New Business

New Business Master File

The FIMMAS New Business master file contains information about pending, declined, withdrawn, not taken, and other active or terminated applications for insurance. It provides the basis for supporting the processing of applications, including preparation of policy issue documents and placing coverage in force. Application data may be retained in the New Business master file for as long as needed for reporting and reissue functions.

Local and remote users can access applications online by policy number, client name, group ID, and a range of additional data elements. FIMMAS supports both trial applications and formal applications. When a contract is placed in force, information from the New Business master file updates administrative files.

All New Business applications are automatically added in a "pending" status until they are changed by the system, underwriter, or placed in force. Users enter whatever application information is available, and the data is stored in a pending master file, where it can be modified or added to as often as necessary. Before a pended record can be placed in force, it is run through a verification process that edits for missing or invalid data, compliance issues, etc. (This process can be invoked for an individual record or as part of regularly scheduled processing for all pended records.) A policy must successfully pass the verification process before it can be placed in force. Users can request reports sorted by status to identify those cases or individual records that are still pending.

Application Entry

  • Customized screens provide easy entry and access to benefit information based on your current physical application.

  • Pick lists help users quickly select from valid entries.

  • The system searches for duplicate records.

  • Application entry screens streamline the collection of customer information.

Through the Internet, dial-up, or direct lines, remote agents or representatives enter new business information in the same way as back office staff. Screens and procedures can be exactly the same as those used by back office staff, or special screens and procedures can be created for remote users. Input screens are easily customized to match the particular requirements of different products or departments.  Electronic feeds of application data is also supported.

Reports on pending applications can be selected and sorted by date range, agent ID, policy number, and other user-defined variables.

Status tracking screens give users a quick look at application status for fast response to questions from customers, agents, and back office staff.

Status Tracking

Each New Business record contains a status code that indicates various stages of pending or terminated status. When an application is submitted, the system automatically assigns it a "pending" status. After underwriting has approved the case for issue, the status is changed to "approved." A case must be in an "approved" status before it can be selected for preparation of issue documents.

Once issue documents are created, the status changes to "issued," and the policy can then be selected for inforce processing. A user may change the status to "declined," "withdrawn," or "not taken" to reflect an action that caused the policy not to be placed in force.

Policy Issue

FIMMAS provides all the information needed to issue policy pages. FIMMAS calculates all policy values needed for schedule pages, cost index, and disclosure pages. State requirements are user-defined in plan/benefit specifications. FIMMAS supports calculation of current and guaranteed values, and uses plan rules to calculate the scheduled termination date of policies and riders.

Policy and certificate production is managed through the FIMMAS Correspondence module. Information from New Business files and plan definition files is integrated with policy print routines, standard wording, and rules for incorporating variable data into policy print. FIMMAS Correspondence integrates with standard word processing packages to create high-quality output with logos, signatures, graphics, bar coding, or special formatting. Policies can be issued immediately, or as part of regularly scheduled batch processing.

Once issue documents are created, the system automatically changes the status to "issued," and the policy can be selected for inforce processing. All required master files and history files are updated when an application is placed in force.

Duplicate copies of a policy can be printed or emailed, if needed. FIMMAS stores the original policy in the correspondence logs of the word processing package used to create the policy. Any authorized user can request—from with FIMMAS—that a duplicate copy be printed from the original. User-defined rules govern the generation of duplicate policies or certificates.

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

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