Glossary
Insurance technology glossary
- POSP (Point of Sales Person)
- An individual certified to sell specified, pre-underwritten insurance products directly to customers, typically under a broker or insurer.
- Insurance broking software
- Software that brings together policy management, renewals, claims and customer relationships for an insurance broker in one workspace, such as PolicyIQ | One.
- OCR (Optical Character Recognition)
- Technology that reads text from documents (such as scanned policy schedules) and converts it into structured, usable data.
- Policy schedule
- The document summarising a policy's core details: sums insured, premium, coverage period and endorsements.
- Proposal form
- The form a customer completes when applying for insurance, capturing the information an insurer uses to assess and price the policy.
- Endorsement
- A change made to an existing policy after issuance, such as updating a covered vehicle or adding a family member.
- FNOL (First Notice of Loss)
- The first report of a potential claim, marking the start of the claims process.
- IRDAI
- India's Insurance Regulatory and Development Authority, the regulator overseeing insurance and insurance intermediary activity in India.
- KYC (Know Your Customer)
- Identity verification required before a financial or insurance relationship is established.
- API (Application Programming Interface)
- A defined way for two systems to exchange data, such as a brokerage system connecting to an insurer through PolicyIQ | Gateway.