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Real estate analytics company CoreLogic announced Monday it has entered into a definitive agreement to acquire Symbility Solutions, an insurance claims technology platform.
Symbility’s software provides property and health insurance companies with an open pathway to communicate with customers and stakeholders during a claims process, the core benefit of which is more accurate estimates in less time.
CoreLogic will look to augment its property data stores with what is certainly a deep vault of insurance claims information, allowing it to further enhance the value of its services from agent-provided property valuations to loan underwriting.
CoreLogic already owns 28 percent of the company’s share. The deal calls for purchasing the remainder of available shares at 61.5 cents each, according to a press release published on SymbilitySolutions.com.
The deal between the two companies will close sometime between Q4 2018 and Q1 2019, according to an email announcement sent jointly by CoreLogic Insurance Solutions Executive Steve Brewer and James R. Swayze, CEO of Symbility Solutions.
The email states that the transaction “will provide you with insights to underwrite and price more efficiently, while enabling carriers the ability to deliver a unique digital process for policyholders from point of sale through claims settlement.”
According to a company-led case study, Symbility software resulted in a reduction in claims processing time of 75 percent for a Canadian insurance organization.
In turn, Symbility will now benefit from CoreLogic’s rich real estate intelligence to further support its claims workflow and estimate accuracy.
Symbility (SY) is traded on the TSX Venture Exchange, a Calgary, Alberta-based stock exchange. CoreLogic is traded on the NYSE under the symbol, CLGX.
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