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SAP Policy Management – a state-of-the-art solution for back office requirements

SAP Policy Management (FS-PM) can be deployed as fully integrated component of SAP for Insurance landscape or as a standalone application. Its powerful back office process engine allows you to run day-to-day insurance business processes such as new business, changes (endorsements), and reversals (cancellations) with almost zero manual intervention. SAP Policy Management also offers the following key features to make it an innovative solution for large insurance companies:

  • Two-dimensional history/version management
  • Next-generation development frame work with visual representation of implementation objects
  • More than a hundred business transactions to support policy endorsements across line of businesses
  • Framework for group insurance business
  • Fully configurable business activity scheduler to automate policy lifecycle processing
  • Fund management component with robust investment engine for individual portfolios
  • Robust accounting component with capability to integrate with third party collections and disbursement system

SAP Policy Management easily integrates with other SAP for Insurance components such as SAP Collections and Disbursements, SAP Incentive and Commissions Management, SAP Reinsurance, SAP Claims Management, SAP Financial General Ledger and SAP Business Partner, and is also tightly integrated with SAP Netweaver components such as SAP Business Workflow, SAP Authorization Management and SAP Correspondence along with integration into SAP Business Intelligence components.