PRESS RELEASE
FOR IMMEDIAT PUBLICATION
Laval January 7th 2007, MDI is proud to take note that IBM analysts describe their “C-surance.ca Suite” of service as the ideal business model with which the insurance industry could renew themselves but more importantly as a solution to reduce operating costs, and this for the benefit of the consumers.
More than 7, 5$ Billion are spent annually simply to cover the cost of managing group benefits insurance. The C-surance.ca suite of service is the first UNIVERSAL CLIENT CENTRIC COLLABORATIVE WEB solution that guarantees group benefit insurance saving by simplifying the management processes perfectly reflecting the new model of businesses proposed by IBM. The MDI professionals estimate that when the solution is universally implemented some 4$ Billion annually could be saved, this is more than 250$ per individual.
“The « IBM Institute for Business Value study » titled « Insurance 2020: Innovating beyond old models » report dated May 23rd, 2006, is an incredible endorsement of our 10 years R&D and millions in investments” says Mr. Richard Sirois, president and CEO of MDI. “With the evolution of the WEB technologies, MDI undertook in 2000 a total revision of the group benefit management processes and adapted these changes to its original “Allegroupe” software that was on the market since 1995. We put aside all the traditional paradigms of operations and reinvented each process to capitalize on the potential of emergent technologies. The report presented by the IBM professionals precisely reflects the objectives and the challenges on which our professionals invested themselves for years. In fact, MDI could hardly have better described its C-surance.ca project than the actual IBM report.” to add Mr. Sirois.
The C-surance.ca service provides the first SAAS “Software As A Service” approach to group benefits management delivering a real live solution that embraces the IBM conclusions that will confront insurers’ in year 2020. The new services insure savings, easier access to information as well as a unique opportunity to benefit from the collaboration and contribution of all interested parties. MDI provides a solution that will simplify processes and give consumers the power to transform an expensive and inefficient business model to a more fluid one.
To fully understand the importance of the MDI innovation, one can view the C-surance.ca solution to Group Benefit management what the ATM revolution was to banking.
Here are extracts of that analysis:
IBM Institute for Business Value study Insurance 2020: Innovating beyond old models
“There is a concern that the current mode of operations, regardless of the line of business in question, will reach a point of diminishing returns in the near term. The aggregate capabilities of current technologies and the unexplored potential of emergent ones almost guarantee that the next several years will mark a fundamental change in the insurance industry. The question is how can insurance carriers profit from these changes? How can consumers be better served?
To gain a perspective on future challenges and strategies, the IBM Institute for Business Value conducted interviews and market research among global industry executives. The IBM analysis identified four large-scale trends that will likely confront insurers in the year 2020:
• Active and informed consumers across demographic groups reward non-traditional operators –
• Technology virtualizes the value chain and lowers barriers to entry
• Innovation will be required - The four mega-trends will force the industry to change and innovate because they will not be denied. By this we mean that even though a carrier could ignore changes in demographics, or stick to a traditional value chain, there will be an increasing number of companies that will react to these changes, produce innovative services around them and profit by doing so.
• Old modes of thinking threaten the industry's ability to innovate - The current operational mode among the majority of carriers is deeply rooted in the past. The fallback position or retort for this behaviour is that it has provided relative security over time. The problem is that we are now in an era in which technology can transcend nagging industry problems and change the game.
• Interlopers will increasingly disrupt traditional insurance operations –
• Industry leadership will require experimentation in operating models, processes, products and customer relationships - One of the most important research findings is the need for experimentation to develop and nurture new ideas. Without experimentation, insurers will be caught in the old cycle of process optimization. This has gone on for so many years that it has developed into a proxy for innovation.
• Strategic investment in innovation today is critical to success in 2020 - Investing in innovation also means committing to the creation of flexible and adaptable IT infrastructures. These empower an organization to take advantage of opportunities as they occur.”
Then IBM comes to suggest this C-surance.ca like model:
“To develop new business and operational models, companies must encourage experimentation and establish a rugged, but not too rigid, process for innovation. IBM established the following innovation lessons from the 2004 Global Innovation Outlook initiative:
o Innovation is increasingly:
– Open
– Collaborative
– Multi-disciplinary
– Global
o New business designs emerging that thrive on collaborative innovation
o Standards must take hold in every industry
– Beyond IT standards
– Intelligent intellectual property reform
o The world revolves around the primacy of the individual.
These concepts can help form the basis of an innovation plan for a company that is committed to achieving more than just optimization.”
To get your free copy of this full study; simply send us your e-mail address to:
proulxl@c-surance.ca
MDI is a software firm exclusively dedicated to the insurance industry. In operation since 1983 and certified ISO 9001:1996 since December 1998, MDI is specialised in process optimization, improvement of efficiency and aim at reducing human interventions. MDI deliveries of best of breed product and superior process efficiency were recognized by peers. Prestigious awards were presented to MDI by highly regarded organization for both their INNOVATION as well as their B2B ELECTRONIC COMMERCE IMPLEMENTATION.
MDI does not sell insurance, nor do they offer benefits consultation, TPA or TPP services. The C-surance.ca services are exclusively based on a SAAS solution that will reduce operating cost and improve profit for users.
This C-surance.ca solution provides all the tools to manage every aspect of group benefits insurance management: Administration, Claims Adjudication and Sales/Market Evaluation processes.
C-surance.ca offers collaborative tools that manage every aspect of group benefit insurance. The solution is available to carriers, professional group benefit advisors, actuaries, TPA, TPP, plan sponsor, plan members as well as all the health professional or service providers.
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