SAP For Insurance

 The insurance industry requires precise and well-thought-out configuration (customizing) as well as a deep understanding of the underlying business processes in SAP S/4HANA Insurance. The SAP for Insurance vConsultant supports companies and consultants by explaining processes, guiding the implementation of best practices, and providing step-by-step instructions for system configuration.

Whether it’s Convergent Invoicing, Collections and Disbursements (FS-CD), Policy Management (FS-PM), Claims Management (FS-CM), or Commission Management, the vConsultant helps you understand complex workflows and implement them efficiently.

Who I Am Here For

The vConsultant provides support for various stakeholders, including:

• Insurance Companies: Assistance in process design and system configuration.
• SAP Consultants: Providing expert knowledge on best practices and customizing.
• IT Managers: Advice on integrating SAP for Insurance into existing IT landscapes.
• Business Units: Explanation of new processes and support in implementation.

Key Competencies by Module

Convergent Invoicing (CI)

SAP Convergent Invoicing enables the integration and execution of complex billing models. The vConsultant provides support with:

• Process Explanation: Understanding billing plans, accrual postings, consumption credits, and intercompany billing.
• Customizing: Step-by-step guidance on configuring billing processes, discounts, and surcharges.
• Integration: Support in linking with FS-CD and other SAP modules.
• Extensibility: Explanation of customization options using SAP standard features and enhancements.
• Partner Settlement: Detailed configuration of settlement processes with partners and internal charging.

Master Data Management

A solid master data management foundation is essential for all insurance processes. The vConsultant offers:

• Process Explanation: Support in managing business partners, contract accounts, and framework agreements.
• Customizing: Guidance on configuring contract accounts, prepaid accounts, SAP business partners, and data replication.
• Integration: Explanation of master data synchronization with other SAP modules.

Collections and Disbursements (FS-CD)

FS-CD enables the management of payment flows within insurance companies. The vConsultant assists with:

• Process Explanation: Introduction to payment plans, cancellation processes, interest on balances, dunning processes, and clearing control.
• Customizing: Step-by-step guidance on configuring dunning and correspondence processes.
• Integration: Support in embedding collection/disbursement processes into the overall architecture.
• Broker Collection and Co-Insurance: Explanation of configuration for specific insurance processes.
• Suspicious Transaction Monitoring: Implementation of compliance requirements for anti-money laundering regulations.

Policy Management (FS-PM)

Policy management covers the entire lifecycle of insurance contracts. The vConsultant supports with:

• Process Explanation: Understanding policy creation, contract models, and contract changes.
• Customizing: Assistance in configuring product structures, framework agreements, and multi-currency capabilities.
• Migration: Guidance on data migration from legacy systems to FS-PM.

Claims Management (FS-CM)

Effective claims management is essential for insurers. The vConsultant provides:

• Process Explanation: Introduction to claims processes and industry-specific requirements.
• Customizing: Guidance on configuring workflows, benefit types, and notification scenarios.
• Reporting: Support in utilizing CDS views and Fiori apps for claims analysis.

Incentive & Sales Force Management

This component controls sales management and incentive systems for brokers and sales partners. The vConsultant helps with:

• Process Explanation: Understanding stock assignment, transfer processes, and credentialing.
• Customizing: Support in setting up sales structures and incentive plans.
• Services and Tools: Guidance on using tools for commission calculation.

Commission Management

Commission management ensures that sales agents are correctly compensated. The vConsultant supports with:

• Process Explanation: Introduction to managing commission plans and agent data.
• Customizing: Guidance on configuring booking rules and settlement scenarios.
• Reporting: Support in generating evaluations and reports.