What is 'renewal' in SAP FS-PM - Policy Management?

renewal - Overview

• Component: FS-PM

• Component Name: Policy Management

• Description: A variant of extending a contract that is used in the area of P&C, liability, and personal accident insurance. A contract can only be renewed if the policyholder agrees.

renewal - Details

• 
  Key Concepts: 
  Renewal in SAP FS-PM Policy Management is the process of extending the validity of an existing policy. It is used to ensure that policies remain valid and up-to-date. Renewal can be done manually or automatically, depending on the policy settings. 
  
  How to use it: 
  To manually renew a policy, go to the Policy Management tab in SAP FS-PM and select the policy you want to renew. Then click on the Renew button and enter the new expiration date. To automatically renew a policy, go to the Policy Settings tab and select the “Auto Renew” option. This will enable the system to automatically renew the policy when it is close to expiring. 
  
  Tips & Tricks: 
  When manually renewing a policy, make sure to check if any changes need to be made to the policy before renewing it. This will ensure that all policies are up-to-date and valid. 
  
  Related Information: 
  For more information on renewal in SAP FS-PM Policy Management, please refer to the official SAP documentation here: https://help.sap.com/viewer/product/FS_PM/latest/en-US/fspm_renewal_overview.html