SAP FS-CD courses are attracting interested candidates with their in-depth knowledge of comprehensive SAP solutions that meet the many challenges faced by insurance organizations globally. Along with all the sub-modules related to Collection and Disbursements (FS-CD), they offer short overviews of other components related to SAP for Insurance Product Family:
Most courses catering to this field include:
- FS-CD - Collections and Disbursements tools and techniques;
- Handling of cross-industry tasks linked to collections/ disbursements;
- Management of accounts receivable/ payable;
- Handling of premium and other insurance related payments;
- Ways of processing incoming payments, and so forth.
A career in SAP FS-CD provides plentiful opportunities to managers and consultants alike and encompasses the processes of:
- Posting: The basic functions of this module can be used in the actual master data for posting/ processing relevant documents. Not only that, it also creates the master data, posts manually, and processes documents for future correspondence purposes.
- Business Transactions: SAP FS-CD helps you post and process business transactions in an easy and automatic manner. The required definitions for controlling the general procedures involved with customizing need to be set for optimum performance.
- Broker Collections: This component allows insurance companies to initiate the payment process for brokers and communicates with their customer base via brokers, if the need arises. The broker can be an individual agent or a small company.
- Coinsurance: This component is required if the company shares risks with other companies in the insurance industry and coinsurance business is the leading insurer. A co-insurer needs to have two contracts, one for premium shares and one for claim shares. Premiums and claims from policy holders are posted to their contracts. Depending on the agreed proportion, the amount is distributed for the leading company and its participating co-insurer.
- Payment: SAP FS-CD is highly advanced when it comes to dealing with payments of premiums as well as claims. It is extremely malleable and can be customized to suit all needs.
This insurance specific solution from SAP proves to be beneficial for every policy holder or agency that handles payment processing and billing cycles. SAP FS-CD consultants and certified professionals are being hired by acclaimed companies globally and are notching high pay scales in the industry.
Along with basic know ledge of SAP based components, it is important for aspirants to have a diploma/ degree in insurance from a recognized university/ college/ institute. Good communication skills are an important requisite for this course.