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ISV success stories
Client event demonstrates the true value of MediRisk solution to customer and IBM
Underwriters are consistently challenged by the need to strike a delicate balance when calculating the cost of insurance premiums. If they set premiums too high, prospects will likely take their business elsewhere. Set the premiums too low, and, though it may bring in business, the insurance company may be unable to cover its risks.
MediRisk - Advanced Medical Underwriting Ltd., an IBM Business Partner headquartered in Tel Aviv, Israel, was founded in 1999 to provide medical and life insurance companies with an independent third party rating methodology for underwriting life and health insurance policies.
Like many software developers, MediRisk is consistently challenged with finding creative, effective ways to promote its solution in the marketplace and demonstrate the value it can bring to new customers.
The MediRisk marketing team found such a way in the client events package, offered to Business Partners through the IBM PartnerWorld program. Through this benefit, IBM hosted a briefing for MediRisk and a key customer at an IBM facility in Israel, with a Web conference of the session available in the United Kingdom, the United States, and Hong Kong. IBM helped with logistical details and provided a catered lunch for on-site attendees.
The customer is now seriously considering the proposed IBM and MediRisk solution, and MediRisk is optimistic it will win the business. "Using the client events package has been a very successful, professional way to promote our solution," commented Dr. Motty Bahar, chief executive officer of MediRisk.
The MediRisk solution gives executives, underwriters, new business officials, and insurance customers a comprehensive decision-making tool to help them achieve fast, accurate, and cost-effective underwriting. With features such as an extensive up-to-date database, adjustable underwriting rules, and a proprietary scoring algorithm, MediRisk broadens the view of the parameters that influence the underwriting decision-making process.
MediRisk provides a rule-based system that enables multilevel underwriting processes. Rules can be configured to fit the owner's underwriting philosophy, making MediRisk fully adaptable to change and to any type and number of decisions required for any insurance product.
For example, in handling medical underwriting processing, MediRisk automatically calculates the risk rate of coexistent coded medical conditions, such as diseases, procedures, medications, and disabilities, as well as social, geographical, lifestyle, financial, insurance background, and previous underwriting decision conditions.
The solution is adaptable to different levels of users, whether they are at the point of sale or are agents, expert underwriters, or medical doctors. Plus, the MediRisk solution allows for a variety of distribution channels, such as direct Internet sales, call centers, and more traditional channels.
Simplifying the process flow between new business, underwriting, claims, and management, MediRisk helps increase productivity while reducing the extra costs that come from rejected cases or medical reports. The insured customer is satisfied with a fast and accurate decision, and more applications can be processed in less time with fewer people involved. The result is a decrease in claims and increased revenue.
Since MediRisk can be deployed on existing installations, its customers also save on IT resources and additional IT expense.
The MediRisk application supports IBM System x™ and System i™ servers, running the i5/OS® operating system and WebSphere® Application Server and DB2® Universal Database middleware.
MediRisk decided to support the IBM platforms because many of its customers and prospects use and trust IBM products. And MediRisk became an IBM Business Partner in order to leverage the IBM reputation and resources and take advantage of the benefits offered through the PartnerWorld program.
"The seriousness and the responsibility of a major corporation like IBM can help us promote MediRisk business all over the world," said Dr. Bahar.
Along with membership in PartnerWorld, MediRisk has qualified for industry-optimized benefits in the PartnerWorld Industry Network for insurance.
MediRisk works closely with the IBM Global Technology Unit (GTU), a corporate initiative established by IBM to promote worldwide business for IBM jointly with Israel-based technology companies. Providing assistance and guidance to Israeli Business Partners whenever needed, the GTU uses PartnerWorld and the PartnerWorld Industry Networks as the framework for helping independent software developers tailor and market solutions for their customers.
"Our contacts in the GTU are always very helpful," Dr. Bahar said. "They encouraged us to participate in PartnerWorld Industry Networks and introduced us to the variety of benefits that are available."
Qualifying for industry-optimized benefits has given MediRisk access to a special set of benefits, including the client events package (formerly known as hosted customer meeting).
Through this benefit, IBM hosted a briefing for MediRisk and a key customer, one of the world's largest banking and financial services institutions. The half-day meeting was held at the IBM Forum in Petach-Tikva, Israel, not far from MediRisk offices in Tel-Aviv.
To get things started, an IBM alliance manager from the GTU worked with MediRisk to determine the scope of requirements, helped arrange for the event, and introduced MediRisk employees to the staff of the IBM Forum.
"The IBM Forum team was very professional and cooperative," Dr. Bahar recalled. "They were well prepared ahead of time and met all of our needs and requirements."
Approximately 20 customer and IBM representatives attended the briefing, both on-site at the IBM Forum and via Web conference. Along with providing the on-site facilities and helping with the logistical details, IBM also set up the Web conference to facilitate attendees outside of Israel.
Catering and refreshments were provided for those attending on-site, and there was ample opportunity for informal interaction before the briefing and during the breaks and lunch.
The meeting was led by Yehuda Roth, an administrative information services applications leader and system integration project manager with IBM Global Business Services. He welcomed the audience and introduced the speakers from MediRisk. Along with Dr. Bahar, MediRisk speakers included Dr. Hagai Bercovici, head of medical research and support, and Dr. Oded Sarel, an advisory board member, who discussed the concepts and technical aspects of the combined MediRisk and IBM solution.
Their presentations were followed by a live, dynamic demonstration of the underwriting application.
"Audience reaction during and after the briefing was very positive, overall," said Dr. Bahar. "As a result of this meeting, we succeeded in getting on the short list of a large request for proposal with IBM for this account." Plus, the IBM representatives in attendance were so impressed with the presentations and demonstration that MediRisk has signed a service contract with IBM to develop a new version of the product.
"Holding our meeting at the IBM Forum and the attendance by IBM representatives with their customers shows that we have a strong relationship with IBM, giving us increased our credibility with this prospect," said Dr. Bahar.
"What's more, it gave us an opportunity to impress upon IBM the true value of our solution," he concluded. "We consider this to be a very valuable resource."
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