What is sap insurance?
SAP for insurance addresses the drawbacks and challenges faced by insurance companies and has proved to be a comprehensive solution for the problem. It enables the company to handle the customer and market requirements and simultaneously controls the profit and economic viability.
The sap is a door for businesses that can help them move forward towards digital transformation. We can merge sap insurance with the other sap products for yielding better performance.
Components of sap insurance
The following are the components of sap insurance:
- BP – Business partner
It is a unique key that is used for indicating a client in the SAP system. It contains all the data that is required for processing business transactions, bank details, telephone numbers, and more. FS-BP keeps all the counterparty data at one centralized location.
- FS-CD – Collection and disbursements
It enables the users to handle receivables and payables with precision, quickness, and cost-effectiveness and thus provides efficient cash management.
- FS-CM – Claims management
It manages all the claims in the insurance company and supports all the key lines of business in an insurance company like life, property, health, etc. It covers all the end-to-end claims.
- FS-ICM – Incentives and commission management
This is a good tool for reducing costs and optimizing sales. It has four main advantages- efficiency, flexibility, transparency, and corporate flexibility. With the help of remuneration plans, we can implement strategies for multiple channel distribution and sales management.
- FS-PM – Policy management
It helps in customizing and tailoring the needs of customers. This platform provides standard processes and products as best practices.
- FS-RI – Reinsurance Management
With the help of reinsurance management, we can automate flexible treaties and facilitate administration that can enhance the risk capacity and promote profitable underwriting.
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