Insurance Rating Engine
What an insurance rating engine is, the must-have features to look for, the benefits of centralizing pricing logic, and how to integrate it with your stack.
Category
Glossary
Articles on Glossary from the Openkoda team.
Glossary
Glossary
Marine Cargo Insurance
What marine cargo insurance covers, who needs it, the main policy types (ICC A/B/C, single voyage, open cover), and key contract requirements.
Glossary
Captive Insurance
An insurer owned by the businesses it covers, the forms it takes, and what separates a captive from simply retaining the risk.
Glossary
Case Reserve Insurance
What a case reserve represents, how the first estimate is set, and why it moves every time new information reaches the file.
Glossary
Claims Leakage
The money paid out above what the claim should have cost, why it is measured by file review, and what separates it from fraud.
Glossary
Claims Triage
How insurers sort incoming claims by complexity and route them, and what separates a rules-based assessment from a predictive one.
Glossary
Coverholder
A business authorised to enter into contracts of insurance on a Lloyd's syndicate's behalf, and where its authority stops.
Glossary
Excess and Surplus Lines
What non-admitted insurance is, why a risk ends up there, and the two protections a buyer gives up in exchange for the flexibility.
Glossary
Fronting Carrier
An insurer that issues the policy and passes most of the risk on, and why it still owes the policyholder if the reinsurer fails.
Glossary
IBNR Insurance
The reserve for claims that have happened but have not reached the insurer yet, and why the estimate keeps changing after the year closes.
Glossary
IFRS 17
The accounting standard that replaced a patchwork of national practice, and the profit measure at its centre: the contractual service margin.
Glossary
Insurance Claims Cycle Time
Where the clock starts and stops on a claim, why the average hides the files that matter, and what a long cycle time usually indicates.
Glossary
Loss Adjustment Expense
The cost of investigating and settling claims, split into allocated and unallocated, and why it belongs on the loss side of the combined ratio.
Glossary
Loss Ratio Insurance
How the loss ratio is calculated, why incurred and paid losses give different answers, and what the gross and net versions each tell you.
Glossary
Loss Run Insurance
The claims history an underwriter asks for at renewal, how to read paid against incurred, and why the valuation date changes what it says.
Glossary
Quota Share Reinsurance
Proportional reinsurance where premium and losses are split by a fixed percentage, and what the ceding commission is paying for.
Glossary
Quote Bind Issue
The three steps that turn an enquiry into a live policy, where cover actually attaches, and what a referral does to the sequence.
Glossary
Quote to Bind Ratio
The share of quotes that become policies, and why the definition of a quote decides whether the number means anything.
Glossary
SERFF Filing
How rates and forms reach a US state regulator, who reviews them, and why approval is not the same as permission to start selling.
Glossary
Solvency II
The EU prudential regime in three pillars, the two capital thresholds that trigger different supervisory responses, and what changes in 2027.
Glossary
Subrogation Insurance
How an insurer steps into its policyholder's shoes to recover from whoever caused the loss, and what happens to the deductible.
Glossary
Treaty vs Facultative
Whether reinsurance covers a whole class automatically or one risk at a time, and why treaty does not mean proportional.
Glossary
Anonymizing Insurance Claims Data
What it takes to anonymize claims data, how that differs from pseudonymization and masking, and why removing names is only the start of the job.
Glossary
Combined Ratio Insurance
How the combined ratio measures underwriting performance, what its loss and expense components include, and why calendar and accident year figures differ.
Glossary
Core Insurance System
What a core insurance system covers, how policy administration, billing and claims fit together, and where the boundary with surrounding tools sits.
Glossary
Expense Ratio Insurance
What the insurance expense ratio measures, how it is calculated, which costs sit inside it, and why a falling ratio does not always mean lower costs.
Glossary
Insurance Retention Rate
How insurers, agencies and brokers measure retention, the difference between policy, customer and premium retention, and how to calculate each one.
Glossary
Insurtech Platform
An insurtech platform is a digital environment for creating, managing, and distributing insurance products, unifying underwriting, policy admin, and claims.
Glossary
Insurance Form Builder
An insurance form builder lets teams create, manage, and deploy digital insurance forms - quotes, claims, applications - with logic, validation, and integrations.
Glossary
Claims Management System (CMS)
A claims management system helps insurers organize, track, and speed up handling claims from first notice of loss through investigation to final settlement.
Glossary
Policy Administration System (PAS)
A policy administration system manages the full policy lifecycle - issuance, endorsements, renewals, billing, and documents - as the core of insurance operations.
Glossary
RBAC vs ABAC
RBAC grants access by predefined roles, while ABAC evaluates user, resource, and context attributes for dynamic, fine-grained access control.
Glossary
Insurance Audit Trail
An insurance audit trail is a chronological record of who did what and when across systems, protecting data integrity, transparency, and compliance.
Glossary
Insurtech
Insurtech is the application of modern digital technologies - AI, cloud, analytics, and APIs - to modernize and transform the insurance sector.
Glossary
Insurance Billing System
An insurance billing system manages end-to-end billing for policies, from invoicing and payment processing to receivables, refunds, and adjustments.
Glossary
Insurance Endorsement
An insurance endorsement is a formal amendment that updates an existing policy's terms, scope, or conditions without issuing a new contract.
Glossary
Bordereau Insurance
What a bordereau is in insurance and reinsurance, its origins, the main types (risk, premium, claims), and the operational challenges of bordereau processing.
Glossary
Property and Casualty Insurance
What property and casualty (P&C) insurance covers, its key types from homeowners to auto and general liability, and its main benefits for people and businesses.
Glossary
Parametric Insurance
How parametric insurance pays out on predefined event triggers instead of assessed losses, how it compares to traditional cover, and its key benefits.
Glossary
Usage-Based Insurance
How usage-based insurance (UBI) prices premiums on real driving behavior via telematics, the factors that shape your score, and market growth statistics.
Glossary
Crop Insurance
How crop insurance protects farm production and revenue, its history and types (MPCI, crop-hail, revenue), what it costs, and why it's a specialty line.
Glossary
ACORD Form
What ACORD forms are, why certificates of insurance matter, where to find them, and the most common ACORD form types used across the insurance industry.
Glossary
Managing General Agent (MGA)
What a Managing General Agent is, how delegated underwriting authority works, and how MGAs differ from insurance brokers within the distribution chain.
Glossary
Insurance Agent Portal
An agent portal is a secure web application giving licensed insurance agents access to the tools and data they need to run their business.
Glossary
First Notice of Loss (FNOL)
First Notice of Loss (FNOL) is the initial report to an insurer that an event happened, marking the official start of the claims process.
Glossary
Insurance Broker Portal
An insurance broker portal is a secure, multi-carrier workspace for placing and servicing policies end-to-end.
Glossary
Insurance Rules Engine
How a business rules engine automates underwriting, rating, eligibility, and claims decisions in insurance with speed, consistency, and full auditability.
Glossary
Certificate of Insurance (COI)
A certificate of insurance is a short, standardized document proving that an individual or business holds active insurance coverage.
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