Annuities & Repetitive Payments

Deferred and Immediate Annuties

FIMMAS uses the same modules to process annuity products that are used to process other 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.

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Annuity Reports

All of the flexible reporting capabilities of FIMMAS are available for annuity processing.

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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.

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Claims Handling

Claims handling in FIMMAS consists of four elements:

  1. Claims entry and determination of eligibility
  2. Claims adjudication (calculation of payment)
  3. Disbursement processing
  4. Claims tracking, inquiry and reporting

FIMMAS handles all four of these elements for life, AD&D, and disability products. For medical and dental products, FIMMASprovides elements 1, 3, and 4, with an interface to specialized systems for claims adjudication. 

In other words, FIMMAS manages claims for all types of products. It creates the claim record, checks eligibility, and passes eligible claims to the appropriate claims adjudication system (FIMMAS for life, AD&D, and disability; an external system for medical, dental, vision, and prescription drugs products). 

Once the claims adjudication system has calculated the payment, the payment information is returned to FIMMAS, which creates the disbursement, allocates the disbursement to appropriate General Ledger accounts, and updates the client database to reflect the payment. The FIMMAS database then retains all transaction detail for tracking of claims history and payment history. All detail is available for inquiry and reporting. Detail records are retained on-line until you decide to archive or delete them.

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New Business

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. Highlights include:

  • Online application entry
  • Optional automatic assignment of policy number
  • Calculation of all items for policy specifications and cost disclosure pages, including issue age, premiums, dividends, and paid-up insurance
  • Support for redo / reprocessing, reprinting, recalculation, and reissue without reentry of application data
  • Automated requirements ordering and tracking
  • Tracking and aging of applications
  • Commission calculation
  • Compliance verification
  • Handling of cash with application
  • Real-time update of all information, immediately available for online inquiry and reporting
  • Entry / inquiry access for authorized field personnel
  • Optional electronic transfer of application data from external files. Whatever its source, all application data is subject to the same integrity edit.
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Policy Administration

Policy Administration includes those functions that enable customer service personnel to provide assistance to a company's policy owners, agents, and beneficiaries.

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Reinsurance

Reinsurance tracking is part of the FIMMAS base system. FIMMAS determines the total amount of insurance inforce by insured Social Security number. The amount of existing coverage plus the amount applied for can be compared to the company's retention limit, to check for the need to reinsure a case. FIMMAS easily calculates the amount of insurance and reinsurance inforce on existing policies. 

FIMMAS also provides an optional module for the administration of reinsured contracts. The reinsurance module includes net reinsured amount, age, substandard ratings, risk class, sex code, and other variables to compute the reinsurance premium. The module also calculates allowances. Each benefit, rider, or supplemental coverage can be reinsured with one or more carriers under multiple treaties. FIMMAS can also interface with an external reinsurance system.

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Reporting/Corresponence

The FIMMAS  Reporting module is delivered with predefined reports that allow for user variations of any report based on sort and selection criteria specified at the time the report is requested. FIMMAS also supports third-party reporting tools that are ODBC-compliant. FIMMAS  Reports can be generated against any information in the database, and can be requested at any time by any authorized user.

The FIMMAS Correspondence Link provides an interface to the full-function capabilities of standard word processing and document creation packages. Data from FIMMAS can be integrated with standard formats and user-created variables to create custom correspondence and documents.

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

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