What is claim in SAP FS-CM - Claims Management?

SAP Term: claim

• Component: FS-CM

• Component Name: Claims Management

• Description: Term used to summarize the insured events of the different lines of business. Depending on the area, the term “claim” has the following meaning: Property insurance: a claim for damage to property or persons Health insurance and life insurance: a claim for benefits

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• Key Concepts: 
  Claims Management in SAP is a component of the Financial Services (FS) module. It is used to manage customer claims and disputes, and to track the progress of each claim. A claim is a request for compensation or reimbursement from a customer due to a product or service not meeting their expectations. 
  
  How to use it: 
  In SAP Claims Management, users can create and manage claims, assign them to responsible personnel, and track their progress. The system also allows users to set up rules for automatic processing of claims, such as assigning them to specific personnel or departments. Additionally, users can generate reports on the status of claims and analyze trends in customer complaints. 
  
  Tips & Tricks: 
  When creating a claim in SAP Claims Management, it is important to provide as much detail as possible. This will help ensure that the claim is processed quickly and accurately. Additionally, it is important to keep track of all communications related to the claim, as this can help resolve disputes more quickly. 
  
  Related Information: 
  SAP Claims Management is part of the Financial Services (FS) module. Other components of FS include Accounts Receivable (AR), Accounts Payable (AP), and Cash Management (CM). Additionally, SAP offers other modules that can be used in conjunction with FS-CM Claims Management, such as Customer Relationship Management (CRM) and Supply Chain Management (SCM).