Individual New Business
New Business 

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arrowNew Business Master File
arrowApplication Entry
arrowStatus Tracking
arrowPolicy Issue

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.

 

 

New Business Master File

The New Business master file contains information about pending, declined, withdrawn, not taken, and other active or terminated applications for insurance. It provides the basis for supporting the processing of applications, including preparation of policy issue documents and placing coverage in force. Application data may be retained in the New Business master file for as long as needed for reporting and reissue functions.

Local and remote users can access applications on-line by policy number, insured name, group ID, and various other data elements. FIMMAS supports both trial applications and formal applications. When a contract is placed in force, information from the New Business master file updates administrative files.

 

 

Application Entry

 
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Application Entry - Plan Information

Customized screens provide easy entry and access to benefit information.

Pick lists help users quickly select from valid entries.

The system searches for duplicate records.

Application entry screens streamline the collection of customer information.

Click on the thumbnail to view a larger screen.

 
    
Through the Internet, dial-up lines, or direct lines, remote agents or representatives enter new business information in the same way as back office staff. Screens and procedures can be exactly the same as those used by back office staff, or special screens and procedures can be created for remote users. Input screens are easily customized to match the particular requirements of different products or departments.
    
 

Reports on pending applications can be selected and sorted by date range, agent ID, policy number, and other user-defined variables.

Status tracking screens give users a quick look at application status for fast response to questions from customers, agents, and back office staff.

Click on the thumbnail to view a larger screen.

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Application Status Inquiry
 
    
All New Business applications are automatically stored in a "pending" status until they are placed in force. Users enter whatever application information is available, and the data is stored in a pending master file, where it can be modified or added to as often as necessary. Before a pended record can be placed in force, it is run through a verification process that edits for missing or invalid data, compliance issues, etc. (This process can be invoked for an individual record or as part of regularly scheduled processing for all pended records.) A policy must successfully pass the verification process before it can be placed in force. Users can request reports sorted by status to identify those cases or individual records that are still pending.
 

  

Status Tracking 

Each New Business record contains a status code that indicates various stages of pending or terminated status. When an application is submitted, the system automatically assigns a "pending" status. After underwriting has approved the case for issue, the status is changed to "approved." A case must be in an "approved" status before it can be selected for preparation of issue documents.

Once issue documents are created, the status changes to "issued," and the policy can then be selected for inforce processing. A user may change status to "declined," "withdrawn," or "not taken" to reflect an action that caused the policy not to be placed in force.

  

Policy Issue

FIMMAS provides all the information needed to issue policy pages. FIMMAS calculates all policy values needed for schedule pages, cost index, and disclosure pages. State requirements are user-defined in plan / benefit specifications. FIMMAS supports calculation of current and guaranteed values, and uses plan rules to calculate the scheduled termination date of policies and riders.

Policy and certificate production is managed through the FIMMAS Correspondence Link. Information from New Business files and plan definition files is integrated with policy print routines, standard wording, and rules for incorporating variable data into policy print. The FIMMAS Correspondence Link integrates with standard PC-based word processing packages to create high quality output with logos, signatures, graphics, or special formatting. Policies can be issued immediately, or as part of regularly scheduled batch processing.

Once issue documents are created, the system automatically changes the status to "issued," and the policy can be selected for inforce processing. All required master files and history files are updated when an application is placed in force.

Duplicate copies of a policy can be issued, if needed. FIMMAS stores the original policy in the correspondence logs of the word processing package used to create the policy. Any authorized user can request that a duplicate copy be printed from the original. User-defined rules govern the generation of duplicate policies or certificates.