What is additional insurance in SAP FS-CM - Claims Management?

SAP Term: additional insurance

• Component: FS-CM

• Component Name: Claims Management

• Description: Type of multiple insurance in which the same risk is insured with more than one insurance company. The sums insured in total must not exceed the insurable value. The insurance companies with whom the policyholder is insured are generally unaware of the existence of multiple insurance policies for the same insured object. risk.

Smart SAP Assistant

• Key Concepts: 
  Additional insurance is a feature of the FS-CM Claims Management component of SAP software. It allows users to add additional insurance coverage to existing policies, such as increasing the amount of coverage or adding new types of coverage. This feature helps users manage their insurance policies more effectively and efficiently.
  
  How to use it: 
  To use the additional insurance feature, users must first log into their SAP system and navigate to the FS-CM Claims Management component. Once there, they can select the “Additional Insurance” option from the menu. This will open a window where users can select the type of additional coverage they would like to add, as well as the amount of coverage they would like to purchase. Once all selections have been made, users can click “Submit” to complete the process.
  
  Tips & Tricks: 
  When using the additional insurance feature, it is important to remember that any changes made to an existing policy will require approval from the insurer before they can take effect. Additionally, it is important to make sure that all information entered is accurate and up-to-date in order to avoid any potential issues with the insurer.
  
  Related Information: 
  For more information on using the additional insurance feature in FS-CM Claims Management, please refer to SAP’s official documentation on the topic. Additionally, users may find it helpful to consult with their insurer or an insurance specialist for advice on selecting and purchasing additional coverage.