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

SAP Term: compensation

• Component: FS-CM

• Component Name: Claims Management

• Description: Payment or service provided by an insurer to an insured to compensate the insured when a loss or claim occurs. This benefit or services depends on the insurance coverage such as compensation for repair work. Compensation for a loss differs from expenses, which are costs incurred by the insurer in the course of settling a claim.

Smart SAP Assistant

• Key Concepts: 
  Compensation is a feature of the FS-CM Claims Management component of SAP. It allows companies to manage and process claims for compensation from customers, suppliers, and other stakeholders. It provides a comprehensive set of tools to manage the entire process from initial claim submission to final payment.
  
  How to use it: 
  The FS-CM Claims Management component of SAP provides a range of features to help companies manage compensation claims. These include the ability to create and manage claims, track payments, and generate reports. The system also provides tools for managing customer service inquiries and resolving disputes.
  
  Tips & Tricks: 
  When using the FS-CM Claims Management component of SAP, it is important to ensure that all claims are properly documented and tracked. This will help ensure that all payments are made in a timely manner and that any disputes are resolved quickly. Additionally, it is important to ensure that all customer service inquiries are handled promptly and professionally.
  
  Related Information: 
  The FS-CM Claims Management component of SAP is part of the larger SAP Financial Services suite. Other components in this suite include Accounts Receivable, Accounts Payable, and Treasury Management. Additionally, the FS-CM Claims Management component integrates with other SAP modules such as Sales & Distribution and Materials Management.