PRESS RELEASE
FOR IMMEDIAT PUBLICATION
Laval, January 25, 2007; MDI is proud to introduce to the market the “C-surance.ca ENTERPRISE” version of is award winning C-surance.ca suite of services. This new product, which capitalizes on the CLIENT-CENTRIC COLLABORATIVE WEB trends, aims at protecting the purchasing power of each insured individual by guaranteeing a group benefit insurance management cost reduction.
Context:
The current business model for group benefits insurance is inefficient, time consuming as well as very expensive. According to carriers financial statements, the management expenses for group insurance averages 24%* of the premium. To this amount we add 1-2% of profits, 1-5% for advisors and actuaries fees as well as 2-5% for the internal cost (management time and technology). Thus, some 30% of the insurance premiums are spent EXCLUSIVELY for management. Only 70% of the premium is available to cover the expenses of drugs, disability and health claims all while the demography trends points toward increase services and claims.
In 2006, the annual group benefits insurance premiums in Canada were of $25 billion. Hereby some $7, 5 billion are paid annually by the EMPLOYEES to support an ineffective system.
(N.B these expenses can vary between 6% and 45% according to various parameters including benefits and the number of participants).
« In order to reverse these century old trends, we have invested millions as well as 10 years of R&D and created a universal open system that simplifies greatly the group benefit insurance management processes. » says Mr. Richard Sirois president and CEO of MDI. « Although results vary from one client to another we are so impressed by the results of our clientele that we can offer GUARANTEED ROI to our clients. We are particularly proud of the exceptional results of some of them. As an example, “The port of Montreal Dockers Unions” have, since 2001, been saving annually some 500$ for each of their member by using MDI services. . »
Service:
The new service launched by MDI offers 3 distinct and complementary modules:
- Administration,
- Claim Adjudication and
- Market Evaluation.
Each of these products represents a unique and innovating approach that insures saving by simplifying processes and addressing the need in a totally different way.
The administration module integrates under a simplified and efficient control panel all the functionalities required by the manager to insure single input of information at the source. The module insures management of all the insurances specifics as well as all billing and automatic optimization of employer/employees contribution calculations. Moreover, it allows sharing information with each participant including the majority of the payroll or HR systems. The service simplifies the operations while reducing the risks of E&O. To consult the “Groupe Financier Abi-Témi Inc” case study click on following URL link:
http://www.c-surance.ca/Csurance.ca/case/abi_temi_en.pdf
The second module combines the power of Claim Adjudication tools with those of Administration. All the professional tools which allow for self funding or self insurance are now available at the sponsor level. This new option gives an absolute control of all the entreprise critical activities and ensures even more substantial savings. A case study, from “The port of Montreal Dockers Unions” shows some 500000 $ in annual savings since 2001 when they started using a previous release of C-surance.ca. To access this case study click on following URL link: <
http://www.c-surance.ca/Csurance.ca/case/Dockers.pdf
The Market Evaluation module greatly simplifies the evaluation processes needed to identify the insurance offering that will best respond to the sponsor needs. The manager gets a detailed comparative analysis of the received offers from the various insurers outlining the products divergences as well as prices. The integration of information with the Administrative system substantially facilitates the sharing of the needed information with the targeted insurers. Time savings as well as increased effectiveness benefit the sponsor. Consult the case study of Service Financier JDF Inc by clicking on the following URL link:
http://www.c-surance.ca/Csurance.ca/case/JDFen.pdf
Available as SAAS (Software As A Service) “C-surance.ca ENTERPRISE” is the first service exclusively created to meet the needs for the group benefit insurance manager. The service is available to Enterprises, Trade-union Organizations and government agencies. The service is ideal for management of groups from 5 to 1, 000,000 participants.
The “C-surance.ca ENTERPRISE” collaborative approach gives the taker full control to pick and choose their business partners and invite them to contribute to management task. No matter the evolution of the insurers, advisors or their own corporative changes, the sponsor always keeps the same management tools as well as ALL information in its own data base. The taker remains completely independent of carriers systems hereby insuring the ability to choose the insurances products which are best appropriate without having to adapt to the variable technological services of each insurer.
A complete and integrated service is available through certified C-surance.ca group benefits professional advisors and actuaries. A list of the C-surance.ca professionals is available at MDI. Experienced manager who wishes total and complete independence can obtain the access to the service by contacting www.c-surance.ca.
MDI guarantees savings of time and money, a simplification of the processes, real time access to information, a complete independence and a flexibility never offered previously to the takers. The rating formula is simple, the taker picks and chooses the needed services and MDI invoices a fraction of the savings made thanks to the services used.
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 specialized 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 “Software As A Service” solution that reduces operating cost and improve profit for users.
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.
- 30 -
Contact :
Richard Sirois rs@c-surance.ca
450-629-6158 # 229
Toll free : 866-629-6158 # 229
www.c-surance.ca
