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

SAP Term: claim validation

• Component: FS-CM

• Component Name: Claims Management

• Description: A check performed in the system on the basis of captured claim data to verify that the claim is covered. The system checks whether - There are any risk exclusions - There has been any violation of obligations - There is concordance between the insured person/object and injured person or damaged object

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• Key Concepts: 
  Claim validation is a process in SAP FS-CM Claims Management that verifies the accuracy of a claim. It ensures that all the information provided in the claim is correct and valid. This process helps to reduce the risk of fraud and errors in claims processing.
  
  How to use it: 
  Claim validation is done by verifying the information provided in the claim against the data stored in the system. This includes verifying the customer’s identity, verifying the claim amount, and verifying any other relevant information. Once all the information is verified, the claim can be approved or rejected.
  
  Tips & Tricks: 
  When validating a claim, it is important to ensure that all the information provided is accurate and up-to-date. It is also important to ensure that all relevant documents are included with the claim. This will help to reduce errors and ensure that the claim is processed quickly and efficiently.
  
  Related Information: 
  SAP FS-CM Claims Management also includes features such as automated claims processing, fraud detection, and dispute resolution. These features help to streamline claims processing and reduce errors. Additionally, SAP FS-CM Claims Management also provides analytics tools to help identify trends in claims processing and improve overall efficiency.