What is policy management system in SAP FS-RI - Reinsurance?

SAP Term: policy management system

• Component: FS-RI

• Component Name: Reinsurance

• Description: System for managing insuring policies.

Smart SAP Assistant

• 
  Key Concepts: 
  A policy management system is a software application used to manage the lifecycle of insurance policies. It is part of the SAP FS-RI Reinsurance component, which is designed to help insurers manage their reinsurance operations. The policy management system allows insurers to create, store, and manage policies, as well as track and report on policy performance.
  
  How to use it: 
  The policy management system can be used to create new policies, store existing policies, and manage policy changes. It also allows insurers to track and report on policy performance, such as premium payments, claims, and other related activities. Additionally, the system can be used to generate reports on policy performance and other related data.
  
  Tips & Tricks: 
  When creating a new policy, it is important to ensure that all relevant information is included in the policy document. Additionally, it is important to regularly review existing policies to ensure that they are up-to-date and accurate. Finally, it is important to regularly review the performance of existing policies in order to identify any potential issues or areas for improvement.
  
  Related Information: 
  The SAP FS-RI Reinsurance component also includes other features such as claims processing, risk management, and financial reporting. Additionally, the component can be integrated with other SAP components such as SAP ERP and SAP HANA for a more comprehensive solution.