What is 'regional class' in SAP FS-PMA - SAP Policy Management Add-On for Auto Insurance?

regional class - Overview

• Component: FS-PMA

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

• Description: An index value used to calculate the insurance premium for auto liability insurance and comprehensive insurance. The regional class represents the relative claims expenditure of a region.

regional class - Details

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  Key Concepts: 
  Regional class is a feature of the FS-PMA SAP Policy Management Add-On for Auto Insurance. It is used to define the different regions in which a policy can be applied. This allows insurers to tailor their policies to specific regions, taking into account local laws and regulations.
  
  How to use it: 
  In order to use regional class, insurers must first define the different regions in which they wish to apply their policies. This can be done by creating a regional class in the FS-PMA SAP Policy Management Add-On for Auto Insurance. Once the regional classes have been created, insurers can then assign policies to each region.
  
  Tips & Tricks: 
  When creating regional classes, it is important to consider the local laws and regulations that may apply in each region. This will ensure that the policies are tailored to each region and are compliant with local laws.
  
  Related Information: 
  For more information on regional class and how it can be used in the FS-PMA SAP Policy Management Add-On for Auto Insurance, please refer to the official documentation provided by SAP.