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 be different 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. 

We have full support for Deferred Annuities during the accumulation phase and the ability to convert them to a payout annuity at any time.

FIMMAS supports Immediate Annuity payouts for period certain, life, interest only, non-standard structured settlements; and a variety of other features like COLA, installment refund, cash refund, and surrender criteria for both single and joint lives, with the ability to vary the survivor percentages.  We also support Variable and Indexed versions of these annuities.  Additionally, full tax calculation and reporting capabilities are incorporated in the FIMMAS System.

Click on Repetitive Payments Processing for detailed information about FIMMAS handling of annuity payouts.

 

Annuity Reports

All of the flexible reporting capabilities of FIMMAS are available for annuity processing. The list below shows a few of the methods available for users to select and sort information for annuity reports.

 

Report Description
Annuities by Status User can select by status: pending, payment in progress, suspended, or closed. User can sort by state, annuity type, line of business (e.g., qualified, non-qualified, supplemental, etc.).
Annuity Payments User can select by total payments to date or by total payments for a specified time period (day, week, month, quarter, etc.). User can sort by insured, payee, state, annuity type, line of business, and payment range.
Annuity Payee Detail User can select a single payee or multiple payees.
1099 Detail User can select a single payee or multiple payees.
Reinsured Annuity Payments User can select reinsured annuities by status: payment in progress or suspended. User can sort by reinsurer, state, annuity type, line of business, payment amount.

 

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

Request Information or a Demo


APPX

IAI

2060 Oak Mountain Drive, Pelham, AL 35124

mkt@mgtdata.com

Tel. 205.378.1380

Fax. 205.378.1381