What is cause of loss in SAP FS-CM - Claims Management?

SAP Term: cause of loss

• Component: FS-CM

• Component Name: Claims Management

• Description: Reason for the claim. &EXAMPLE& Accident insurance, claim type = accident Fall due to ice Fall due to other reasons Driver/passenger of truck Driver/passenger of car Life insurance, claim type = death Accident Suicide Illness

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• Key Concepts: 
  Cause of loss is a term used in SAP FS-CM Claims Management to describe the reason for a claim. It is used to categorize claims and provide an understanding of the underlying cause of the claim. This helps to identify trends and patterns in claims, which can be used to improve processes and reduce losses. 
  
  How to use it: 
  In SAP FS-CM Claims Management, cause of loss is used to classify claims. When creating a new claim, the user must select a cause of loss from a list of predefined options. This helps to ensure that all claims are categorized correctly and that data can be analyzed accurately. 
  
  Tips & Tricks: 
  When selecting a cause of loss for a claim, it is important to select the most accurate option. This will ensure that data can be analyzed accurately and that trends and patterns can be identified. It is also important to review the list of predefined options regularly, as new causes of loss may be added over time. 
  
  Related Information: 
  SAP FS-CM Claims Management also includes other features such as claim status tracking, payment processing, and reporting. These features can be used in conjunction with cause of loss to provide an even more comprehensive view of claims data.