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Tech Directory Product Detail

FIMMAS / CLAIMS for Life, Disability, and Annuity Products

Management Data, Inc.

Contact: Patrick D. Michael, FLMI, CLU, ChFC, Address: 2060 Oak Mountain Drive , Suite 200, Pelham, AL, USA, 35124, Phone: 205-378-1380, Fax: 205-378-1381, Email: mdi@mgtdata.com, Website: www.mgtdata.com

Product Description:

FIMMAS / CLAIMS is the calculation and payment engine for products supported by FIMMAS, including immediate annuities, supplementary contracts, structured settlements, office overhead expense coverage, long and short term disability, long term care, and life benefit payout products. It integrates with other FIMMAS functional modules for Contract Administration, Client Administration, Reporting, Contract Accounting, Actuarial Support, and System Rules Administration, or can be used in conjunction with external systems.
 
FIMMAS / CLAIMS 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.

When claim information is entered, FIMMAS / CLAIMS automatically calculates periodic payments based on applicable benefits. The system then maintains the claims and their associated payments, along with information about contracts and contract benefits, repetitive payment rules, and payment records.

FIMMAS / CLAIMS provides features 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.

Claim and premium detail - not just summary information - is maintained on-line 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.