What is subrogation/recovery in SAP FS-CM - Claims Management?

SAP Term: subrogation/recovery

• Component: FS-CM

• Component Name: Claims Management

• Description: Legal concept that allows someone insurance carrier who covers the cost of an insured person's injury or property damage to eventually recover those payments from the person legally liable for the injury or property damage.

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• Key Concepts: 
  Subrogation/recovery is a process in SAP FS-CM Claims Management that allows an insurance company to recover money from a third party who is responsible for a claim. This process involves the insurance company transferring its rights to the claim to the third party, who then pays the claim on behalf of the insurance company. 
  
  How to use it: 
  In order to use subrogation/recovery in SAP FS-CM Claims Management, the insurance company must first identify the third party responsible for the claim. Once identified, the insurance company can transfer its rights to the claim to the third party. The third party will then pay the claim on behalf of the insurance company. 
  
  Tips & Tricks: 
  It is important to ensure that all necessary documents and information are provided to the third party in order for them to pay the claim on behalf of the insurance company. Additionally, it is important to keep track of all documents and information related to the subrogation/recovery process in order to ensure that all parties involved are aware of their responsibilities. 
  
  Related Information: 
  Subrogation/recovery is a process that is used by many insurance companies in order to reduce their costs and improve their efficiency. Additionally, this process can be used in conjunction with other processes such as claims management and risk management in order to further reduce costs and improve efficiency.