Products

FIMMAS  is a complete, integrated system for the support of a wide range of group and individual insurance products. The same programs, screens, menus, and procedures support life, health, and annuity products. The benefits to you include:

  • A single interface for users

  • Simplified user training

  • Streamlined set up and support

  • Better service to customers with multiple policies

 

Flexibility in developing and marketing new lines of business without the complexity and cost of a separate administration system

User Interface

All major FIMMAS  functions are part of a single system with a consistent user interface and access from any other part of the system.

  Menu-Driven Access

Menus can be tailored to fit the job requirements and security profiles of different users and departments.

Customized Entry Screens

Product-specific entry screens help users create error-free entries by minimizing the number of keystrokes needed to enter information. Company-specific defaults and pick lists further reduce data entry error.

  Online Edits

Online edits catch errors as they occur. All online transactions are edited against appropriate range checks, business rules, and reference files for accuracy. Codes, abbreviations, and numerical references—such as policy numbers, agent numbers, etc.—are verified.

  Online Help

FIMMAS  provides online procedural and navigational help; and online, context-sensitive field help for any field on a screen.


Client Database

FIMMAS  has a client-based database. "Clients" are all those with an important relationship to your company, including current and former customers, agents, prospects, referrals, assignees, etc. Additions and changes to client information are entered online and updated immediately throughout the system. Home office staff, agencies, reinsurers, customer service satellites—any authorized user—can have access to the same client information.


Product Definition

  Fast Time to Market for New Products

New products can be cloned from existing ones. Existing rate tables and rules can be connected to a new plan for fast definition. Menus, screens, and reports are easily modified to accommodate new products. Interest rates, premium rates, mortality and risk rates, expense charges, policy values, and other variables can be defined and maintained by non-technical staff.

  Riders/Supplemental Benefits

FIMMAS  supports an unlimited number of riders and benefits on the same plan or policy. Coverage rules are specified one time, even if the benefit is available on multiple plans. An unlimited number of other individual insureds can be specified as riders on a single policy.

  Flexible Rating

Rates may vary by face amount, date band, and risk class, in addition to plan, age, and duration. This flexibility applies whether the rates are for premiums, cost of insurance, dividends, reserve factors, or surrender charges. The same rate table rules and factors may be connected to any number of plans and benefits. Rate tables are easily imported from external spreadsheets.

  Risk Charges

FIMMAS calculates risk charges separately for the base coverage and each rider. Charges are based on the net amount at risk, the risk rate, and substandard ratings. Calculations reflect Death Benefit Corridor requirements and the distinctions among death benefit options. Risk rates can be user-maintained.

  Expense Charges

FIMMAS calculates a variety of periodic expense charges. Charges may be flat amounts per period, may be based on coverage amounts, and may apply for specified periods of time. Expense rates can be user-maintained.

  Interest Calculations

FIMMAS calculates interest on the beginning period cash values and daily interest for each accounting transaction from the date of receipt. Interest is independently calculated for loaned and unloaned portions of the cash value. Interest rates are user-maintained.

Individual 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.

Details

Group Products

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.
Details

Annuities/Repetitive Payments

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. 

 

Details

Health Products

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.

Details

Marketing

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.

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

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2060 Oak Mountain Drive, Pelham, AL 35124

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Tel. (205) 378-1380

Fax. (205) 378-1381