Recently, the Toronto-quoted firm has been busy making new launches and renewing new contracts.
What does it do..?
The company supplies business process and outsourcing software, solutions and services to a Canadian and global client base.
Its focus is on a cloud-enabled software-as-a-service (SaaS) processing solution for managing employer- and government-sponsored health benefit plans on a BPO (business processing outsourcing) business model.
Over 80% of its revenues derive from government, insurance and health care organizations.
The total healthcare claims processing market in Canada is worth over C$60bn with C$37bn of premiums in employee group benefits and over C$25bn in government sponsored benefits.
Quarterly numbers show a growing company in rude health..
In May, SEB released first quarter results to end February, which showed adjusted EBITDA (underlying earnings) had increased to C$258,620 from C$59,453 the previous year.
The C$2.4mln increase in revenue to C$25.51mln from the same period the previous year was attributable to the benefits processing business, which was acquired in April 2017 from Aon.
“SEB has progressed significantly year over year. Our technology division maintains a solid base of business with multiple years of healthy EBITDA and significant growth expected in fiscal 2018,” said John McKimm, president and chief executive.
“Our benefits processing business has gained solid traction with the Aon transaction in April 2017.
"Our 'One Processing Environment' technology environment for health benefits manages over 90% of all processing associated with a benefits transaction and integrates additional automated solution modules including voluntary products, disability management, health & wellness, employee discount programs and human resource solutions.
Multi-year contracts in the bag..
Earlier this month (July), the group said it had renewed multi-year benefit contracts worth more than C$350mln over the last nine months alone.
That encompassed more than 20,000 plan members and includes a number of Canada's top 100 employer companies.
The SEB Admin division now has contracts managing over 330,000 plan members representing over $1bn of premium.
The same month, the firm revealed it will use Microsoft Azure as its cloud solution to power its technology and announced an agreement with healthcare firm EQ Care and its medical clinic program.
Notably, Azure provides application services and allows for the development of SEB Admin FlexPlus Exchange for small and medium businesses (SMEs) using any language, tool, or framework.
New tech to be rolled out..
And this week, it announced the launch of new SEB technology, which has far reaching potential.
Its Insurtech group will launch its digital voluntary benefits ecosystem next month (August) - initially in Canada and for three insurance products in partnership with the insurers who created them.
The system will first be made available to SEB Administrative Services' existing benefits administration clients representing over 330,000 plan members and over C$1bn of group benefit premiums.
"This "voluntary benefits ecosystem" being launched in SEB's benefits division and supported within SEB's Insurtech Group, has been in development for almost two years and is the first of several "Insurtech" market-ready solutions already developed by SEB, which will be launched in the next 6 to 12 months (initially through SEB's Benefits Division)," said John McKimm, president and chief executive of SEB.
"All SEB "Insurtech" solutions have global application. All solutions drive annuity revenue models and are delivered on a SaaS business model."
And early signs are good. Mohamad El Chayah, the president of SEB Administrative Services Inc, said: "Voluntary Benefits are a huge growth opportunity for SEB. In a Beta launch of one Voluntary Insurance Benefit solution in early 2018, SEB Admin had over 39% penetration in the first enrolment.
"Anecdotal reports in the U.S.A. suggest employee's uptake of optional Voluntary Benefits has been less than 10%, while participation sales using an active enrolment model (like the SEB Ecosystem) can increase enrolment to 30% or more."
Smart Employee Benefits Inc shares stand at C$0.20, having started this week at C$0.18.