Digitization is taking precedence over every other aspect for businesses of all sorts. As a result, most businesses are now using enterprise resource planning or ERP solutions equipped with advanced technological capabilities. One such prevalent and widely used ERP solution is the SAP S/4 HANA solution.
SAP S/4 HANA is currently one of the most preferred ERP solutions among businesses for many reasons. However, one such primary reason is the quarterly releases offered by SAP that provides organizations with many new technological upgrades. In addition, financial services in SAP S/4 HANA were recently further enhanced with the 2021 release. Therefore, continue reading to get the highlights for industries in financial services in SAP S/4 HANA 2021 release.
SAP S/4 HANA comes well-equipped with many banking solutions that help organizations manage the entire lifecycle of different financial products in different areas. Some of these areas include:
- Loans such as a mortgage, commercial loans, and consumer policy.
- Deposits in a savings account, current accounts, and deposits for fixed terms.
- Collaterals such as ships, real estate, security accounts, cars, and their association with receivables.
Enhancement In The System That Manages The Collateral
The system that manages collateral has undergone many significant enhancements, including the system’s data retrieval and integration competencies. These newly added functionalities include the extraction of master data of the collateral management system. This functionality enables users to leverage the change data capture (CDC) for tables related to master data. In addition, these tables support both delta and initial load, where the delta load is also used to extract deleted records.
Furthermore, the area of extracting calculation data from the collateral management system is also made possible with the latest release. Users now get access to new transactions used to store all data related to the transaction for different objects.
Additionally, the data calculation sphere of collateral management in the SAP S/4HANA solution. With the recent enhancement, the data collection report now enables users to store all the data generated from the calculation and even extract the same through extraction’s change data capture views. Users can leverage such reports for both delta and initial data calculation.
The insurance sphere of the SAP S/4 HANA solution is now equipped with many advanced features and functionalities that include advanced claims, billing management, and policy management. These advancements will play a pivotal role in helping users enhance efficiency, boost customer loyalty, and even profitability. This allows insurers to leverage the best practices from the industry and drive amplified results.
- Claim Management: The claim management functionality in SAP S/4 HANA enables the insurer to manage their claim processes. This includes every little aspect, from the initial notification of losses to adjustment of claims and the financial reporting.
- Policy Management: Mapping the lifecycle of an insurance contract is much easier said than done. However, this is changing with the recent enhancements in policy management as it allows users to map the ordeal with minimal effort. This means you can seamlessly monitor everything from application creation through the maintenance of continuous contract and policy issuance to the final contract termination.
- Incentive And Sales Force Management: This functionality allows users to manage their sales teams with far more efficacy. This means seamless alignment of the entire corporate strategy while defining transparent and clear models. This becomes very helpful in introducing new distribution channels or products in no time and comprehending the same to the sales team.
- Disbursements and Collections (FS-CD): The enhancement deployed in the disbursements and collection for insurance allows one to perform all tasks from various business lines. Such tasks are inclusive of almost everything from incoming payment processing, accounting of open items, processing of payments, dunning, and correspondence. Additionally, one can even map the broker accounting as well as the coinsurance business.
Policy Processing Enhancements
Discount or Surcharge For Calculating New And Anonymous Business Quotation
Calculating anonymous New Business quotations is now a remote-enabled function module that can also be used to revert information about a discount or surcharge. Thus, if you use an external system such as SAP Commerce, you can seamlessly determine the amount of discount entered by the customer in the customer portal of SAP Commerce. This can be in the form of a coupon that needs to be included in the anonymous New Business quotation calculation.
Managing Policy Inquiries in SAP Fiori App
The application known as the policy inquiry application has benefited from certain specific enhancements by replacing the previously ill-managed approach for query with a better-managed approach for the query. This is done using the real-time information system enabled by the change data capture (CDC). In addition, this also includes advanced features and functionalities that include the status of the contract for the policy selected and the information associated with various contracts related to the policy.
Furthermore, these features also enable one to evaluate different contracts for any given policy and multiple vehicles related to the contracts available within the search results on the home screen. Also, the new contract status and predecessor policy are depicted in the platform, where the header areas of the contract and policy details are showcased. This means users can simply click on the link made available as the number of the policy number allowing one to view more details of the previous policy.
German Home-Content Insurance From Policy Management Gets New Sample Product
The SAP S/4 HANA Cloud 2021 release brings the latest P and C product designed for the home contents insurance of Germany and is now an addition to the content of the sample library. This product has been developed with adherence to current and modern features of any conventional insurance products in the home content product in Germany. In addition, this product is created on the basis of the engine of product in SAP Quotation, Product, and even Underwriting management.
In addition, the latest product is named the finest protection for personal information and derives its primary basis from the markets of Germany, and is designed to cover risks in Germany only. There are three different variants or plans offered here: best, advanced, and basic options. Thus, users can choose the plan that best suits their requirements.
SAP S/4 HANA is one such solution that keeps getting more advanced and better with time. In addition, you can choose the features and enhancements that best serve your requirements. Experts from our SAP consulting company will help you with this with no hassle whatsoever.