What is policy handler in SAP FS-PM - Policy Management?

SAP Term: policy handler

• Component: FS-PM

• Component Name: Policy Management

• Description: Person in an insurance company who is responsible for handling all administrative tasks related to an insurance contract throughout its entire life cycle, which includes processing of the application, issuing a policy for new business, dealing with inquiries or change requests on the part of the customer, and handling benefits.

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• Key Concepts: 
  Policy Handler is a component of the SAP FS-PM (Financial Services – Policy Management) module. It is used to define and manage policies and rules for financial services products. It enables users to define and manage the rules that govern the behavior of products, such as eligibility criteria, pricing, and risk management. 
  
  How to use it: 
  The Policy Handler component of FS-PM allows users to define and manage policies and rules for financial services products. It provides a graphical user interface (GUI) that allows users to create, edit, and delete policies and rules. The GUI also allows users to view the status of existing policies and rules, as well as to view the history of changes made to them. 
  
  Tips & Tricks: 
  When creating or editing policies and rules in the Policy Handler component of FS-PM, it is important to ensure that all relevant information is included in the policy or rule. This includes any conditions or restrictions that must be met in order for the policy or rule to be valid. Additionally, it is important to ensure that all changes made to existing policies or rules are properly documented in order to maintain an audit trail. 
  
  Related Information: 
  The Policy Handler component of FS-PM is closely related to other components of the module, such as the Product Manager, Risk Manager, and Pricing Manager. These components are used in conjunction with the Policy Handler component in order to define and manage financial services products. Additionally, the Policy Handler component can be used in conjunction with other SAP modules, such as SAP ERP (Enterprise Resource Planning) and SAP CRM (Customer Relationship Management).