What is reassessment requirement in SAP FS-PM - Policy Management?

SAP Term: reassessment requirement

• Component: FS-PM

• Component Name: Policy Management

• Description: Status of a policy or policy portfolio where the relationship between the losses incurred and the income from premiums loss ratio is no longer profitable. Policies or policy portfolios with this status are imbalanced from an insurance point of view and need to be reassessed.

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• Key Concepts: 
  Reassessment requirement is a feature of SAP FS-PM Policy Management that allows users to set up a periodic review of policy documents. This review process helps ensure that policies remain up-to-date and relevant to the organization’s current needs. The review process can be set up to occur on a regular basis, such as annually or bi-annually, or it can be triggered by specific events, such as changes in the organization’s structure or operations.
  
  How to use it: 
  To set up a reassessment requirement in SAP FS-PM Policy Management, users must first create a policy document. Once the policy document is created, users can then set up the reassessment requirement by specifying the frequency of the review process and any events that should trigger a review. The reassessment requirement can then be assigned to specific users or groups of users who are responsible for ensuring that the policy document is reviewed and updated as needed.
  
  Tips & Tricks: 
  When setting up a reassessment requirement in SAP FS-PM Policy Management, it is important to ensure that the frequency of the review process is appropriate for the organization’s needs. Additionally, it is important to ensure that all relevant stakeholders are aware of their responsibilities in regards to the policy document and its associated reassessment requirement.
  
  Related Information: 
  For more information on setting up a reassessment requirement in SAP FS-PM Policy Management, please refer to the official SAP documentation at https://help.sap.com/viewer/product/FS_PM_POLICY_MANAGEMENT/latest/en-US.