Look What’s New for Group Insurance
SAP Policy Management, group insurance add on
The insurance market is ever evolving. Insurance companies need end-to-end solutions provided by single vendors that are integrated into one suite. SAP Policy Management (FS-PM) has long been the answer to fast and flexible insurance policy administration. With the release of the new SAP Policy Management, group insurance add on, FS-PM is the hands-down winner for group insurance as well.
SAP Policy Management (FS-PM) is a comprehensive policy management system that gives primary insurers a wide breadth of control over the administration of insurance policies. It gives insurers the perfect platform for making informed and transparent business decisions in areas such as claims, financial accounting, commissions, collections, and disbursements. FS-PM provides for product and policy management across diverse lines of business including life, auto, health, property, and casualty insurance, and enables customer-specific customizing and configuration for each line of business.
SAP Policy Management, group insurance add on expands upon this flexibility by simplifying the creation and maintenance of master policies. The extension makes the management of complex products for large companies as easy to manage as simple insurance products for individuals with single policies.
Improve Your Group Business with the Extension for Group Insurance
The extension for group insurance enables you to do the following:
•Preconfigure Master Policy templates in the In-Force Business Configurator just as you preconfigure other templates
•Maintain and display information relating to partners, collection type, premium, and commission data, all at the Master Policy level
•Manually rate premiums based on price per unit (otherwise known as premium per piece)
•Target product module groups to define where maintained information shall default
•Default policy, contract, and coverage information from your master policies to assigned policies
•Manually plan correspondence in the Create Master Policy, Change Master Policy, and Display Master Policy business processes
•Select a subset of policies from Master Policy and save a result set for use in the Mass Change and future business processes
•Perform Mass Changes via Mass BTX on a bigger number of policies assigned to a Master Policy
•RFC-function modules to Create Master Policy, Change Master Policy, Create Sample Application and Release Applications
With the addition of a new header, you always have sight of your master policy name, number, template ID, and master policy partner throughout the Create/Change/Display Master Policy processes.
Raising the Benchmark
FS-PM sets the benchmark for speed, integration, and flexibility in insurance software. It maps process chains in real-time and provides sample content with cross-line of business basis processes, and it fully integrates with other insurance systems. With the extension for group insurance, you now have even more power to create and maintain master policies with the ease and flexibility you’ve always had with single policy processing. Have questions about SAP Policy Management, group insurance add on? Please contact SAP Peter Voigt, Björn Panter or Christian Lorenz.