Insurtech Terms Glossary: Insurtech Terms in 2024
A
Api
Application Programming Interface (API) is a set of rules and protocols that allows different software applications to communicate and interact with each other.
Api (Application Programming Interface)
An API is a set of rules and protocols that allows different software applications to communicate with each other.
Api Economy
API Economy refers to the business ecosystem and strategies built around the use and monetization of APIs, enabling seamless integration and collaboration between different software applications.
Api Integration
API Integration is the process of connecting and combining different software applications through their application programming interfaces (APIs), enabling data sharing and functionality.
Artificial Intelligence
Artificial Intelligence (AI) refers to the simulation of human intelligence in machines.
Artificial Intelligence (Ai)
Artificial Intelligence (AI) refers to the simulation of human intelligence in machines.
Artificial Neural Networks
Artificial Neural Networks (ANNs) are machine learning models inspired by the human brain's structure and processes, used for pattern recognition and decision-making.
Augmented Reality (Ar)
Augmented Reality (AR) is a technology that overlays computer-generated content onto the real-world environment, enhancing the user's perception of reality.
Automated Claims Processing
Automated Claims Processing involves the use of technology and algorithms to streamline and automate the insurance claims handling process.
Automated Underwriting
Automated Underwriting is the use of computer algorithms to automatically evaluate insurance applications and make underwriting decisions.
B
Behavioral Analytics
Behavioral Analytics involves the analysis of user behavior and actions to gain insights and predict future behavior.
Big Data
Big Data refers to extremely large and complex sets of data that require advanced computational and analytical techniques for processing.
Blockchain
Blockchain is a decentralized and distributed digital ledger that securely records transactions across multiple computers.
Blockchain Insurance
Blockchain Insurance leverages blockchain technology to create transparent, secure, and efficient insurance ecosystems, enabling trust, automation, and smart contracts.
C
Chatbot
A Chatbot is a computer program that uses artificial intelligence to simulate human conversation and provide automated customer support or information.
Claims Automation
Claims Automation involves the use of technology and algorithms to expedite and simplify the claims management process.
Claims Fraud
Claims Fraud refers to the submission of false or exaggerated insurance claims, in order to obtain benefits dishonestly.
Claims Management
Claims Management involves the processes and procedures for handling insurance claims, including validation, assessment, and settlement.
Claims Processing
Claims Processing is the handling and settlement of insurance claims submitted by policyholders, including assessment, verification, and payment.
Cloud Computing
Cloud Computing involves the delivery of computing services over the internet, including storage, processing power, and software applications.
Cognitive Computing
Cognitive Computing refers to systems that simulate human thought processes and help to improve decision-making and problem-solving.
Customer Data Analytics
Customer Data Analytics involves analyzing and interpreting customer data to gain insights into their preferences, behaviors, and needs, enabling personalized offerings and targeted marketing.
Customer Engagement
Customer Engagement refers to the interactions and activities that foster a long-term relationship between an insurer and its policyholders.
Customer Experience
Customer Experience (CX) refers to the overall impression and perception a customer has about an insurance company based on their interactions and engagement.
Customer Relationship Management
Customer Relationship Management (CRM) is a strategy and technology approach to manage and analyze customer interactions and data throughout their lifecycle.
Customer Segmentation
Customer Segmentation is the process of dividing customers into distinct groups based on similar characteristics or behaviors.
Cyber Insurance
Cyber Insurance provides coverage against losses and damages resulting from cyber attacks, data breaches, and digital crimes.
Cybersecurity
Cybersecurity refers to the practice of protecting computer systems, networks, and data from digital attacks, theft, and damage.
D
Data Analytics
Data Analytics is the process of examining and interpreting large and complex sets of data to uncover insights, patterns, and trends.
Data Integration
Data Integration is the process of combining data from different sources and providing users with a unified view of the data.
Data Privacy
Data Privacy refers to the protection and proper handling of personal and sensitive information, ensuring compliance with relevant laws and regulations.
Data Science
Data Science is an interdisciplinary field that combines scientific methods, algorithms, and systems to extract knowledge and insights from structured and unstructured data.
Data Security
Data Security involves the protection of data from unauthorized access, use, disclosure, disruption, modification, or destruction.
Data Visualization
Data Visualization is the graphical representation of data and information, using visual elements such as charts, graphs, and maps.
Digital Agency
Digital Agencies are insurance agents that operate primarily online, using digital channels to sell insurance policies and serve customers.
Digital Claims
Digital Claims involve the use of technology, such as digital documentation and automated processes, to simplify and expedite the claims handling and settlement process.
Digital Claims Management
Digital Claims Management leverages digital platforms, analytics, and automation to improve the efficiency and accuracy of claims processing.
Digital Distribution
Digital Distribution involves the use of digital channels, such as websites, mobile apps, and online marketplaces, to sell and distribute insurance products.
Digital Health Insurance
Digital Health Insurance utilizes digital technologies, wearables, and health data to provide personalized insurance coverage and promote health and wellness.
Digital Identity
Digital Identity refers to the unique electronic representation of an individual or entity, including personal information, credentials, and authentication.
Digital Insurance
Digital Insurance refers to the use of digital technologies and platforms to deliver insurance products and services to customers.
Digital Marketing
Digital Marketing encompasses various online marketing strategies and tactics to promote products or services through digital channels.
Digital Risk Management
Digital Risk Management involves identifying, assessing, and mitigating risks associated with the use of digital technologies, including cyber risks and data breaches.
Digital Transformation
Digital Transformation involves the integration of digital technology into all areas of a business, fundamentally changing how it operates and delivers value to customers.
Digital Underwriting
Digital Underwriting leverages automation, data analytics, and algorithms to streamline and enhance the underwriting process.
Distributed Ledger Technology
Distributed Ledger Technology (DLT) is a decentralized digital system for recording and verifying transactions, providing transparency and security without a central authority.
Distributed Ledger Technology (Dlt)
Distributed Ledger Technology (DLT) is a decentralized digital system for recording transactions across multiple computers.
E
Ecosystem Collaboration
Ecosystem Collaboration refers to partnerships and collaborations between different players in the insurance ecosystem to drive innovation and create value.
F
Fraud Detection
Fraud Detection refers to the use of advanced analytics and algorithms to identify and prevent fraudulent activities in insurance operations.
I
Insurability
Insurability refers to the degree of risk an insurance company is willing to accept in providing coverage to an individual or entity.
Insuranalytics
InsurAnalytics is the use of advanced data analytics techniques to gain insights and make informed decisions in the insurance industry.
Insurance Platform
Insurance Platform is a software framework or system that enables insurers to manage various aspects of their operations, including underwriting, claims, and customer engagement.
Insurancetech
Insurancetech, similar to Insurtech, is a term used to describe the use of technology innovations to enhance and transform the insurance industry.
Insurdata
Insurdata is the use of data analytics and technology to improve the accuracy and quality of underwriting information.
Insurtech
Insurtech is a term used to describe the application of technology to innovate and transform the insurance industry.
Insurtech Accelerator
An Insurtech Accelerator is a program or entity that helps insurtech startups rapidly develop and scale their businesses through mentorship, funding, and industry connections.
Insurtech Conference
An Insurtech Conference is a gathering or event where industry professionals, entrepreneurs, investors, and thought leaders come together to discuss and explore the latest trends and innovations in insurtech.
Insurtech Ecosystem
Insurtech Ecosystem refers to the interconnected network of insurtech startups, incumbents, investors, technology providers, regulators, and other stakeholders shaping the future of the insurance industry.
Insurtech Hub
Insurtech Hub refers to a geographic location or organization fostering innovation, collaboration, and development within the Insurtech ecosystem.
Insurtech Hubs
InsurTech Hubs are physical or virtual spaces that bring together startups, investors, and industry experts to foster innovation in the insurance industry.
Insurtech Incubator
An Insurtech Incubator is a program or organization that supports early-stage insurtech startups by providing resources, mentorship, and funding.
Insurtech Innovation Lab
InsurTech Innovation Labs are dedicated spaces or programs where insurers can collaborate with startups and explore innovative solutions.
Insurtech Investment
Insurtech Investment refers to funding and investments made in insurance technology startups and companies to support their growth and development.
Insurtech Partnership
Insurtech Partnership involves collaboration and alliances between insurtech startups and traditional insurance companies to leverage each other's strengths, capabilities, and resources.
Insurtech Partnerships
InsurTech Partnerships involve collaborations between traditional insurance companies and InsurTech startups or technology companies to drive innovation and enhance services.
Insurtech Proof Of Concept
Insurtech Proof of Concept (PoC) is a demonstration or pilot project that showcases the feasibility and potential value of an insurtech innovation or solution.
Insurtech Regulation
Insurtech Regulation refers to the legal and regulatory framework governing the operation and activities of insurtech startups and innovations.
Insurtech Regulations
InsurTech Regulations are legal and regulatory frameworks specifically designed to govern the activities of InsurTech companies.
Insurtech Sandbox
An Insurtech Sandbox is a controlled environment where insurtech startups can test and validate their innovations without obtaining full regulatory approval.
Insurtech Startup
InsurTech Startups are companies that leverage technology and innovation to disrupt and transform the traditional insurance industry.
Insurtech Venture Capital
Insurtech Venture Capital refers to investment funds and firms that provide funding and support to early-stage and growth-stage insurtech startups in exchange for equity.
Internet Of Things
The Internet of Things (IoT) refers to the network of physical devices, vehicles, appliances, and other objects embedded with sensors and software that enable them to connect and exchange data.
Internet Of Things (Iot)
The Internet of Things (IoT) refers to the network of physical devices, vehicles, and other objects embedded with sensors, software, and connectivity to exchange data.
Iot
Internet of Things (IoT) refers to the network of physical devices embedded with sensors, software, and connectivity to enable data exchange and automation.
Iot Sensors
IoT Sensors are devices that collect and transmit data from physical objects and environments, enabling the monitoring and analysis of various parameters.
L
Legacy Systems
Legacy Systems refer to outdated or obsolete computer systems, software, or applications that are still in use due to their criticality or high cost of replacement.
M
Machine Learning
Machine Learning (ML) is a subset of AI that focuses on getting machines to learn from data.
Machine Learning (Ml)
Machine Learning (ML) is a subset of AI that focuses on getting machines to learn from data.
Machine Vision
Machine Vision is the technology that enables computers to see, interpret, and understand visual information.
Mga
Managing General Agent (MGA) is a type of insurance intermediary that underwrites risks on behalf of an insurer and manages the policies and claims.
Microinsurance
Microinsurance provides low-cost insurance coverage tailored to the specific needs of low-income individuals and communities.
Mobile Apps
Mobile Apps are software applications designed to run on smartphones, tablets, or other mobile devices.
Mobile Insurance
Mobile Insurance involves the delivery of insurance products, services, and transactions through mobile devices, including smartphones and tablets.
N
Natural Language Processing (Nlp)
Natural Language Processing (NLP) is a subfield of AI that focuses on the interaction between computers and humans using natural language.
O
On-Demand Insurance
On-Demand Insurance allows customers to purchase insurance coverage for a specific period or event, typically through a mobile app or online platform.
P
Peer-To-Peer Insurance
Peer-to-Peer Insurance is a model where a group of individuals pool their premiums to provide insurance coverage and share the risk among themselves.
Personalization
Personalization in insurance involves tailoring products, services, and customer experiences to meet the specific needs, preferences, and behaviors of individual policyholders.
Platform Economy
Platform Economy refers to a business model where a platform connects buyers and sellers, enabling transactions and interactions between them.
Predictive Analytics
Predictive Analytics involves using historical data and statistical algorithms to make predictions and forecast future outcomes.
R
Regtech
RegTech refers to the use of technology, such as AI, ML, and blockchain, to streamline and enhance regulatory compliance in the financial services industry, including insurance.
Regulatory Sandboxes
Regulatory Sandboxes are controlled environments where startups and businesses can test innovative products, services, or business models under regulatory supervision.
Risk Analysis
Risk Analysis involves assessing potential risks, their likelihood, and potential impact to inform decision-making and risk mitigation strategies.
Risk Assessment
Risk Assessment involves evaluating and quantifying the potential risks and uncertainties associated with insuring a person, entity, or property.
Risk Management
Risk Management involves the identification, assessment, and prioritization of risks followed by coordinated efforts to minimize, monitor, and control them.
Risk Modeling
Risk Modeling involves the use of statistical analysis and mathematical models to assess and predict potential risks in insurance.
Robo-Advisor
A Robo-Advisor is a digital platform that uses algorithms to provide automated investment advice and portfolio management services.
Robo-Advisory
Robo-advisory is a digital platform that uses algorithms and artificial intelligence to provide automated investment advice and portfolio management.
Robotic Process Automation
Robotic Process Automation (RPA) refers to the use of software robots or artificial intelligence to automate repetitive, rule-based tasks in business processes.
S
Saas (Software As A Service)
SaaS is a software licensing and delivery model where applications are provided as a service over the internet.
Smart Contracts
Smart Contracts are self-executing contracts with the terms of the agreement directly written into lines of code, automating and enforcing the performance of contractual obligations.
T
Telematics
Telematics is a technology that combines telecommunications and informatics to monitor and capture data about vehicles, such as their location, speed, and behavior.
U
Underwriting
Underwriting is the process of evaluating and determining the risk associated with insuring a person or entity and setting the terms and premium for the insurance policy.
Usage-Based Insurance
Usage-Based Insurance (UBI) uses telematics and data on driving behavior to determine insurance premiums based on actual usage and risk.
User Experience (Ux)
User Experience (UX) refers to the overall experience and satisfaction a user has with a product or service.