Management Data Inc. has added variable annuity payout capabilities to the FIMMAS Insurance Administration System.
The FIMMAS VA payout tool is included in the Repetitive Payments Module, according to Management Data, Pelham, Ala.
Insurers can use the tool to handle an optional fixed payout component and multiple variable funds on the same contract, Management Data says. The variable payout components are revalued on each payment due date, based on the change in the underlying unit values.
FIMMAS also supports supplementary contracts, long term care insurance, disability insurance policies and other products that have recurring payouts.
Management Data offers through FIMMAS Repetitive Payments module through an in-house license arrangement and an application service provider arrangement.