Technology & AI Glossary

The application of AI technologies including machine learning, natural language processing, and computer vision to automate and improve insurance processes from underwriting to claims settlement.

The use of algorithms and AI to evaluate insurance applications and make underwriting decisions automatically, based on predefined rules and data analysis.

The use of AI and OCR to automatically extract key information from insurance policy documents, including coverage terms, limits, deductibles, exclusions, and endorsements.

AI systems that can autonomously plan, execute multi-step tasks, and make decisions with minimal human guidance, emerging in insurance for end-to-end claims processing and workflow automation.

The use of computer vision and machine learning to automatically estimate repair costs from photographs of damaged property, accelerating the claims assessment process.

The application of distributed ledger technology to insurance for purposes such as smart contracts, fraud prevention, claims verification, and transparent record-keeping.

AI technology that analyzes images and video to automatically assess damage, identify objects, and extract information from photographs in insurance claims processing.

A cloud-based software system that provides insurance companies with core functionality including policy administration, claims management, billing, and reporting through internet-hosted infrastructure.

The use of software and AI to automate the steps in claims processing, from FNOL intake through assignment, investigation, documentation, approval, and payment, reducing manual effort and cycle times.

The use of unmanned aerial vehicles (drones) to inspect and photograph property damage from above, particularly useful for roof inspections, large commercial properties, and disaster zones.

The processing of insurance claims through digital channels and automated systems, reducing paper-based workflows and enabling faster, more transparent claim handling.

The process of maintaining consistent data across multiple devices or systems by automatically uploading and downloading changes when connectivity is available.

The process of converting paper-based insurance documents such as policies, claims forms, survey reports, and invoices into digital format for electronic storage and processing.

AI-powered systems that analyze claims data, patterns, and anomalies to identify potentially fraudulent claims, flagging them for investigation by special investigation units.

The use of connected sensors and devices to monitor insured property in real time, detecting risks like water leaks, fire, structural movement, or equipment failure before major losses occur.

Technology-driven companies and solutions that innovate and modernize the insurance industry, from distribution and underwriting to claims processing and customer experience.

The use of machine learning algorithms to analyze claims data, detect patterns, predict outcomes, identify fraud, and automate routine claims processing decisions.

An approach to insurance technology where applications and workflows are designed primarily for smartphone use, recognizing that field professionals and customers increasingly rely on mobile devices.

The capability of insurance technology tools to process, transcribe, and generate content in multiple languages, critical for markets like India where surveyors work in diverse regional languages.

AI technology that enables computers to understand, interpret, and generate human language, used in insurance for report generation, policy analysis, and claims communication.

Technology that extracts text from images or scanned documents, used in insurance to digitize policy documents, invoices, receipts, and other paper-based claim materials.

A software design approach where applications are built to function fully without internet connectivity, storing data locally and synchronizing with cloud servers when connection is available.

The use of historical data, statistical algorithms, and machine learning to forecast future insurance outcomes such as claim frequency, severity, fraud probability, and customer behavior.

The technology that converts spoken language into text, enabling surveyors and adjusters to dictate observations, record statements, and create documentation through voice input.

Self-executing contracts with terms written in code on a blockchain, enabling automatic claims payment when predetermined conditions are verified, commonly used in parametric insurance.

Technology that combines telecommunications and informatics to collect and transmit vehicle data including speed, location, driving behavior, and impact forces, used in motor insurance for risk assessment and claims verification.

An insurance pricing model where premiums are calculated based on actual usage patterns (driving behavior, mileage, property occupancy) measured through telematics and IoT devices.

AI-powered technology that converts spoken field observations into structured, formatted insurance reports, allowing surveyors and adjusters to document findings hands-free during inspections.