Now live: P&C insurance accounting for MGAs and wholesalers, plus AAIS commercial lines platforms.
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.
AI-powered guidance system inside RQB and EI that reads underwriting rules, flags missing data, and suggests risk fit.
Read moreA 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.
Learn moreAutomation that converts PDFs and document images into structured data for RQB and EI. It reduces manual entry and speeds up intake.
ExploreAnalytics measure cycle time, hit ratio, and SLA performance. PQI (Policy Quality Index) combines accuracy, speed, and audit to score overall quality.
See how PQI worksSoftware 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.
Logic that screens submissions by class, state, limits, or exclusions to determine fit before rating.
Admitted carriers are state-licensed and follow rate/form filing; non-admitted (E&S) do not but offer flexible terms.
Commercial insurance programs built using rating guidance, forms, and manuals provided by the American Association of Insurance Services (AAIS), commonly used by MGAs, wholesalers, and carriers.
The ability to view premium activity, policy-level transactions, and reporting status directly from the operating platform.
Insurance-focused outsourcing model where trained operations teams execute core insurance workflows such as submission intake, underwriting support, policy processing, endorsements, renewals, accounting, compliance, audits, and claims support inside client systems under defined SLAs and quality controls.
Read moreA dedicated, trained mini-team mapped to a specific workflow. Each Pod works under a defined SLA, QA process, and escalation path.
See examplePeriodic data reports (e.g., premium, claims, risk) sent from MGA/coverholder to carrier for delegated programs.
The assembled set of bind documents (forms, schedules, invoices, notices) generated at bind/issue.
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.
ExploreAverage 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.
Proof of coverage documents issued for third parties, often with holder-specific wording.
An end-to-end insurance platform that supports rating, quoting, binding, policy issuance, endorsements, and accounting for commercial insurance programs.
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.
Learn morePercentage of documents created or processed without errors or rework.
Contracted authority allowing MGAs/coverholders to underwrite, bind, and issue on behalf of a carrier under specific terms and audits.
A system designed to support MGAs and program administrators operating under carrier-granted authority to underwrite, bind, issue, and service policies.
Selectsys Policy Administration and Forms System that manages accounts, documents, and audit logs across the insurance lifecycle.
ExploreMarket segment for risks not written in the admitted market, using non-filed rates/forms and surplus lines rules.
Mid-term policy changes that modify coverage, limits, deductibles, or terms after a policy has been issued.
Outsourcing of mid-term policy changes that modify coverage, limits, or terms, executed with validation, QA, and audit-ready controls inside insurance systems.
Module inside EI that automatically generates and manages policy and endorsement forms based on templates and RQB data.
The initial claim report that starts the claims workflow and downstream servicing.
The percentage of quotes that convert into bound policies.
Formula: Bound / Quoted × 100
Accounting functionality that is directly aligned with issued policies, endorsements, and premium transactions, providing real-time visibility without separate reconciliation systems.
Post-bind workflows that handle policy document creation, endorsements, certificates, and service tasks.
Read moreA specialized insurance operating model where execution work is handled by insurance-trained teams rather than generic outsourcing staff. Insurance BPO focuses on execution, not decision-making, and supports carriers, MGAs, and wholesalers at scale.
Insurance BPO tailored for managing general agents that supports delegated authority programs by handling submission intake, underwriting support, policy issuance, endorsements, renewals, bordereaux, trust accounting, and compliance while preserving underwriting authority.
Insurance BPO designed for wholesalers that manages high-volume, multi-carrier execution including submissions, policy processing, renewals, accounting coordination, and carrier portal management across complex placements.
Insurance BPO that provides carriers with scalable operational support across underwriting preparation, policy servicing, accounting, compliance, audits, and claims intake without transferring underwriting or claims authority.
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:
Carrier-issued claims history used for underwriting and renewal pricing.
A composite score measuring policy accuracy, SLA compliance, and audit pass rate. Higher PQI = cleaner, faster, more compliant workflows.
Read full definitionA standardized SOP that defines the exact steps, inputs, QA checks, and SLAs for each workflow handled by BPO Pods.
ExploreThe process of generating and delivering official policy documents after a risk is bound, including declarations, forms, endorsements, and policy packets.
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).
Outsourcing of policy issuance, mid-term changes, documentation updates, and system validation to insurance-trained operations teams operating under defined workflows and SLAs.
Percentage of tasks or documents that pass quality review on the first attempt.
Summary document generated in RQB showing premium, limits, and terms offered to a client.
Selectsys rating and quoting engine that automates rate application, quote generation, and bind-pack assembly.
Learn moreProcess that handles policy renewals with 120/90/60/30-day cadence and offers alternate quotes or save options.
ExploreThe core insurance workflow covering rating a risk, generating a quote, binding coverage, and issuing policy documents.
Outsourcing of renewal preparation, documentation cleanup, remarketing support, and system updates to ensure timely and accurate policy renewals at scale.
A defined turnaround time or accuracy target for each workflow, tracked in Control Tower and PQI metrics.
AI workflow that scores completeness, applies appetite rules, and routes submissions to the right team or carrier.
Read moreEnd-to-end automated flow from intake to quote/bind/issue without manual rekeying.
Outsourcing of submission receipt, completeness checks, document organization, data normalization, and routing to prepare clean files for underwriting review.
The prioritized list of actionable work items inside EI, RQB, or BPO dashboards, visible in the Control Tower.
The elapsed time to complete a workflow step (e.g., submission → quote); tracked in SLAs.
Outsourcing of pre-underwriting operational work such as clearance, file preparation, data validation, and documentation while underwriting authority remains with licensed underwriters.
Selectsys’s connected operating model that unites AI, automation, and BPO Pods across the full insurance lifecycle.
See the Flywheel