Claims Handling

Death Claims Processing

FIMMAS provides an online Death Claim Register. Claims can be recorded when first reported; and the claim record is automatically updated when the claim is paid. Features specific to Death Claim processing include the following:

  • FIMMAS provides a quotation screen for calculating and displaying the Net Death Claim as of a specified date.

  • Death Claim calculations split the amount of insurance into net mortality and reserve released components.

  • FIMMAS calculates interest on Death Claims. User-maintained rules on interest parameters may vary by state.

  • FIMMAS provides Requirement Tracking capabilities that can be used to order and track requirements for a Death Claim, or for other types of claims or service requests.

  • FIMMAS supports joint insured coverages, including standard joint coverages as well as last survivor coverage.

  • When a Death Claim is reported, billing and other policy activities may be suspended.

  • A pending claim may be reversed or denied.

  • Appropriate reinsurance and accounting transactions are recorded.

Repetitive Payments Processing

FIMMAS provides repetitive payments processing for a variety of products including:

  • Short Term and Long Term Disability

  • Long Term Care

  • Annuitized Deferred Annuities

  • Immediate Annuities

  • Structured Settlements

  • Life Benefit Payout

  • Supplementary Contracts 

The Repetitive Payments capabilities of FIMMAS include: searching for existing claims by Claim Number, Contract Number, Client ID, Group ID, and Claim Status. Adding new claims, automatically calculating payments, and setting up payments into payment streams. Approving, denying, contesting, resisting, suspending, recertifying, and terminating claims and payments. Pre-scheduling payment changes, such as Social Security, Workers Compensation, and residual offsets. Managing exclusions and federal and state tax withholdings. Multiple payment modes, including weekly, bi-weekly, monthly, semi-monthly, quarterly, semi-annually, and annually. Single or multiple payees or assignees. Tax calculations and reporting are also supported and the taxation percentage can be different from the payment percentage per payee.

 

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

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2060 Oak Mountain Drive, Pelham, AL 35124

mkt@mgtdata.com

Tel. 205.378.1380

Fax. 205.378.1381