The volume of digital transactions is growing in the insurance industry. More digital transactions mean a greater chance of rejection because of discrepancies with bank details. SAP has a standard solution that solves this challenge through prenotification. The out-of-the-box solution is available in specific geographies, but insurance companies can leverage the SAP offering even without this availability.
SAP has prenotification triggers based on select business partner criteria and master record type. By sending the prenotification file in case there is any discrepancy found in the customer’s details, it reduces the failure of payment processing at the bank and actively updates the customers’ bank information.
If standard SAP is not available in your geography, there’s still an opportunity to leverage the solution.
To leverage the SAP offering, an insurance company built a custom program with automatic, manual, and post-processing functionalities. The customized solution included all the file processing and file validation checks and logic to add payment blocks to transactions.
Download the white paper to learn more about direct debit/credit authorization prenotifications with SAP.