Considering the fact that this will be my first ever blog, I thought of keeping this simple and Short.
When I got trained in SAP FS-CD (Financial Services Collections and Disbursements), I had immense interest in learning it and getting deeper into the world of Insurance. SAP IS-Insurance has quite a few modules to deal with various areas in Insurance. There is SAP FS-PM (Policy Management), SAP FS-CM (Claims Management), SAP FS-ICM (Incentive and Commissions Mgt), SAP FS-CD (Financial Services Collections and Disbursements), SAP FS-RI (Reinsurance).
SAP FS-CD deals with the collection of Premiums an disbursements of Claims. The various processes dealt are open item accounting, payment processing, incoming payment processing, correspondence, and dunning.
The beauty of SAP is that everything is so well thought off. You think of a scenario and it has at least been thought of once and embedded into the product.
Sometimes I think that being aware of all the configuration or the transactions in SAP itself make us so much aware of so many industries and their business processes. Its liked the Business process of the company was already envisaged and so can be mapped with SAP with the least bit of tweaks.
Anyways I really liked the fact that FSCD was so easily customisable and you could fit in so many scenarios in it. I have been able to discover a lot, but the beauty of SAP as is, it makes me want some more.
The beauty is that it can talk to so many legacy systems at a time, be it Policy, Claims, Incentive and also the FI/CO and Cash Management systems.
I loved the way the payment plans simulation gives you the breakup of the premium payments that one would make in the future and then when you suddenly change the payment plan the premiums change accordingly. It was interesting to see how the effect was so immediate.
I invite people into the world of SAP Insurance.
Please share your experiences and lets take this discussion forward.