What is premium payer in SAP FS-QUO - SAP Quotation Management?

SAP Term: premium payer

• Component: FS-QUO

• Component Name: SAP Quotation Management

• Description: A person, company, or organization that pays an insurance policy premium.

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• Key Concepts: 
  Premium payer is a term used in SAP Quotation Management (FS-QUO) to refer to the customer who pays a premium for a product or service. This premium is usually in the form of an additional fee or a higher price than the standard rate. The premium payer is typically the customer who is willing to pay more for a product or service in order to receive a higher quality or more features. 
  
  How to use it: 
  In SAP Quotation Management, the premium payer is identified by entering their details into the system. This includes their name, address, contact information, and payment details. Once this information is entered, the system will calculate the premium amount that needs to be paid by the customer. The customer can then make the payment and receive the product or service with the additional features or higher quality. 
  
  Tips & Tricks: 
  When setting up a premium payer in SAP Quotation Management, it is important to ensure that all of the customer’s details are accurate and up-to-date. This will ensure that the system can accurately calculate the premium amount and that the customer receives the correct product or service with the additional features or higher quality. 
  
  Related Information: 
  SAP Quotation Management also allows customers to negotiate discounts on products and services. This can be done by entering their desired discount amount into the system and then negotiating with the supplier for a lower price. This can be beneficial for both parties as it allows customers to get a better deal while suppliers can still make a profit on their products and services.