What is benefit split in SAP FS-CM - Claims Management?

SAP Term: benefit split

• Component: FS-CM

• Component Name: Claims Management

• Description: Process in claims processing in which several persons receive monetary benefits related to a claim. &EXAMPLE& In accident insurance: The death benefit needs to be distributed to several beneficiaries. The policyholder has assigned some of his/her entitlement from an insurance contract to third parties such as creditors or a bank.

Smart SAP Assistant

• Key Concepts: 
  Benefit Split is a feature of the FS-CM Claims Management component of SAP. It allows users to divide the total benefit amount of a claim into multiple parts and assign each part to a different payee. This feature is useful for situations where multiple parties are involved in a claim, such as when a claim is shared between an insurer and a third-party provider.
  
  How to use it: 
  To use the Benefit Split feature, users must first create a claim in the FS-CM Claims Management component. Once the claim is created, users can select the Benefit Split option from the menu. This will open a window where users can enter the total benefit amount and then divide it into multiple parts. Each part can then be assigned to a different payee.
  
  Tips & Tricks: 
  When using the Benefit Split feature, it is important to ensure that all of the payees are correctly identified and that the total benefit amount is divided accurately. Additionally, users should be aware that any changes made to the benefit split will need to be approved by an administrator before they can take effect.
  
  Related Information: 
  For more information about the Benefit Split feature in FS-CM Claims Management, please refer to SAP's official documentation at https://help.sap.com/viewer/product/FS-CM/latest/en-US/fscm_claims_mgmt_benefit_split_overview.html