Insurance Glossary
Comprehensive definitions of insurance terms, concepts, and technology - from FNOL to bordereaux to claims leakage. Written for insurance professionals who need to understand both the concept and how modern technology applies.
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Claims Leakage
Avoidable claims payments that occur due to process failures, errors, or fraud - typically 5-10% of total claims spend.
Claims Triage
The process of prioritizing and routing incoming claims to the appropriate adjuster, team, or workflow based on severity and complexity.
Compliance Audit Trail
An immutable, timestamped record of all actions, changes, and decisions designed to meet regulatory requirements and support audits.
Consumer Duty (FCA)
The UK Financial Conduct Authority's regulatory framework requiring firms to act to deliver good outcomes for retail customers.
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Delegated Authority
Authority granted by an insurance carrier to an MGA or coverholder to underwrite policies and/or settle claims on the carrier's behalf.
Document Orchestration
The automated coordination of document classification, extraction, validation, routing, and workflow triggering across insurance operations.
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Indemnity Period
The time period during which an insurance policy provides coverage for losses, or the duration over which business interruption losses are calculated.
Intelligent Document Processing (IDP)
AI-powered technology that automatically classifies, extracts, validates, and routes information from unstructured documents.
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SLA in Claims Processing
Service Level Agreements defining target timeframes and quality standards for each stage of claims handling, from FNOL to settlement.
Straight-Through Processing (STP)
Automated claims processing from intake to payment without manual intervention, typically for low-complexity, high-frequency claims.
Subrogation
The legal right of an insurer to pursue a third party that caused an insurance loss, recovering the amount paid to the insured.
Surplus Lines Insurance
Insurance coverage placed with non-admitted carriers when standard admitted carriers cannot or will not provide coverage.
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