Insurtech Glossary
A
Admin portal
An administrative dashboard for operational and business departments of insurance companies to manage, track and analyse insurance product sales and claims.
Automated claims
A smart algorithm programmed to submit claims on behalf of insurance policy holders based on predetermined conditions and situations to significantly reduce the time to payout while improving operational efficiencies for insurance companies.
C
Customer portal
A customer-facing dashboard for policy activation and management, claims submission, and customer support requests, connected to an admin portal meant for insurance operations staff.
D
Digital distribution channel
An online medium to sell insurance policies to end users either through a hyperlink or app deep link, streamlining the sales of insurance products, increasing efficiency, and allowing for data analytics to inform business decisions.
Digital insurance
Insurance products and plans that are managed and sold with a tech-first approach, streamlining the customer experience while improving operational efficiency and scalability across multiple markets.
Digital insurance platform
A comprehensive tech platform for insurers to manage, administrate and distribute insurance policies at scale, to multiple distribution channels.
Digital transformation
The process in which an insurance company digitises their insurance operations through the adoption of insurtech-powered solutions, either through an integration or direct implementation into their existing legacy systems or infrastructure.
Distribution channel
A medium to sell insurance policies to end users, either through an online platform such as a website or mobile app, or through offline means such as a sales person or physical point of sale system.
Distribution partner
A business (usually B2C) that partners with an insurtech to sell complementary insurance products to their customers, either embedded in the purchase of products and services, or sold as a standalone product.
E
Embedded insurance
Embedded insurance simplifies and streamlines typically complex insurance purchases to either a one-click opt-in or a frictionless opt-out experience for your customers.
End-to-end digital insurance solution
Comprehensive suite of tools that manage the entire insurance process from initial customer engagement and policy issuance to claims processing and settlement, all within a unified online system that can be integrated with existing software.
F
Full-stack insurtech
An insurance technology company that offers services and products that address the entire insurance value chain, such as insurance product development, operations and claims, data analytics, and go-to-market solutions.
I
Instant quote generation
Streamlined, automatic and immediate creation of one or several pricing estimates of insurance plans based on the user’s inputs, according to predefined rules by the insurer to allow for easy benefits and pricing comparison.
Insurance digitisation
The process in which an insurance company digitises their insurance products into digital assets that can be configured on a platform to fit various distribution channels, customising almost everything from benefits and product types to underwriting.
Insurance marketplace
An online platform that lists insurance products and policies, facilitating the buying journey between insurers and customers from discovery to checkout and purchase.
Insurance product configuration
The process of designing and setting up insurance policies’ structures, features, coverage limits, and pricing to meet specific market demands and regulatory requirements, facilitating customisation and adaptability to different customer needs.
Insurance value chain
All the key activities and processes involved in designing, creating, marketing, selling, and servicing insurance products, typically involving several layers of operational infrastructure.
Insurtech/insuretech
Short for “insurance technology company”. An insurance technology company innovates using cutting edge tech to digitalise the traditional insurance business model and increase efficiencies across the entire insurance value chain.
M
Merchant portal
A user dashboard for e-Commerce marketplace sellers to buy and manage their insurance policies, analyse data related to those policies, and submit claims and track payouts.
Microinsurance
Type of insurance coverage designed to be affordable and accessible for low-income individuals or communities, typically offering limited coverage tailored to specific needs or risks.
Modular insurtech solution
Highly flexible and customisable suite of tools, composed of many components that can be easily added to or removed from the entire stack, giving insurance companies the exact functionality they need for their business to scale and thrive.
O
Offline-to-online insurance purchase journey
A streamlined and integrated flow for customers buying products or services in-store to buy, activate and manage directly relevant insurance policies on a digital platform, allowing insurers to scale distribution and sales efficiently.
Omni-channel distribution
Simultaneous and seamless launch and sale of insurance products across a combination of offline and online means, while centralising the operations, claims and analysis processes into one single platform, allowing for a full funnel and holistic view of business performance.
P
Parametric index insurance
A type of insurance that pays out benefits based on a predetermined index, rather than on the actual loss incurred, triggered by metrics like wind speed, rainfall, or earthquake magnitude, offering a more objective and rapid settlement process.
R
Risk assessment
Process of evaluating the likelihood and potential consequences of risks associated with insuring a person or entity, used to determine appropriate premiums and coverage levels.
S
Sales intermediaries
Individuals who act as the middleman between an insurance company and consumer, facilitating the transaction of insurance policies and sometimes also managing the post-sales journey such as claims and customer support.
U
Underwriting rules
Guidelines used by insurers to assess the risk associated with an insurance applicant, determining whether they qualify for coverage and at what premium rate, based on factors like health, lifestyle, occupation, and financial history.
Usage-based insurance
An auto insurance model where premiums are determined by the policyholder’s driving behaviour and vehicle use, tracked through in-vehicle telecommunications devices (telematics) that are either installed by the insurer or are already integrated into the vehicle.
W
Weather index insurance
A type of index-based coverage based on predetermined weather parameters, such as rainfall levels, temperature, or wind speed, exceeding or falling below certain thresholds, typically used in agriculture to protect farmers against losses due to adverse weather conditions that can impact crop yields.