New service to cover segment of Total-loss claims

Armada Data Corporation (TSX:ARD) recently launched “Actual Cash Value Replacement Vehicle Service,” which will facilitate insurance companies settling total-loss claims for vehicles of any age that are not covered by a “Waiver of depreciation” endorsement.
The new service is meant to complement Armada’s existing 43r.ca service “New Vehicle Replacement Value Service.” This original service facilitates many of Canada’s insurers to settle total-loss claims on vehicles three years old or newer, which are covered by a “Waiver of depreciation” endorsement. Total-loss claims of this type represent roughly 10% of all Total-loss claims whereas Total-loss claims of vehicles of all ages not under the waiver represent around 90% of all Total-loss claims.
“We have been developing and perfecting this product for well over a year,” Armada CEO James Matthews says. “This service has the potential to increase revenues from our insurance division ten fold with our existing clients alone. We have set a conservative goal of tripling our revenue by the end of our fiscal third quarter 2007.” .
Armada’s current client roster consists of Canadian companies including ING Canada, TD Meloche Monnex, Royal & Sun Alliance, Pilot, AVIVA, Belair Direct, Allstate, AXA, CAA, RBC, the co-operators and Certus/Personal.
Armada is a web-enabled Automobile Information Services Company providing real-time pricing data to institutional and retail customers on a fee for service basis.