Functions

Actuarial Support

FIMMAS provides extensive user flexibility in defining, maintaining, and applying rules for rating, processing, and valuation calculations. Product rules and ratebook information are designed to be maintained by non-technical personnel using standard input screens or importing data from outside sources. Rate tables may also be imported into FIMMAS from external files or PC spreadsheets. Programming is required only when there are special, non-standard output formats or calculations.

Details

Agency Administration

FIMMAS allows each policy to be associated with multiple writing agents, with up to ten agent splits. Writing agents can be in a reporting hierarchy of up to nine levels. The number of levels can be easily modified to accommodate your requirements. FIMMAS supports commission processing for all product lines. The commission master files include agent master information, hierarchy information, agent financial information and statements, commission rate files, and commission history files. Commission rates can vary by plan, marketing organization, age, duration, agent level, face amount band, date range, substandard rating, premium type, agent situations, and group. FIMMAS prepares an agent statement for each agent, listing all commission transactions including totals on premiums and commissions for the statement period, year-to-date totals, debit balances, etc. FIMMAS readily interfaces with existing check writing or Accounts Payable systems to produce checks. FIMMAS captures information needed for 1099 reporting and to produce W2s. Agent validation takes place during application submission based on rules defined in easily-maintainable tables using the information in the license and appointment records for the Agent or Agents.

Details

Billing Administration

FIMMAS Billing Administration creates billing extracts, prints notices, and updates master files, based on user-maintained rules for billing. Billing rules include the number of notices per billing cycle, the timing of notices, the header information for notices, and whether or not payment is required to keep the policy inforce. Bills and notices can be printed for one, several, or all policies; and can be run on an ad hoc basis, upon user request, or as part of regularly scheduled processing. FIMMAS billing features include:

  • Multiple billing types: direct bill, list bill, true group, self billing, credit card, and ebilling
  • Multiple non-standard frequencies, including 9, 10, 11, 13, and zero times per year, in addition to all the normal modes
  • User-defined billing parameters and rules
  • User-defined wording and messages on bills
  • Balance carry forward and automatic application
  • Billing for outstanding periods
  • Multiple remittance options: check, lockbox, EFT
  • Ability to review the bill before sending a notice
  • Ability to change billing information and recalculate
  • Ability to change billing status
  • Ability to rebill
  • Ability to suspend billing for user-defined reason
  • Manual or auto reconciliation for group billing
  • Group change activities through reconciliation screens
  • Group level over/short tolerances
  • Multiple user-defined billing formats
  • Administration Fee billing for ASO groups
Details

Claims Handling

Claims handling in FIMMAS consists of four elements:

  1. Claims entry and determination of eligibility
  2. Claims adjudication (calculation of payment)
  3. Disbursement processing
  4. Claims tracking, inquiry, and reporting (including tax reporting)

FIMMAS handles all four of these elements for all products supported.  FIMMAS creates the claim record, checks eligibility, allows for case management, tracks outstanding requirements, calculates payment amounts, interfaces with disbursement systems, calculates taxable events, and generates accounting. The FIMMAS database retains all transaction detail for tracking of claims history and payment history. All detail is available for inquiry and reporting. Detail records are retained online until you decide to archive or delete them.

Details

Deferred and Immediate Annuities

FIMMAS uses the same modules to process annuity products that are used to process life and health products. Some of the data elements required in the database may vary for different products, but they all use the same rate table structure, reserve factor tables, reporting capabilities, and processing logic for application entry, underwriting, billing, contract administration, etc. The advantages to you are simplified training, reduced maintenance, a consistent user interface across product lines, and streamlined support for customers with multiple products.  Fixed, Indexed, and Variable annuities are supported for both deferred and immediate types.  User-defined rules control the options available. Tax qualified products are also supported.

Details

Group Administration

FIMMAS features simplify the entry of new groups and streamline the enrollment process:

  • Support for True Group, Association Groups, Self-Administered Groups, and ASO Groups
  • User-defined defaults for division, class, and employee entry.
  • User-defined defaults for data entry of repetitive fields.
  • Optional system-assigned group and certificate numbers.
  • Ability to "clone" standard information (classes, offerings, class offering tables, etc.) to speed up the process of setting up a new group.
  • Multiple classes for groups/divisions.
  • Census entry via electronic transfer.
  • Entry screens tailored to forms/products.
  • A comprehensive group/division database that keeps all detail online as long as you need it for inquiry and reports.
Details

New Business

FIMMAS New Business processing provides functions for streamlined entry of information pertaining to new applications, validation of new data, preparation of issue documents, commission advances and payments, correspondence, and placing the coverage in force. Highlights include:

  • Online application entry
  • Optional automatic assignment of policy number
  • Calculation of all items for policy specifications and cost disclosure pages, including issue age, premiums, dividends, and paid-up insurance
  • Support for redo/reprocessing, reprinting, recalculation, and reissue without reentry of application data
  • Automated requirements ordering and tracking
  • Tracking and aging of applications
  • Commission calculations
  • Compliance verification
  • Handling of cash with application
  • Real-time update of all information, immediately available for online inquiry and reporting
  • Entry/inquiry access for authorized field personnel
  • Optional electronic transfer of application data from external files. Whatever the source, all application data is subject to the same integrity edits.
Details

Policy Administration

FIMMAS Policy Administration includes those functions that enable customer service personnel to provide assistance to a company's policy owners, agents, and beneficiaries, including:

  • Benefit additions or deletions
  • Coverage amount changes
  • Removal of substandard ratings
  • Billing changes
  • Ownership changes
  • Loans
  • Withdrawals
  • Value/NFO quotes
  • Inforce Illustrations
  • Beneficiary changes
  • Demographic changes
  • Various termination options
  • Conversion support
  • Dividend options
  • Inforce underwriting for reinstatements or benefit additions
  • Correspondence
Details

Reinsurance

Reinsurance tracking is part of the FIMMAS base system. FIMMAS determines the total amount of insurance inforce for each insured. The amount of existing coverage plus the amount applied for can be compared to the company's retention limit—as defined in the Treaty Tables—to check for the need to reinsure a case. FIMMAS easily calculates the amount of insurance to retain or cede. The reinsurance module includes net reinsured amount, age, substandard ratings, risk class, sex code, and other variables to compute the reinsurance premium. The module also calculates allowances. Each benefit, rider, or supplemental coverage can be reinsured with one or more carriers under multiple treaties. FIMMAS can also interface with an external reinsurance system.

Details

Repetitive Payments Processing

The FIMMAS Repetitive Payments Module is the calculation and payment engine for annuities and claims requiring periodic payments. The Repetitive Payments Module integrates with other FIMMAS functional modules for Policy Administration, Client Administration, Reporting, Contract Accounting, Actuarial Support, and System Rules Administration. 

The Repetitive Payments Module supports a straightforward series of payments (such as immediate annuities and disability income benefits) in addition to the more complex series of payments associated with structured settlements.  The Repetitive Payments Module supports:

  • Automation of periodic payments with reverification capabilities
  • Case management
  • Tax calculation and reporting
  • Automatic and ad hoc correspondence
  • Requirements tracking and auto follow-up
  • Elimination and benefit periods
  • Multiple payment frequencies
  • Offset integration
  • COLA capabilities
  • Unlimited payees
  • Payment preview

 

Details

Reporting/Correspondence

The FIMMAS  Reporting module is delivered with close to one thousand predefined reports that allow for user variations of any report based on sort and selection criteria specified at the time the report is requested. FIMMAS also supports third-party reporting tools that are ODBC-compliant. FIMMAS  Reports can be generated against any information in the database, and can be requested at any time by any authorized user.

FIMMAS  Correspondence Link provides an interface from FIMMAS to the full-function capabilities of standard word processing and document creation packages. Data from FIMMAS can be integrated with standard formats and user-created variables to create custom correspondence, billing notices, marketing campaigns, group certificate pages.

 

Details

Underwriting

The FIMMAS Underwriter Workstation provides streamlined access to underwriting tasks:

  • Automatic determination of which new applications require underwriter reviews versus those available for speedy issue
  • Automatic determination of underwriting requirements based on plan, age, amount, and other user-defined variables
  • Application status tracking
  • Checking of approvals and licensing
  • Automatic follow-ups and reminders on pended items
  • Underwriting instructions and referrals to support staff
  • Underwriting notes and comments
  • Underwriting analysis reports
  • Automatic generation of forms and letters
  • System calculation of premiums
  • Interface with mainframe-based MIB and Alpha index systems
  • Security for personal health information
  • Online access to reinsurance database
Details

Since 1982, Management Data, Inc. has specialized in insurance administration software solutions.

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