doctors effectively and conveniently, get the care they need, from virtually anywhere."

He continued: "The EQ Care program will be offered as a 'Voluntary Benefit' purchased as an adjunct to an employee benefit plan, either funded by its employer fully or co-funded with the employee.

"The increase in cost to an average benefit plan is less than 3%. Several SEB clients have already tested virtual healthcare.

"We believe virtual healthcare will become a staple of employee benefit plan designs of the future. Multiple insurance companies are already including 'Virtual Healthcare' as a benefit plan design option."

SEB provides the business process automation and outsourcing software, solutions and services to a national and global client base.

Smart Employee Benefits Inc shares added 8.57% to C$0.19 on the day.

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