#USA #Birmingham #MDI #Control360 #JDI Data

MDI Launches Control360 for Cost Management Innovation

MDI, a prominent player in the Insurtech sector, has recently made headlines with its acquisition of the Vendor Cost Control (VCC) software from JDI Data Corporation. This strategic move is set to revolutionize the way construction defects are managed, particularly in the realm of cost-sharing agreements. The newly rebranded service, Control360, aims to provide a seamless solution for tracking and managing construction defect litigation expenses.

Advancements in Cost Management

With the introduction of Control360, MDI aims to simplify the complexities associated with cost management in construction defects. Users will benefit from a platform that replaces the cumbersome processes of manually tracking costs via spreadsheets and emails. Control360 automates key tasks like cost-sharing allocations, providing users with real-time visibility into each carrier’s contributions, payment statuses, and outstanding balances—all accessible via MDI's secure client portal.

Awais Shaikh, CEO of MDI, expressed enthusiasm about the acquisition, emphasizing how it aligns with the company's mission to support claims professionals and defense firms through innovative technology. Control360 is positioned not only to enhance efficiency but also to empower users in their financial management processes.

Streamlined Operations with Control360

What sets Control360 apart is its comprehensive approach to managing financial operations linked to construction defect claims. It effectively assigns carrier shares based on key dates relevant to each case, tracks invoices and payments, and ensures complete reconciliation until a case reaches resolution. Additionally, it accommodates various settlement strategies, including flat fee buy-outs, further enhancing its value proposition to clients.

The product boasts live data reporting, allowing users to monitor all financial aspects of their claims at any time. Moreover, a dedicated case manager oversees ongoing reconciliations and maintains communication between all parties involved, ensuring transparency and collaboration.

A Vision for the Future

Ina Fossa, the Product Lead for Control360, highlighted the uniqueness of the platform within the construction defect industry, stating, "Control360 is the only solution that addresses the intricacies of these cases explicitly." Their team is keen to improve the product continuously, proving its essential role in the construction sector—especially where resolution of additional insured issues remains a challenge.

About MDI

Founded on principles of excellence and community engagement, MDI specializes in delivering cloud-based core system solutions across various sectors, including life, health, and annuity insurance, as well as broader risk management. Their flagship offerings, FIMMAS and RiskSuite360, empower insurers to streamline policy administration and claims management efficiently. By leveraging innovative technology, MDI has positioned itself as a trusted partner for organizations looking to modernize operations and enhance policyholder experience.

As MDI expands its footprint in the construction industry through Control360, it illustrates the company's commitment to integrating cutting-edge solutions that drive operational efficacy while addressing the complex needs of its clientele. For more information on Control360 and MDI's services, visit mdisoftware.io.