What is main insurance in SAP FS-PM - Policy Management?

SAP Term: main insurance

• Component: FS-PM

• Component Name: Policy Management

• Description: Obligatory and characteristic coverage within a policy product. It is normally possible to conclude supplementary insurance policies for the main insurance. The supplementary insurance policies form a unit with the insurance to which they are linked; it is not possible to proceed with them without the main insurance. If the coverage contained in the main insurance ends, this also deletes the supplementary insurance policies. The main insurance is the coverage that must always be available once in a life insurance policy and in some P&C LoBs. The supplementary insurance policies that can be included on a facultative basis always refer to the main insurance.

Smart SAP Assistant

• Key Concepts: 
  Main insurance is a component of the SAP FS-PM Policy Management module. It is used to manage the insurance policies of customers, including the creation, maintenance, and termination of policies. It also provides a comprehensive view of the customer's insurance portfolio.
  
  How to use it: 
  Main insurance can be used to create new policies, modify existing policies, and terminate policies. It also allows users to view customer information, such as policy details, coverage limits, and payment history. Additionally, it can be used to generate reports on customer portfolios and analyze trends in policy management.
  
  Tips & Tricks: 
  When creating a new policy, it is important to ensure that all relevant information is entered correctly. Additionally, it is important to review existing policies regularly to ensure that they are up-to-date and accurate.
  
  Related Information: 
  The SAP FS-PM Policy Management module also includes other components such as Claims Management and Risk Management. Additionally, the module can be integrated with other SAP modules such as Financial Accounting and Controlling.