MDI's Revolutionary Control360 Launch
In an exciting development within the Insurtech industry, MDI has recently acquired the Vendor Cost Control (VCC) software from JDI Data Corporation, rebranding it as Control360. This innovative platform is designed to automate cost-sharing in construction defect claims, significantly enhancing efficiency for insurance carriers and defense firms.
Transforming Cost Management
The new Control360 platform is set to revolutionize how construction defect costs are managed. MDI, a leading player in providing cloud-based core system solutions tailored for life, health, and risk management sectors, aims to streamline the administration of cost-sharing agreements in construction defect claims.
Automated Reporting for Quick Insights
Under the new name Control360, the software provides rapid and accurate summary reports along with accounts payable insights. This allows users to make informed decisions at any moment without the hassle of manual tracking through spreadsheets and emails. The platform automates the allocation of costs, offering a clear view of each carrier’s share, amounts paid, and balances due, all accessible 24/7 via MDI's secure client portal.
Real-Time Financial Monitoring
Control360 empowers accounting teams by providing real-time monitoring of paid and outstanding invoices. This automated accounts payable reporting mechanism is vital for organizations aiming to maintain oversight and efficiency in managing their finances.
MDI's Commitment to Innovation
Commenting on the acquisition, Awais Shaikh, CEO of MDI, expressed enthusiasm for incorporating Control360 into their extensive risk management product suite. "This acquisition aligns perfectly with our mission to empower claims professionals and defense firms with innovative technology solutions. Combining MDI's strengths with Control360's expertise allows us to broaden our reach within the construction industry," Shaikh noted.
Expertise in Construction Defect Cases
Ina Fossa, Product Lead for Control360, shared her excitement about enhancing the platform. She stated, "Control360 is the only product in the construction defect sector that effectively manages the intricate details of these cases. We are also pleased to introduce our Recovery Audit solution, which addresses unresolved additional insured issues." This highlights the platform’s versatility and commitment to tackling ongoing challenges in the industry.
About Control360
Control360 is meticulously designed to manage the financial aspects of cost-sharing agreements. The platform assigns shares based on various critical metrics, tracks invoices and payments, and performs thorough reconciliations until case resolutions are achieved. This robust software serves as an essential resource for accommodating settlement agreements, such as flat fee buy-outs, ensuring all parties are fairly compensated.
Live Data and Dedicated Support
Offering live data reporting with 24/7 access allows users to stay informed about their financial positions on specific claims. A dedicated case manager is assigned to handle ongoing vendor reconciliations, carry out monthly payment requests, and ensure effective communication among all parties involved in the claims process.
About MDI
MDI stands as a pioneer in the Insurtech space, providing cutting-edge cloud-based core system solutions for the life, health, and risk management sectors. MDI's mission is rooted in principles of excellence, integrity, and community involvement, aiming to empower its clients to operate with enhanced agility and precision.
Flagship Platforms Leading the Way
The company’s flagship platforms, FIMMAS and RiskSuite360, are designed to efficiently streamline policy administration, manage claims, enforce COI compliance, and facilitate expense allocation in complex, multi-party claims. This commitment to efficiency has proven to significantly benefit clients, reducing costs and modernizing operations while enhancing the experience of policyholders.
Frequently Asked Questions
What is Control360?
Control360 is an automated platform by MDI designed to streamline cost-sharing in construction defect claims, offering detailed financial tracking and reporting.
How does Control360 improve cost management?
The platform automates cost-sharing allocations and provides real-time reporting, eliminating the need for manual tracking methods.
Who can benefit from Control360?
Insurance carriers, defense firms, and claims professionals can all benefit from improved efficiency and transparency in financial management through Control360.
What features does Control360 provide?
Key features include automated accounts payable reporting, live data access, and dedicated case manager support for thorough reconciliations.
Why is MDI investing in Control360?
MDI aims to enhance its risk management solutions, empower industry professionals, and expand its presence in the construction sector by acquiring Control360.
