Software for Insurance Agents and Brokers Key Terms

Find the definition of BPA and other important insurance software key terms

Insurance agents and brokers must put their understanding of the insurance world together with a basic understanding of key software terms as they relate to the industry. Some of these terms are very basic, like "web-based," while others may seem more complex. Even the most complex of insurance software key terms can be defined. From cryptographic keys to policy analyzers, all items work together to create insurance software. Gain a valuable base of knowledge by reviewing vital insurance software key terms.

 

ACORD

ACORD stands for the Association for Cooperative Operations Research and Development. Most insurance brokers and agents are very familiar with ACORD standards, but they should also be addressed when looking at insurance software. The group's focus is to streamline the insurance form process so ACORD software is important to agents and brokers.
Try: FIS Software defines ACORD and explains why it is important to use ACORD-specific software.

Policy analyzer

Insurance software that includes a policy analyzer allows for different policy scenarios to be compared. The policy analyzer is a part of insurance software used to help clients make decisions and find the best insurance for their needs.
Try: XDimensional Technologies defines the policy analyzer used in its software as a simple step of comparison between policies.

Business Process Automation (BPA)

Business Process Automation (BPA) is a software process that integrates all aspects of insurance into one uniform program. BPA is used to increase productivity by eliminating human contact, making the entire process a streamlined computer-generated operation.
Try: Insurance Software Solutions has a glossary of terms that defines Business Process Automation. It also explains how it affects insurance software.

Business rules

Business rules are a set of definitions given to the insurance software to adjust how applications are carried out. The best insurance software will allow for continually changing business rules.
Try: ILog defines how business rules work as they relate to insurance software capabilities.

Cryptographic keys

Cryptographic keys are used in sending important, confidential documents via email or the Internet. The cryptographic keys are designed to code a message so it can be read only by the person who holds the key, or correct validation, to open the message.
Try: TriSystems Software defines cryptographic keys. It specializes in insurance messaging.

Web-based

Web-based, as referred to in the insurance software industry, is a software-free program directed completely by an Internet web program. There is no software to install in-office, as all aspects of insurance dealings are handled via the web.
Try: IdeaStar explains the web-based insurance software available and how using web-based-only programming can be beneficial for any size insurance organization.

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