- Submission ingestion
- The automated intake of broker submissions — across email, PDF, Excel, ACORD, MRC and scans — and their conversion into structured, validated data for underwriting.
- Submission intelligence
- Enrichment of a submission with risk information beyond the documents themselves: location hazards, valuation adequacy, occupancy/vacancy signals — delivered at submission time.
- Broker submission
- The pack of documents a broker sends an underwriter to request a quote: typically a cover email, slip or MRC, schedules of values, loss runs and supporting reports.
- MRC (Market Reform Contract)
- The London Market’s standard placing document, structuring risk details, conditions and information into defined sections. Central to Lloyd’s placements.
- ACORD forms
- Standardised insurance data forms widely used in the US market for applications and submissions, published by the ACORD standards body.
- Schedule of values (SOV)
- A line-by-line listing of insured locations with attributes such as address, occupancy, construction, year built, square footage and insured values.
- TIV (Total Insured Value)
- The total value insured under a policy, in property typically split across property damage and business interruption components.
- Business interruption (BI)
- Cover for loss of income and increased costs following insured physical damage; a component of TIV in commercial property.
- ITV (Insurance to Value)
- The ratio of insured value to actual replacement value. Low ITV indicates underinsurance — a persistent problem where declared values lag rebuild costs.
- Valuation adequacy
- Whether a declared value credibly reflects reinstatement cost, typically assessed by benchmarking against modelled rebuild cost per square foot.
- Underinsurance
- Insured values materially below true replacement cost, exposing insureds to shortfalls and average clauses, and insurers to disputes and mispriced risk.
- Vacancy risk
- The elevated fire, water, and crime risk profile of unoccupied buildings. Chronically under-declared; detectable via imagery, activity and records signals.
- Submission triage
- Prioritising incoming submissions by appetite fit and winnability so underwriters work the most valuable risks first, rather than in inbox order.
- Appetite
- The classes, geographies, sizes and characteristics of risk an insurer wants to write, often codified in rules used for triage and referral.
- Enrichment
- Augmenting extracted submission data with external information — hazard data, valuation benchmarks, occupancy signals — per location or per risk.
- Confidence score
- A per-field measure of extraction certainty, letting underwriters see which values to trust and which to verify.
- Document classification
- Automatically identifying each document’s type within a submission pack — slip, SOV, loss run, report — so the right extraction applies.
- Cross-document validation
- Reconciling values across a submission’s documents (slip vs schedule vs email) and flagging conflicts instead of silently choosing.
- IDP (Intelligent Document Processing)
- Horizontal software for automating document-heavy workflows across industries. Contrast with vertical submission ingestion built for insurance semantics.
- OCR (Optical Character Recognition)
- Technology converting document images into machine-readable text. A component of ingestion, not a solution: it reads words, not risks.
- Headless deployment
- Running a platform via API without its user interface — documents in, structured data out, feeding downstream systems directly.
- Underwriting workbench
- The working environment where underwriters manage submissions, referrals and decisions; a common downstream integration target for ingestion output.
- Bordereau (pl. bordereaux)
- Periodic reports of risks, premiums or claims passed between coverholders/MGAs and capacity providers in delegated authority business.
- Delegated authority
- An arrangement where a carrier grants an MGA or coverholder authority to bind risks on its behalf within agreed parameters.
- MGA (Managing General Agent)
- An intermediary with delegated underwriting authority from one or more capacity providers, operating with carrier-like underwriting discipline at intermediary scale.
- Loss run
- A report of an insured’s historical claims, used to assess loss experience; frequently arrives as scanned or semi-structured documents.
- Quote-ready
- The state in which a submission’s data is complete, validated and enriched enough for an underwriter to price without further data assembly.
- Proof of Value (PoV)
- A fixed-scope evaluation — in SnapLine’s case, twenty live submissions processed with a written accuracy and fit report — designed to put evidence before commitment.