Insurance Software Key Terms

Here are some terms you will find as you investigate insurance software

Insurance software has made running an insurance agency much easier. It can help you keep track of clients, manage agents, process claims, do underwriting as well as manage your business accounting and billing functions. Software suppliers can train you on the software saving you time and money so that you can focus on other aspects of your business. As you explore the various programs on the market, you will run across some terms that you will need to understand.

 

Underwriting

Underwriting is the process that a large financial service provider, such as an insurer, bank or investment house, uses to examine and then either accept or reject insurance risks. Insurance software helps decision makers with the underwriting process.
Try: All Business defines this term.

Extract, transform and load

Extract, transform and load (ETL) is a term that refers to the steps involved in data warehousing and includes extracting data from outside sources, transforming it to fit the operational needs of an organization and then loading it into the end database. Insurance software is programmed to do this as part of its many functions.
Try: For more information go to ETL-Tools.Info.

Data migration

Data migration is the process of transferring information or data between computer systems, different types of storage or formats. It is usually done so that there is increased automation, thus freeing up human resources from repetitive or tedious tasks. Once insurance software has been selected, data migration can begin.
Try: InfoTechNet does a good job of defining this term.

Ad hoc reporting

Ad hoc reporting is a type of reporting application that is often included in insurance software and permits users to produce their own reports with little technical knowledge.
Try: John Wood describes this process in more detail.

Graphical user interface

A graphical user interface (GUI) is a type of interface which allows people to use electronic devices with images rather than text commands. A GUI offers graphical icons instead of text based interfaces, typed commands or text navigation. Insurance software often includes GUI so that tasks can be completed more easily and quickly especially by new users.
Try: See a more detailed definition at PC MAG.

Insurance applications architecture (IAA)

Insurance applications architecture (IAA) was developed by IBM as part of their insurance software and refers to the corporate standards that business and IT use to put into operation key strategic insurance initiatives more reliably and faster. IAA has become the industry standard for insurance software.
Try: IBM describes how IAA works and its advantages.

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