SAP Policy Management is a powerful solution designed to streamline the creation, administration, and enforcement of organizational policies across industries. By offering robust tools for policy lifecycle management, compliance tracking, and automated workflows, SAP Policy Management helps businesses maintain regulatory adherence and minimize overall risk.
This article delves into the features and benefits of SAP Policy Management, highlighting how it supports operational efficiency and enhances governance in dynamic business environments.
Understanding the SAP Policy Management Solution
SAP Policy Management (SAP INSURANCE FS-PM) is a central component in the SAP Insurance portfolio built on SAP NetWeaver and designed to help companies manage insurance contracts and map the whole life cycle of critical organizational policies.
It allows users to execute scheduled and unscheduled (irregular) processing activities and map the entire life cycle from creation to policy issuance and ongoing maintenance to termination. The standard delivery for the SAP Policy Management platform provides sample values for the Life, P&C, Liability, and Personal Accident Insurance (P&C/ Non-Life) lines of business.
This empowers users to edit and manage business transactions from a single platform, such as:
- New Business
- Inquiry
- Change
- Universal Change
- Reversal
- Reset
The SAP Policy Management platform also provides interfaces for critical processing activities, including premium debit entries, adjustments, correspondence, and contract extensions. The product engine allows you to define specific products, product models, and rules for calculations and plausibility checks.
SAP Policy Management in Different SAP Environments
SAP Policy Management provides seamless integrations with other SAP products, such as:
- SAP Business Partner for Financial Services
- SAP Claims Management
- SAP Underwriting for Insurance
- SAP Collections and Disbursements
- SAP Incentive and Commission Management for Insurance
- SAP Loans Management
Organizations can also facilitate integrations with other SAP systems, like S/4HANA Cloud, NetWeaver, Incentive, and Collections, to establish a secure system landscape for successful implementation and collaboration across organizational units.
By providing a comprehensive solution for primary and reinsurance companies, SAP Policy Management makes it easier to streamline connections across systems, manage contract information, and conduct regular contract maintenance.
Integration with SAP Reinsurance Management
SAP Policy Management seamlessly integrates with the SAP Reinsurance Management (FS-RI) solution, offering a comprehensive interface for reinsurance companies to manage contracts and improve data integrity across systems.
Integrating SAP Policy Management and SAP Reinsurance Management can help organizations manage various types of insurance contracts, including personal accident insurance, liability insurance, and property insurance. This integration enables insurance and reinsurance companies to streamline core business processes, improve data accessibility, and streamline workforce efficiency.
Implementation and Configuration
SAP Policy Management can be implemented and configured to meet the specific needs of insurance companies, involving the configuration of the product engine, definition of core business processes, and navigation of interfaces with other SAP components.
With a comprehensive guide for system implementation and configuration, SAP Policy Management empowers organizations to set up their own system landscape, define critical user roles and permissions, and configure the correspondence tool correctly. It supports various implementation and configuration options, including on-premise, cloud, and hybrid deployment models, enabling companies to execute tasks that meet their specific needs.
Policy Management Content and Resources
SAP Policy Management offers a range of content, training resources, and education programs to help insurance companies manage their policy management processes.
With a comprehensive documentation set, including user manuals, configuration guides, and technical notes, SAP Policy Management empowers users to streamline core workflows and optimize data management across systems.
The SAP Business Accelerator Hub provides integration scenarios for Policy Management in SAP S/4HANA and SAP S/4HANA Cloud Private Edition. Integration with the SAP Community Network offers various resources and forums to optimize tasks within the SAP Policy Management platform, including blogs, wikis, and discussion forums.
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