Products

New Business processing provides functions for streamlined entry of information about new applications, validation of new data, preparation of issue documents, commission advances, correspondence, and placing the coverage in force. The FIMMAS Underwriter Workstation provides streamlined access to underwriting tasks. Policy Administration includes those functions that enable customer service personnel to provide assistance to a company's policy owners, insureds, agents, and beneficiaries. All Policy Administration functions in FIMMAS are designed to be interactive. They immediately update the entered information in appropriate master files and record the changes in appropriate history files. All processing is real-time, online. No batch cycles are required to update files.

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 in the policy inforce. 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.

In addition to standard FIMMAS reports, new reports can be created through the FIMMAS reporting module or any third-party reporting tool that is ODBC-compliant.

Special capabilities support the particular requirements of group products:

• Rates can vary by state, area, series, class, date range, and other variables. Use one rate table for multiple plans/benefits.
• Premium and rate change flexibility by date band.
• Flexible billing sequences, automatic billing for prior period, multiple modes on one bill.
• Access to all information by relationship: group to employee, employee to group, etc.
• Identify and combine groups for experience rating, dividend calculation, and reporting.
• Identify groups requiring exception handling.
• Complete experience data (premiums, claims information, etc.) available for online analysis.
• Features such as a GI matrix and auto generation of benefits to streamline enrollment, group cancellations, reinstatement, and re-enrollment.

FIMMAS uses the same modules to process annuity products that are used to process life and health products. Some 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 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. 

Unlike many software systems that use separate program components to support different lines of business, FIMMAS uses the same modules to process life, health, and annuity products. Although some of the data elements required may differ for different products, they all use the same rate table structure, reserve factor tables, reporting capabilities, and processing logic for application entry, underwriting, billing, contract administration, etc.

Create campaigns with pre-determined mailing schedules, campaign control dates, and unique identifiers that allow you to track application responses to a specific mailing, rather than just an ad campaign. Product requests are submitted via a website, phone call, or email; and are entered into FIMMAS either electronically or manually dependent on how the request was received. All electronic requests are screened for eligibility based on age and location. Any non-eligible requests are identified in an exception report which is used to determine alternative products that could be marketed.