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Smart Employee Benefits renews over C$350mln of benefit contracts

SEB has a SaaS (software as a service) processing solution for managing employer and government sponsored health benefit plans
In the last nine months, SEB has added six new FlexPlus modules to its benefit processing solution

Shares in tech group Smart Employee Benefits Inc (CVE:SEB) has renewed multi-year benefit  contracts worth more than C$350mln over the last nine months.

That encompasses over 20,000 plan members and includes a number of Canada's top 100 employer companies.

SEB has SaaS (software as a service) processing solutions for managing employer and government sponsored health benefit plans on a BPO (business processing outsourcing) business model, globally.

Over 80% of  the group's revenues derive from government, insurance and health care organizations.

New Modules

In the last nine months, the group has also added six new FlexPlus modules to its benefit processing solution, bringing the total number of modules to 16.

"SEB Admin's FlexPlus Benefits Processing Platform provides leading modular processing solutions in "One Processing Environment", said Mohamad El Chayah, president and chief executive of subsidiary SEB Administrative Services Inc.

"In April, 2017 SEB Admin acquired the Canadian mid-market benefits administration business of Aon, including 48 enterprise clients and approximately 265,000 plan members.

"Since then, SEB Admin has signed contracts adding over 60,000 new plan members.

"Today, SEB Admin has contracts managing over 330,000 plan members representing over $1B of premium.

"New technologies are disrupting and transforming health care around us everyday, in Canada and globally."

Highly Automated

He said FlexPlus provided clients access to a "highly automated" and cost-effective eco-system with strong analytics and reporting for reduced fraud and error rates.

"Our solutions are equally applicable to employer and government funded benefit programs and to a global marketplace" he added.

"SEB Admin has 16 FlexPlus benefit processing modules, which can operate standalone or as "One Processing Environment", with single sign-on.

"The more of SEB Admin's modules that are included in the client's benefit processing ecosystem, the greater efficiencies and functionalities the client will enjoy, including better analytics, reporting and fraud identification".

The six new modules are FlexPlus Pay, FlexPlus Connect, FlexPlus Chat, FlexPlus Mobile, FlexPlus Care  and FlexPlus Venngo Workperks.

Smart Employee Benefits Inc in Toronto were unchanged at C$0.18.

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