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 personal disability income benefits) and the more complex series of payments associated with structured settlements.

 

The Repetitive Payments Module of FIMMAS provides capabilities for:

  • 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, re-certifying, 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, bi-monthly, quarterly, semi-annually, and annually.
  • Single or multiple payees or assignees.

 

Product Support

FIMMAS provides repetitive payments processing for Annuities, Short Term Disability, Long Term Disability, Long Term Care, Hospital Income, and other special products.

Flexible Reports and Inquiries

Claim and premium detail—not just summary information—is maintained online for as long as you designate, so that reports and inquiries can include historical and current detail. Flexible reporting options help you analyze loss ratios by state and by product, number and size of claims, and other data; sorted by line of business, state, geographic area, producer, and other variables.

 

Disability/Claim Reports

Following are descriptions of a few typical disability claims reports. Similar reports are provided for other products requiring repetitive payments processing. (Click here for information on Annuity reports.) Additional reports are easily created or customized for regularly scheduled reporting or ad hoc inquiry. All report detail can be printed or reviewed online.

 

Report Description
Disability Claims by Status User can select by status: pending, approved, payment in progress, suspended, or closed; and can sort by by state, disability type, duration, benefit type, and group/individual.
Disability Claims by Approved-to Date User can select by specific approved-to date or by a specified number of weeks/days in the future. User can sort by state, disability type, or group/individual.
Disability Claim 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, disability type, and payment range.
Disability Claim Payee Detail User can select a single payee or multiple payees.
Explanation of Benefits User can select by payee and by individual payment.
1099 Detail User can select a single payee or multiple payees.
Reinsured Disability Claim Payments User can select reinsured claims by status: approved, payment in progress, or suspended. User can sort by reinsurer, state, disability type, duration, payment amount, or group / individual.

Payment Processing

The payment processing screens and procedures described here use disability claims as examples. Please note that the same capabilities also support other repetitive payment products. The payment preview screen lets you confirm the details of a particular payment before it is completed. 

Click on the thumbnail to view a larger screen.

Payment History

Payment history is available in detail and summary form. The example shown on the left displays the total dollars paid on a claim. The one on the right lists all payments on that claim.

Click on the thumbnails to view a larger screen.

Payment Inquiry and Adjustments

The details of any payment are available for online inquiry. Authorized users can enter and review payment adjustments.

Click on the thumbnails to view a larger screen.

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

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