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[[Definition:GrossArtificial written premiumintelligence (GWPAI)]]
[[Definition:NetMachine written premiumlearning (NWPML)]]
[[Definition:GrossDeep earned premium (GEP)learning]]
[[Definition:NetNatural earnedlanguage premiumprocessing (NEPNLP)]]
[[Definition:UnearnedComputer premium reserve (UPR)vision]]
[[Definition:UnearnedPredictive premiumanalytics]]
[[Definition:EarnedPredictive premiummodelling]]
[[Definition:WrittenAlgorithmic premiumunderwriting]]
[[Definition:PremiumAutomated deficiencyclaims reserveprocessing]]
[[Definition:AdditionalFraud unexpired risk reserve (AURR)detection]]
[[Definition:DeferredOptical acquisitioncharacter costrecognition (DACOCR)]]
[[Definition:AcquisitionRobotic costprocess automation (RPA)]]
[[Definition:Acquisition cost ratioChatbot]]
[[Definition:LossLarge ratiolanguage model (L/RLLM)]]
[[Definition:Generative artificial intelligence (GenAI)]]
[[Definition:Neural network]]
[[Definition:Supervised learning]]
[[Definition:Unsupervised learning]]
[[Definition:Training data]]
[[Definition:Algorithmic bias]]
[[Definition:Explainability]]
[[Definition:Black box model]]
[[Definition:Model validation]]
[[Definition:Telematics]]
[[Definition:Sentiment analysis]]
[[Definition:Decision tree]]
[[Definition:Data mining]]
[[Definition:Straight-through processing (STP)]]
[[Definition:Intelligent document processing (IDP)]]
[[Definition:Digital twin]]
[[Definition:Request for proposal (RFP)]]
[[Definition:Request for information (RFI)]]
[[Definition:Request for quotation (RFQ)]]
[[Definition:Vendor management]]
[[Definition:Third-party risk management (TPRM)]]
[[Definition:Service level agreement (SLA)]]
[[Definition:Key performance indicator (KPI)]]
[[Definition:Due diligence]]
[[Definition:Outsourcing]]
[[Definition:Insourcing]]
[[Definition:Preferred supplier]]
[[Definition:Supplier evaluation]]
[[Definition:Total cost of ownership (TCO)]]
[[Definition:Procurement lifecycle]]
[[Definition:Contract management]]
[[Definition:Master service agreement (MSA)]]
[[Definition:Statement of work (SOW)]]
[[Definition:Spend analysis]]
[[Definition:Category management]]
[[Definition:Strategic sourcing]]
[[Definition:Competitive tendering]]
[[Definition:Vendor lock-in]]
[[Definition:Subcontracting]]
[[Definition:Non-disclosure agreement (NDA)]]
[[Definition:Purchase order (PO)]]
[[Definition:Procure-to-pay (P2P)]]
[[Definition:Supplier onboarding]]
[[Definition:Benchmarking]]
[[Definition:Tail spend]]
[[Definition:Business continuity planning (BCP)]]
[[Definition:Sole sourcing]]
[[Definition:Single sourcing]]
[[Definition:Multi-sourcing]]
[[Definition:Nearshoring]]
[[Definition:Offshoring]]
[[Definition:Onshoring]]
[[Definition:Managed service provider (MSP)]]
[[Definition:Business process outsourcing (BPO)]]
[[Definition:Information technology outsourcing (ITO)]]
[[Definition:Vendor consolidation]]
[[Definition:Supplier diversity]]
[[Definition:Framework agreement]]
[[Definition:Blanket purchase agreement (BPA)]]
[[Definition:Rate card]]
[[Definition:Cost-benefit analysis (CBA)]]
[[Definition:Return on investment (ROI)]]
[[Definition:Value for money (VFM)]]
[[Definition:Negotiation strategy]]
[[Definition:Best and final offer (BAFO)]]
[[Definition:Invitation to tender (ITT)]]
[[Definition:Evaluation criteria]]
[[Definition:Weighted scoring model]]
[[Definition:Proof of concept (POC)]]
[[Definition:Pilot programme]]
[[Definition:Vendor risk assessment]]
[[Definition:Supplier scorecard]]
[[Definition:Contract renewal]]
[[Definition:Auto-renewal clause]]
[[Definition:Termination for convenience]]
[[Definition:Exit strategy]]
[[Definition:Transition plan]]
[[Definition:Change control]]
[[Definition:Scope creep]]
[[Definition:Escalation procedure]]
[[Definition:Governance framework]]
[[Definition:Steering committee]]
[[Definition:Stakeholder management]]
[[Definition:Demand management]]
[[Definition:Specification]]
[[Definition:Compliance requirement]]
[[Definition:Regulatory outsourcing obligation]]
[[Definition:Material outsourcing]]
[[Definition:Critical service provider]]
[[Definition:Concentration risk]]
[[Definition:Fourth-party risk]]
[[Definition:Supply chain risk]]
[[Definition:Right to audit clause]]
[[Definition:Data processing agreement (DPA)]]
[[Definition:Intellectual property rights (IPR)]]
[[Definition:Indemnification clause]]
[[Definition:Limitation of liability]]
[[Definition:Force majeure]]
[[Definition:Liquidated damages]]
[[Definition:Penalty clause]]
[[Definition:Earnback mechanism]]
[[Definition:Gain-sharing arrangement]]
[[Definition:Fixed-price contract]]
[[Definition:Time-and-materials contract (T&M)]]
[[Definition:Cost-plus contract]]
[[Definition:Outcome-based contract]]
[[Definition:Maverick spend]]
[[Definition:Spend under management]]
[[Definition:Savings target]]
[[Definition:Budget holder]]
[[Definition:Approval workflow]]
[[Definition:Delegated authority]]
[[Definition:Procurement policy]]
[[Definition:Ethical sourcing]]
[[Definition:Environmental, social, and governance criteria (ESG)]]
[[Definition:Sustainable procurement]]
[[Definition:Vendor performance review]]
[[Definition:Continuous improvement]]
[[Definition:Market analysis]]
[[Definition:Make-or-buy decision]]
[[Definition:Incumbent supplier]]
[[Definition:Gross written premiums (GWP)]]
[[Definition:Combined ratio (CR)]]
[[Definition:Underlying earnings]]
[[Definition:Underlying earnings per share (UEPS)]]
[[Definition:Underlying return on equity (URoE)]]
[[Definition:Net income]]
[[Definition:Solvency II ratio]]
[[Definition:Eligible own funds (EOF)]]
[[Definition:Contractual service margin (CSM)]]
[[Definition:New business value (NBV)]]
[[Definition:New business value margin]]
[[Definition:Present value of expected premiums (PVEP)]]
[[Definition:New business contractual service margin (NB CSM)]]
[[Definition:CSM release]]
[[Definition:Technical margin]]
[[Definition:Technical experience]]
[[Definition:Net flows]]
[[Definition:Unit-linked]]
[[Definition:General account (GA)]]
[[Definition:Property and casualty insurance (P&C)]]
[[Definition:Life and health insurance (L&H)]]
[[Definition:Commercial lines]]
[[Definition:Personal lines]]
[[Definition:Reinsurance]]
[[Definition:Managing general agent (MGA)]]
[[Definition:Natural catastrophe charges (Nat Cat)]]
[[Definition:Prior years' reserve development]]
[[Definition:Claims reserve]]
[[Definition:Unwind of discount]]
[[Definition:Loss ratio]]
[[Definition:Expense ratio]]
[[Definition:OperatingCurrent ratioyear loss]]
[[Definition:UnderwritingShort-tail resultlines]]
[[Definition:UnderwritingLong-tail profitlines]]
[[Definition:UnderwritingCasualty yearinsurance]]
[[Definition:AccidentFinancial yearlines]]
[[Definition:Calendar yearProtection]]
[[Definition:PolicySavings yearinsurance]]
[[Definition:YearEndowment of account (YOA)product]]
[[Definition:IncurredSingle but not reported reserve (IBNR)premium]]
[[Definition:IncurredWhole-life but not enough reported reserve (IBNER)product]]
[[Definition:Outstanding claim reserveBancassurance]]
[[Definition:CaseDirect reserveinsurance]]
[[Definition:BulkMotor reserveinsurance]]
[[Definition:ClaimsFire incurredinsurance]]
[[Definition:PaidWorkers' losscompensation]]
[[Definition:LossGroup developmentlife insurance]]
[[Definition:LossHealth development factor (LDF)insurance]]
[[Definition:LossComplementary trianglehealth insurance]]
[[Definition:Run-offRetail trianglemotor]]
[[Definition:UltimateSocial lossinflation]]
[[Definition:UltimateMarket loss ratiosoftening]]
[[Definition:ReservePricing adequacycycle]]
[[Definition:ReserveCapital-light redundancyproduct]]
[[Definition:Reserve deficiencySurrender]]
[[Definition:Reserve releasePersistency]]
[[Definition:Reserve strengtheningUnderwriting]]
[[Definition:Prior-year reserve developmentPruning]]
[[Definition:Discounted reserveEarn-through]]
[[Definition:UndiscountedDebt reservegearing]]
[[Definition:TechnicalRestricted provisionTier 1 capital (RT1)]]
[[Definition:BestTier estimate2 liability (BEL)capital]]
[[Definition:RiskLoss marginabsorption mechanism]]
[[Definition:Claims provisionWrite-down]]
[[Definition:PremiumCredit provisionspread]]
[[Definition:ProvisionInvestment for outstanding claimsgrade]]
[[Definition:EqualizationHigh reserveyield]]
[[Definition:CatastropheCorporate reservespread]]
[[Definition:Net asset value (NAV)]]
[[Definition:Embedded value (EV)]]
[[Definition:European embedded value (EEV)]]
[[Definition:Market-consistent embedded value (MCEV)]]
[[Definition:Appraisal value]]
[[Definition:Value of in-force business (VIF)]]
[[Definition:Adjusted net asset value]]
[[Definition:Present value of future profits (PVFP)]]
[[Definition:Solvency margin]]
[[Definition:Solvency capital requirement (SCR)]]
[[Definition:MinimumOrganic capitalcash requirement (MCR)upstream]]
[[Definition:OwnDividend fundspayout ratio]]
[[Definition:Risk-basedTotal capitalpayout (RBC)ratio]]
[[Definition:SurplusShare buy-back]]
[[Definition:Policyholders'Normalized surplusown funds generation]]
[[Definition:FreeOperating reservesreturn]]
[[Definition:AvailableForeseeable capitaldividend]]
[[Definition:EligibleComparable own fundsbasis]]
[[Definition:TieredConstant capitalexchange rate basis]]
[[Definition:TechnicalScope resulteffect]]
[[Definition:Non-technical account]]
[[Definition:Investment income]]
[[Definition:Investment return]]
[[Definition:Realized gain]]
[[Definition:Unrealized gain]]
[[Definition:Fair value]]
[[Definition:Amortized cost]]
[[Definition:Available-for-sale financial asset (AFS)]]
[[Definition:Held-to-maturity financial asset]]
[[Definition:Fair value through profit or loss (FVTPL)]]
[[Definition:Fair value through other comprehensive income (FVOCI)]]
[[Definition:Impairment loss]]
[[Definition:Reinsurance recoverable]]
[[Definition:Reinsurance asset]]
[[Definition:Reinsurance payable]]
[[Definition:Reinsurance deposit]]
[[Definition:Funds withheld]]
[[Definition:Ceded premium]]
[[Definition:Ceded loss]]
[[Definition:Ceded commission]]
[[Definition:Reinsurer's share of technical provisions]]
[[Definition:Sliding scale commission]]
[[Definition:Profit commission]]
[[Definition:Override commission]]
[[Definition:Overriding commission]]
[[Definition:Ceding commission]]
[[Definition:Contingent commission]]
[[Definition:Bordereaux]]
[[Definition:Premium bordereaux]]
[[Definition:Claims bordereaux]]
[[Definition:Premium receivable]]
[[Definition:Agent's balance]]
[[Definition:Insurance receivable]]
[[Definition:Insurance payable]]
[[Definition:Insurance contract liability]]
[[Definition:Policyholder liability]]
[[Definition:Policyholder dividend]]
[[Definition:Participating policy surplus]]
[[Definition:Deferred tax asset]]
[[Definition:Deferred tax liability]]
[[Definition:Goodwill]]
[[Definition:Intangible asset]]
[[Definition:Value of business acquired (VOBA)]]
[[Definition:Contractual service margin (CSM)]]
[[Definition:Risk adjustment (RA)]]
[[Definition:Fulfilment cash flow]]
[[Definition:Coverage unit]]
[[Definition:Premium allocation approach (PAA)]]
[[Definition:Building block approach (BBA)]]
[[Definition:General measurement model (GMM)]]
[[Definition:Variable fee approach (VFA)]]
[[Definition:Liability for remaining coverage (LRC)]]
[[Definition:Liability for incurred claims (LIC)]]
[[Definition:Loss component]]
[[Definition:Onerous contract]]
[[Definition:Onerous contract loss]]
[[Definition:Portfolio of insurance contracts]]
[[Definition:Group of insurance contracts]]
[[Definition:Insurance contract revenue]]
[[Definition:Insurance service expense]]
[[Definition:Insurance service result]]
[[Definition:Insurance finance income or expense]]
[[Definition:Other comprehensive income (OCI)]]
[[Definition:Discount rate]]
[[Definition:Locked-in discount rate]]
[[Definition:Current discount rate]]
[[Definition:Yield curve]]
[[Definition:Risk-free rate]]
[[Definition:Gross premium valuation (GPV)]]
[[Definition:Net premium valuation (NPV)]]
[[Definition:Statutory accounting]]
[[Definition:Generally accepted accounting principles (GAAP)]]
[[Definition:International Financial Reporting Standard (IFRS)]]
[[Definition:IFRS 17]]
[[Definition:IFRS 9]]
[[Definition:Statutory surplus]]
[[Definition:Admitted asset]]
[[Definition:Non-admitted asset]]
[[Definition:Salvage and subrogation]]
[[Definition:Subrogation recoverable]]
[[Definition:Salvage recoverable]]
[[Definition:Loss adjustment expense (LAE)]]
[[Definition:Allocated loss adjustment expense (ALAE)]]
[[Definition:Unallocated loss adjustment expense (ULAE)]]
[[Definition:Defence cost]]
[[Definition:Claims handling expense]]
[[Definition:Management expense ratio (MER)]]
[[Definition:Total expense ratio (TER)]]
[[Definition:Return on equity (ROE)]]
[[Definition:Return on capital (ROC)]]
[[Definition:Economic capital]]
[[Definition:Capital adequacy]]
[[Definition:Retrocession accounting]]
[[Definition:Aggregate stop-loss]]
[[Definition:Aggregate excess of loss]]
[[Definition:Deposit accounting]]
[[Definition:Finite reinsurance]]
[[Definition:Risk transfer test]]
[[Definition:Significant insurance risk]]
[[Definition:Actuarial liability]]
[[Definition:Actuarial reserve]]
[[Definition:Net income]]
[[Definition:Comprehensive income]]
[[Definition:Retained earnings]]
[[Definition:Shareholders' equity]]
[[Definition:Book value]]
[[Definition:Tangible book value]]
[[Definition:Loss reserve to surplus ratio]]
[[Definition:Premium to surplus ratio]]
[[Definition:Net leverage ratio]]
[[Definition:Investment leverage]]
[[Definition:Float]]
[[Definition:Insurance float]]
[[Definition:Cash flow underwriting]]
[[Definition:Profit and loss account (P&L)]]
[[Definition:Balance sheet]]
[[Definition:Statement of comprehensive income]]
[[Definition:Statement of financial position]]
[[Definition:Technical account]]
[[Definition:Revenue account]]
[[Definition:Syndicate annual account]]
[[Definition:Funds at Lloyd's (FAL)]]
[[Definition:Premium trust fund]]
[[Definition:Insurance contract boundary]]
[[Definition:Cohort]]
[[Definition:Annual cohort]]
[[Definition:Transition approach]]
[[Definition:Full retrospective approach]]
[[Definition:Modified retrospective approach]]
[[Definition:Fair value approach]]
[[Definition:Experience adjustment]]
[[Definition:Confidence level]]
[[Definition:Probability of sufficiency]]
[[Definition:Chain-ladder method]]
[[Definition:Bornhuetter-Ferguson method]]
[[Definition:Expected loss ratio method]]
[[Definition:Loss reserving]]
[[Definition:Claim frequency]]
[[Definition:Claim severity]]
[[Definition:Average cost per claim]]
[[Definition:Written to earned ratio]]
[[Definition:Premium earning pattern]]
[[Definition:Deferred reinsurance premium]]
[[Definition:Prepaid reinsurance premium]]
[[Definition:Accrued premium]]
[[Definition:Return premium]]
[[Definition:Portfolio transfer]]
[[Definition:Loss portfolio transfer (LPT)]]
[[Definition:Adverse development cover (ADC)]]
[[Definition:Retrospective premium adjustment]]
[[Definition:Audit premium]]
[[Definition:Minimum and deposit premium]]
[[Definition:Reinstatement premium]]
[[Definition:Intercompany elimination]]
[[Definition:Consolidated account]]
[[Definition:Solo account]]
[[Definition:Segmental reporting]]
[[Definition:Line of business]]
[[Definition:Class of business]]
[[Definition:Functional currency]]
[[Definition:Foreign exchange reserve]]
[[Definition:Currency translation adjustment]]
[[Definition:Hedging reserve]]
[[Definition:Matching adjustment]]
[[Definition:Volatility adjustment]]
[[Definition:Surplus relief]]
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