Definition:Broken links
Definition:Artificial intelligence (AI) Definition:Machine learning (ML) Definition:Deep learning Definition:Natural language processing (NLP) Definition:Computer vision Definition:Predictive analytics Definition:Predictive modelling Definition:Algorithmic underwriting Definition:Automated claims processing Definition:Fraud detection Definition:Optical character recognition (OCR) Definition:Robotic process automation (RPA) Definition:Chatbot Definition:Large language model (LLM) 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:Current year loss Definition:Short-tail lines Definition:Long-tail lines Definition:Casualty insurance Definition:Financial lines Definition:Protection Definition:Savings insurance Definition:Endowment product Definition:Single premium Definition:Whole-life product Definition:Bancassurance Definition:Direct insurance Definition:Motor insurance Definition:Fire insurance Definition:Workers' compensation Definition:Group life insurance Definition:Health insurance Definition:Complementary health insurance Definition:Retail motor Definition:Social inflation Definition:Market softening Definition:Pricing cycle Definition:Capital-light product Definition:Surrender Definition:Persistency Definition:Underwriting Definition:Pruning Definition:Earn-through Definition:Debt gearing Definition:Restricted Tier 1 capital (RT1) Definition:Tier 2 capital Definition:Loss absorption mechanism Definition:Write-down Definition:Credit spread Definition:Investment grade Definition:High yield Definition:Corporate spread Definition:Solvency capital requirement (SCR) Definition:Organic cash upstream Definition:Dividend payout ratio Definition:Total payout ratio Definition:Share buy-back Definition:Normalized own funds generation Definition:Operating return Definition:Foreseeable dividend Definition:Comparable basis Definition:Constant exchange rate basis Definition:Scope effect Definition:Intercompany elimination