What is dunning by dunning procedure for insurance in SAP FS-CD - Collections/Disbursements?

SAP Term: dunning by dunning procedure for insurance

• Component: FS-CD

• Component Name: Collections/Disbursements

• Description: The dunning concept in the collections/disbursements system.

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• Key Concepts: 
  Dunning is a process used by insurance companies to collect overdue payments from customers. It involves sending out reminders and notices to customers who have not paid their premiums on time. The dunning procedure for insurance is a set of rules and regulations that insurance companies must follow when sending out these reminders and notices. 
  
  How to use it: 
  The dunning procedure for insurance is managed by the Financial Services-Collections/Disbursements (FS-CD) component of SAP. This component allows insurance companies to set up and manage their dunning process, including setting up rules for when and how reminders and notices should be sent out. It also provides tools for tracking customer payments and managing customer accounts. 
  
  Tips & Tricks: 
  When setting up the dunning procedure for insurance, it is important to ensure that all rules are followed correctly. This includes making sure that all reminders and notices are sent out on time, as well as ensuring that customers are given enough time to make their payments before any further action is taken. Additionally, it is important to keep track of customer payments and accounts in order to ensure that all payments are received in a timely manner. 
  
  Related Information: 
  The FS-CD Collections/Disbursements component of SAP also provides other features such as credit management, payment processing, and dispute management. Additionally, SAP offers other components such as Financial Services-Accounts Receivable (FS-AR) and Financial Services-Accounts Payable (FS-AP) which can be used in conjunction with the FS-CD Collections/Disbursements component to manage customer accounts and payments more effectively.