What is insurance policy in SAP ICM - Incentive and Commission Management (ICM)?

SAP Term: insurance policy

• Component: ICM

• Component Name: Incentive and Commission Management (ICM)

• Description: Incentive and Commission Management a Collection bundeling of several legally independent insurance contracts under one classification key. b Document in which the contractual agreements are recorded.

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• Key Concepts: 
  Insurance policy is a feature of SAP ICM Incentive and Commission Management (ICM) that allows companies to manage their insurance policies. It enables companies to track and manage their insurance policies, including policy details, premiums, and payments. It also provides a comprehensive view of the insurance portfolio, allowing companies to make informed decisions about their insurance policies. 
  
  How to use it: 
  To use the insurance policy feature of SAP ICM, companies must first set up the policy in the system. This includes entering the policy details, such as the type of policy, the premium amount, and any additional information. Once the policy is set up, companies can then track and manage their insurance policies in the system. This includes tracking payments, making changes to the policy, and viewing a comprehensive view of the insurance portfolio. 
  
  Tips & Tricks: 
  When setting up an insurance policy in SAP ICM, it is important to ensure that all of the necessary information is entered accurately. This will help ensure that the policy is tracked and managed correctly in the system. Additionally, it is important to regularly review the insurance portfolio to ensure that all policies are up-to-date and accurate. 
  
  Related Information: 
  For more information on SAP ICM Incentive and Commission Management, please visit https://www.sap.com/products/incentive-and-commission-management.html. Additionally, for more tips and tricks on managing insurance policies in SAP ICM, please visit https://www.sapinsideronline.com/insurance-policy-management-in-sap-icm/.