Hi Anish,
How are you doing?
The functionality to send reminders / statements to insured / policyholders etc is called Dunning which can be done without any manual intervention. This functionality is present in FSCD.
Check out my blog for this.
http://scn.sap.com/community/insurance/blog/2014/01/10/dunning-in-fscd-simplified
The above blog is on dunning by dunning procedure. You can even utilize the dunning by collection strategy feature for which I shall soon provide in another blog.
This functionality is not present in Claims Mgmt however I believe that you can tweak the dunning functionality to send reminders to internal and external service providers at particular interval without manual intervention.
Thanks,
Sagar