FIMMAS uses the core client relationship management functionality and support file structures to tie both the group and individual lines of business together.
Management Data was formed as an actuarial consulting company in 1982. One of the first engagements was to build a system to support insurance products with multiple funds. This became the predecessor to their Policy Admin System, FIMMAS. The approach in developing the system was to make it Y2K compliant from the beginning and provide for an unbundled approach to product design, placing the majority of the product configuration in the hands of the business users. Soon they decided to move to a base system approach, designing the system to support multiple libraries where the base code and custom code could be placed in separate libraries as not to interfere with each other. This has allowed for ease of client customization and integration. Over the last 30 years, they have added or improved functionality to support all life, annuity and most health products in the market.
Pat Michael, CEO of Management Data brings 37 years of experience to the company. Having seen the problems with the system support for the insurance industry, he joined MDI and bought the majority share, giving him the ability to shape the company and FIMMAS into the system that he would have wanted to manage his portfolio. FIMMAS, MDI’s Flexible Insurance Marketing, Management, and Administration System, provides a full-function individual and group insurance administration system.
FIMMAS uses the core client relationship management functionality and support file structures to tie both the group and individual lines of business together. They have various support features unique to each but share most of the common functions to manage the contracts and certs. They start with quoting capabilities and flow into underwriting, policy administration, correspondence, billing and collections, policy service, claims, valuation and reinsurance.
FIMMAS rate tables have several user-definable variations, including date bands, gender-based rating, risk classes and other underwriting criteria, age and/ duration based rates, banding by volume of coverage, geographic rating and benefit/ elimination period variations for disability/ health products. Tables control the various modal premium fees that are linked to the premium calculations for various products. Tables also control special rating adjustments that can be applied for substandard insureds, and for other situations in which the calculated premium is based on a multiplier times the basic premium rate per unit. Reserve factors can be uploaded into FIMMAS to support various types of valuation calculations for Statutory, Tax and GAAP reserves. Each benefit in Plan & Rate book can be configured to control which types of valuation calculations should be done, and how the respective amounts should be calculated.
One of the State Guaranty Associations took over responsibility for Long Term Care (LTC) policies from two different insurance companies. They selected MDI to implement FIMMAS for these two blocks of business. MDI implemented special modifications needed for LTC claims administration and managed the conversion of the policies to FIMMAS. MDI also provided hosting for the implemented system. Each block of business was implemented swiftly and economically.
MDI is an international company that has recently utilized its inherent language conversion capability to convert the system to Spanish, staging it for an opportunity to take on the challenges of Latin America. The company has also recently expanded its functionality for Long Term Care products and now have a client in productions running two separate company portfolios on FIMMAS. MDI has also recently enhanced its Credit Life and Debt Cancellation functionality and recently added a new credit company to its client base.