msg globals

Central Multi-Line Product Backbone

SAP Policy Management contains a specific product engine that serves as the central hub for creating new products and includes tools for two primary areas: product development and a runtime environment.

With SAP Policy Management, you can maintain insurance products in a specific design environment according to specific attributes, component hierarchies, and actuarial descriptions. The software ensures that consistent processing rules apply to all products. You can begin with ready to- use product templates and use them as is, or you can easily adjust them to suit your specific requirements.

With the runtime environment, newly designed products are available quickly. You can actively manage policies at the policy level. If you make a change on the policy level based on knowledge about a product, for example, the application automatically makes available the specific rules governing that product. Each product consists of smaller, elementary features that you can reuse as building blocks for other products. Once you create a product, you can view the history of its construction at any time.

Making changes to product definitions creates subsequent product generations – or improved versions of the products. This product hierarchy ensures that policies are available and active for specifically defined periods of time. If a customer crafts a change to an existing policy, you can use the updated product information to create a new version of that policy. Within this context, a policy always refers to the latest product version. You can easily manage even highly complex products with a drag-and-drop graphical interface that eliminates the need to write new code.

SAP Policy Management helps you execute immediate product changes, which you can review and permanently store in the product history within the central repository. You can execute changes or additions once and populate those revisions across your landscape.