What is bonus-malus data in SAP FS-PMA - SAP Policy Management Add-On for Auto Insurance?

SAP Term: bonus-malus data

• Component: FS-PMA

• Component Name: SAP Policy Management Add-On for Auto Insurance

• Description: Includes information about: The development of the bonus-malus process Any previous or subsequent insurers Losses that were reported while the contract was in use

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• Key Concepts: 
  Bonus-malus data is a type of data used in the FS-PMA SAP Policy Management Add-On for Auto Insurance. It is a system of rewards and penalties used to incentivize drivers to maintain safe driving habits. Bonus-malus data is used to calculate the premium for an insurance policy based on the driver's past driving record. 
  
  How to use it: 
  The bonus-malus data is used to calculate the premium for an insurance policy. The system takes into account the driver's past driving record and assigns a bonus or malus (penalty) based on their performance. The bonus or malus is then applied to the premium, resulting in a higher or lower premium depending on the driver's record. 
  
  Tips & Tricks: 
  It is important to keep track of your driving record in order to get the best possible rate on your auto insurance policy. Make sure to drive safely and obey all traffic laws in order to avoid any penalties that could increase your premium. 
  
  Related Information: 
  The FS-PMA SAP Policy Management Add-On for Auto Insurance also includes other features such as risk assessment, claims management, and customer service tools. These features can help insurers manage their policies more efficiently and provide better customer service.