|Term||Grouping||Definition / Use||Acronym Breakdown|
|ACORD||Insurance||The Association for Cooperative Operations Research and Development (ACORD) is the global standards-setting body for the insurance and related financial services industries (non-profit, industry-owned organization).||Association for Cooperative Operations Research and Development|
|Actuary||Insurance||An actuary is a person or group that compiles and analyzes statistics and uses them to calculate insurance risks and premiums.|
Example: AIS, ISO, URV, and MSO are actuaries that create manuals of pricing.
|Address scrubbing||Engineering||Address scrubbing is an address-validating system that corrects mistakes.|
Example: If entering 123 Main St., it validates the address and determines that St means Street and Rd means Road.
|Adjuster||Insurance||An adjuster is a person who investigates a claim; they can either work for a company independent of the carrier or work for the carrier.|
|Agency number||Engineering||A unique agency identifier.|
|Agent or Producer||Insurance||The agent or producer is the party that represents the insurance company in the sale of an insurance policy to an insured.|
|Agile||Operations||Agile software development is an umbrella term for a set of frameworks and practices based on the values and principles expressed in the Manifesto for Agile Software Development and the 12 Principles behind it. When you approach software development, it’s generally good to live by these values and principles and use them to help figure out the right things to do given your particular context.|
One thing that separates Agile from other approaches to software development is the focus on the people doing the work and how they work together. Solutions evolve through collaboration between self-organizing, cross-functional teams utilizing the appropriate practices for their context.
|ALAE||Insurance||Allocated loss adjustment expenses (ALAE) are part of an insurer’s expense reserves that are attributed to the processing of a specific insurance claim.|
• These expenses link directly to the processing of a specific claim.
• Will include expenses for third parties such as legal counsel, third-party adjusters, investigators, expert witnesses, arbitrators/mediators, etc.
• Costs incurred to determine the value of the loss and defend and/or settle the claim.
Also see unallocated loss adjustment expenses (ULAE).
|Allocated Loss Adjustment Expenses|
|AM||Services||An account manager (AM) is an employee who is responsible for the day-to-day management of a particular customer's account with the business.||Account Manager|
|Amazon EC2||Engineering||BriteCore uses Amazon Elastic Compute Cloud (Amazon EC2) to provide resizable computing capacity in the cloud. Within minutes, BriteCore can create Amazon EC2 instances (virtual machines over which we have complete control). Amazon EC2 features relevant to DR include:|
1. Amazon Machine Images (AMIs) are reconfigured to launch as part of the recovery procedure and include appropriate pieces of the application stack.
2. Availability Zones are distinct locations engineered to be insulated from failures in other Availability Zones. They provide inexpensive, low-latency network connectivity to other Availability Zones in the same region. By having access to launch instances in separate Availability Zones, BriteCore applications are protected from the failure of a single location. Regions consist of one or more Availability Zones.
|Amazon Elastic Compute Cloud|
|Amazon RDS||Engineering||BriteCore uses Amazon Relational Database Service (Amazon RDS) to set up, operate, and scale a relational database in the cloud. In the preparation phase, Amazon RDS is used to hold critical data in a database that's already running. In the recovery phase, Amazon RDS is used to run the production database. When using multiple regions, Amazon RDS allows BriteCore to copy data from one region to another while also having a read replica running in another location.||Amazon Relational Database Service|
|Amazon Route 53||Engineering||Amazon Route 53 is a highly available and scalable Domain Name System (DNS) web service. It gives developers and businesses a reliable, cost-effective way to route users to Internet applications. Amazon Route 53 includes a number of global load-balancing capabilities (which can be effective when you are dealing with DR scenarios such as DNS endpoint health checks) and the ability to failover between multiple endpoints and even static websites hosted in Amazon Simple Storage Service (Amazon S3).|
|Amazon S3||Engineering||BriteCore uses Amazon Simple Storage Service (Amazon S3). Amazon S3 provides a highly durable storage infrastructure designed for mission-critical and primary data storage. Objects are redundantly stored on multiple devices across multiple facilities within a region, designed to provide a durability of 99.999999999%.||Amazon Simple Storage Service|
|API||Engineering||An application programming interface (API) is a process through which software servers send requests for information and receive information. APIs create frictionless microservice, vendor, and system integrations for accurate information transfer. |
In a matter of seconds, all through API calls, a policyholder app may:
• Send user-submitted risk information to a backend processing system.
• Receive a quote based on the submitted information.
• Provide the policyholder with a quote.
|Application Programming Interface|
|ARR||Finance||Annual recurring revenue (ARR) is a measure of the predictable and recurring revenue components of recurring revenue stream such as subscriptions or maintenance. Annual Recurring Revenue always excludes one-time fees and, for most organizations, would exclude variable, usage, and consumption fees.||Annual Recurring Revenue|