Technology Roots
SEB’s executive management team has significant experience in technology. Prior to founding SEB, they did extensive research on the group benefits and health claims processing industry. Their conclusion was the technology deployed in the health claims processing environment was archaic and fragmented. The industry did not engage in innovation in key areas, particularly in the adjudication of claims.
SEB management acquired a very unique “rules based adjudication platform” and undertook the task of creating a fully automated administration – claims paying – reporting environment around this adjudication platform. The objective was a very unique fully integrated technology platform that can be used per its modules or as a fully integrated system.
SEB is the only TPA in Canada that owns and controls its own fully integrated Administration-Adjudication-Claims Paying-Reporting technology platform that could manage all the business processes between clients, brokers, consultants, Insurers, other TPAs and various technolgoy providers, including providing leading edge adjudication services.
TPAs typically have minimal technology. SEB is a unique TPA that owns a “fully integrated client administration – adjudication – claims paying – reporting technology platform”, providing among the most comprehensive, customizable services and solutions in the industry in one technology environment.
The SEB fully integrated environment is open architecture, rules based and modular. Trained administrators, not programmers can create new rules quickly, efficiently and cost effectively. If you can describe the rule in words, it can be immediately created and integrated into the benefits plan design and adjudicated. The platform is modular, allowing clients to utilize SEB’s fully integrated solution or to use modules.
SEB’s technology solutions allow highly flexible plan designs, more cost effectively and efficiently than available in the market today. SEB also has the ability to provide highly customized, fully hosted PCI compliant administration – adjudication – claims paying – reporting environments, on an individual client basis; unique in the industry.
SEB’s Client Acquisition Strategy is initially via acquisition, and then organic via transitioning of the Clients to the fully integrated SEB technology platform. The result is the capture of premium dollars that are currently being spent on multiple service providers, (including for administration, adjudication, claims paying and reporting) in one environment. The increase in revenue over a typical TPA environment, as a result of consolidation of services to one technology provider/platform, is between 300% and 700% depending on the client. Technology solutions in the market today are very fragmented and old technology. SEB is the only TPA offering a fully integrated technology solution in the marketplace.
Accomplished Senior Management and Board of Directors
The leadership team of SEB, including Management and Directors, have a very successful track racord across many industry sectors. They are well known in the business, investment, insurance, government and healthcare communities.
Growth Strategy
The SEB technology platform allows SEB a significant competitive advantage.
Three groups are targeted for acquisition/investment:
- Third Party Administrators (TPAs) (Acquire 100%) – capture group benefit clients.
- Consultants/Brokers (minority Investments) – influence group benefit clients.
- Technology/Healthcare Service Providers (Acquire 100%) – provide access to corporate and government clients.
There are hundreds of TPAs in Canada, thousands of brokers/consultants and several hundred technology/healthcare service providers that fit into the SEB acquisition/investment business model.
A summary of the SEB Growth Strategy is as follows:
- Acquisition/Investments: make Acquisitions/Investments that result in “control of, or influence over where client service provider dollars are spent.”
- Organic: transition the above clients from “multiple service supplier environments” to “one supplier fully integrated environment”.
SEB is a technology based company which over time, expects to evolve into a financial services business with a technology backbone that will cause major structural changes in targeted segments of the Insurance business such as group benefits.
