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MANAGEMENT DATA INC. RELEASES VARIABLE ANNUITY PAYOUT CAPABILITY IN FIMMAS ADMINISTRATION SYSTEM

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May 28, 2009
FOR IMMEDIATE RELEASE
 
BIRMINGHAM, AL, May 28 – MDI’s FIMMAS Insurance Administration System now supports Variable Annuity Payouts through its Repetitive Payments Module. The new capability offers an optional fixed payout component and multiple variable funds on the same contract. The variable payout components are revalued on each payment due date, based on the change in the underlying unit values.

With this addition, FIMMAS supports a full range of annuities (fixed and variable), supplementary contracts, settlement options, long term care, disability, and other types of insurance products that have recurring payouts. The FIMMAS Repetitive Payments Module also supports death claims and other types of lump sum payments on a variety of insurance products administered by FIMMAS or other insurance administration systems. FIMMAS Repetitive Payments capability is available for in-house license or through the SaaS (Software as a Service Provider).

Management Data, Inc. (MDI) is located in Pelham, Alabama, and has provided system solutions to the insurance industry since 1982. For more information, contact Pat Michael at 205-378-1380.

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