Insurance Operations Glossary

The Selectsys ecosystem connects AI, automation, and insurance operations through one Value Flywheel. This glossary defines the terms, metrics, and systems that appear across all platform and blog pages. Each definition links to its detailed explanation or live example inside the platform.

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AI Assist (Underwriting Assistant)

AI-powered guidance system inside RQB and EI that reads underwriting rules, flags missing data, and suggests risk fit.

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AI BPO

A hybrid model combining automation and trained BPO teams. AI tools extract, route, and validate data, while human teams finalize tasks with SLA and QA control.

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AI OCR (Optical Character Recognition)

Automation that converts PDFs and document images into structured data for RQB and EI. It reduces manual entry and speeds up intake.

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Analytics and PQI

Analytics measure cycle time, hit ratio, and SLA performance. PQI (Policy Quality Index) combines accuracy, speed, and audit to score overall quality.

See how PQI works
Agency Management System (AMS)

Definition:
Software for MGAs, carriers, and wholesalers to manage accounts, policies, documents, tasks, and reporting across the insurance lifecycle.

For MGAs, carriers, and wholesalers:
Should support multi-carrier data, bordereaux, delegated-authority controls, audit trails, and integration with quoting, underwriting, and policy systems.

In Selectsys:
Expert Insured is our AMS for MGAs, carriers, and wholesalers, integrated with RQB (Rate • Quote • Bind), AI Assist, and Policy Administration BPO.

Features:
Accounts/contacts, tasks, documents, endorsements, renewals, bordereaux, analytics; role-based permissions, audit logs, SLA + PQI tracking; carrier API integrations; reporting.

BPO (Business Process Outsourcing)

Delegation of insurance workflows (submission, endorsement, renewal) to Selectsys credentialed teams who operate inside client systems under SLAs and audits.

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BPO Pod

A dedicated, trained mini-team mapped to a specific workflow. Each Pod works under a defined SLA, QA process, and escalation path.

See example
Control Tower

Central dashboard providing real-time visibility, SLA tracking, and workload monitoring across RQB, EI, AI, and BPO Pods. It identifies bottlenecks, exceptions, and SLA breaches.

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Cycle Time

Average time it takes to complete a workflow step (such as from submission to quote, or quote to bind). Measured in hours or business days and tracked in Analytics dashboards.

Data Fabric

The data layer that connects all Selectsys tools (AI OCR, RQB, EI, BPO, Analytics). It normalizes fields, enforces templates, and provides a single data source across systems.

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Document Accuracy

Percentage of documents created or processed without errors or rework.

Expert Insured (EI)

Selectsys Policy Administration and Forms System that manages accounts, documents, and audit logs across the insurance lifecycle.

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Forms Engine

Module inside EI that automatically generates and manages policy and endorsement forms based on templates and RQB data.

Hit Ratio

The percentage of quotes that convert into bound policies.

Formula: Bound / Quoted × 100

Issuance and Servicing

Post-bind workflows that handle policy document creation, endorsements, certificates, and service tasks.

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ICS (Incomplete Submissions)

Definition:
ICS stands for Incomplete Submissions, referring to policy or submission files received without all required data or documents during intake.

Purpose:
ICS measures the percentage or count of incoming submissions missing key fields or attachments. Reducing ICS improves quoting speed, accuracy, and underwriting efficiency across the operating model.

Example Usage:

  • “Cycle time ↓ 20–35% • ICS ↓ 30–50%”
  • “Automation and triage reduced ICS by 40% within the first quarter.”

Related Terms:

PQI (Policy Quality Index)

A composite score measuring policy accuracy, SLA compliance, and audit pass rate. Higher PQI = cleaner, faster, more compliant workflows.

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Playbook

A standardized SOP that defines the exact steps, inputs, QA checks, and SLAs for each workflow handled by BPO Pods.

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Policy Management System

Definition:
Subsystem focused on post-bind workflows, issuance, endorsements, renewals, cancellations, document assembly, and audit/compliance.

For MGAs, carriers, and wholesalers:
Must connect to underwriting, quoting, and forms libraries with auditability for delegated authority programs.

In Selectsys:
Delivered inside Expert Insured with a Forms Engine that generates policy/endorsement packets using RQB data and templates.

Features:
Issuance and endorsements with templates/approvals; COIs and document packages; renewal and remarketing cadence (120/90/60/30).

QA (Quality Assurance) Score

Percentage of tasks or documents that pass quality review on the first attempt.

Quote Sheet

Summary document generated in RQB showing premium, limits, and terms offered to a client.

RQB (Rate • Quote • Bind)

Selectsys rating and quoting engine that automates rate application, quote generation, and bind-pack assembly.

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Renewal and Remarketing

Process that handles policy renewals with 120/90/60/30-day cadence and offers alternate quotes or save options.

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SLA (Service Level Agreement)

A defined turnaround time or accuracy target for each workflow, tracked in Control Tower and PQI metrics.

Submission Triage

AI workflow that scores completeness, applies appetite rules, and routes submissions to the right team or carrier.

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Task Queue

The prioritized list of actionable work items inside EI, RQB, or BPO dashboards, visible in the Control Tower.

Value Flywheel

Selectsys’s connected operating model that unites AI, automation, and BPO Pods across the full insurance lifecycle.

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