AI Insurance Assistants Glossary: Key Terms & Concepts

An audit trail is a step-by-step sequential record that offers evidence of a financial transaction's documented history back to its source. With the use of the audit trail, an auditor can ...read more

The approval workflow is a standard corporate procedure in which data must be signed off at a given point. Approval procedures necessitate various checks from a range of stakeholders throu...read more

Claims management refers to the process of managing and handling insurance claims from start to finish. This process typically involves recording, tracking, and resolving claims in a timel...read more

Fraud detection is a crucial feature that is used in software programs to identify, prevent, and mitigate fraudulent activities. This feature employs advanced algorithms and techniques to ...read more

Workflow automation is a key feature in software that streamlines and automates repetitive tasks and processes, improving efficiency, accuracy, and productivity across an organization. It ...read more

Human-in-the-loop review inserts a person into an automated machine learning pipeline at the points where judgement is needed — approving a prediction, correcting a label, or handling case...read more

Submission intake reads what an insurance submission actually arrives as, usually an email with a loss run, a statement of values and an application attached, and turns it into structured ...read more

Appetite matching checks an incoming risk against what the carrier has written down that it wants to write: class, size, geography, loss history and the exclusions underneath. It is the f...read more

Underwriting triage ranks and routes submissions so the ones worth an underwriter’s time reach the right underwriter first, with the risk factors already surfaced. What separates products...read more

Loss run extraction reads a carrier’s claims history report and pulls out the claims, dates, amounts and status so prior loss experience can be compared across years and carriers. Loss ru...read more

Claims triage reads a claim and decides how it should be handled: which claims need a senior adjuster now, which are likely to become expensive, and which can follow the routine path. The...read more

First notice of loss is the moment a claim is reported. Software here captures the report across phone, email or form, classifies what kind of claim it is and opens it in the claims system...read more

Subrogation detection reads a claim file for signs that another party is responsible and the insurer could recover what it paid. Recovery opportunities are usually found by reading, and r...read more

Policy comparison reads two or more policy documents and sets out where they differ: limits, deductibles, endorsements and the exclusions that only show up in the wording. It is the work ...read more

Coverage gap analysis reads a programme as it stands and reports what is not covered: missing lines, limits that sit below the exposure, and exclusions that remove something the insured as...read more