Derived from ‘fintech’, insurtechs are technology-led companies that enter the insurance sector, taking advantage of new technologies to provide coverage to a more digitally savvy customer base. ¹

An approach to insurance that involves insurers opening their data resources to other organizations and to share and consume data and services from many sources and across different industries. This allows insurers to create new value propositions, generate fresh revenue streams and deepen their relationships with customers.²

A system in which a record of transactions made in bitcoin or another cryptocurrency are maintained across several computers that are linked in a peer-to-peer network.

A database that is consensually shared and synchronized across multiple sites, institutions, or geographies, accessible by multiple people. Any changes or additions made to the ledger are reflected and copied to all participants in a matter of seconds or minutes – the foundation of blockchain technology. ⁴

ny structured financial activity that has been created to ensure a better environmental outcome.⁵

The amount of carbon emitted by an individual or organisation in a given period of time, or the amount of carbon emitted during the manufacture of a product.⁶

The balance between the amount of greenhouse gas produced and the amount removed from the atmosphere. We reach net zero when the amount we add is no more than the amount taken away.⁷

A type of insurance contract that insures a policyholder against the occurrence of a specific event by paying a set amount based on the magnitude of the event, as opposed to the magnitude of the losses in a traditional indemnity policy.⁸

A security philosophy that attempts to predetermine security controls and procedures based on the inputs of risks. Prescriptive security attempts to map controls to risk.⁹

Digital systems able to perform tasks normally requiring human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages. ¹⁰

A software technology that can make it easier to build, deploy, and manage software robots that emulate humans actions interacting with digital systems and software. ¹¹

The process that provides third-party financial service providers open access to consumer banking, transaction, and other financial data from banks and non-bank financial institutions through the use of application programming interfaces (APIs).¹²

A tool made possible by a model of Machine Learning (ML) that incorporates data from multiple sites, enabling insurers to train the ML model with its data, and then transfer the model output to a Federation Server in a secured & encrypted way.¹³

The process through which an insurer compensates a customer for a loss against which they were insured, insurers are increasingly faced with the need to employ excellent claims management and efficient claims processes in order to minimise the financial impact of insurance risks.¹⁴

Interconnected sets of services contained with a single integrated experience, connecting insurance products and offerings across multiple providers. ¹⁵

An insurance product that allows a group of insureds to pool their capital, self-organize, and self-administer their own insurance, with the aim of introducing control, trust, and transparency while at the same time reducing costs.¹⁶

The purchase of as-needed insurance for personal belongings, home and travel insurance, and by-the mile car insurance. This means customers only pay for insurance when the asset is actually in use and ‘at risk’.¹⁷

A service that enables companies to open up their applications’ data and functionality to external third-party developers, business partners, and internal departments within their companies. This allows services and products to communicate with each other and leverage each other’s data and functionality through a documented interface.¹⁸

The network of physical objects that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the internet. These devices range from ordinary household objects to sophisticated industrial tools. ¹⁹

A field of artificial intelligence (AI) that enables computers and systems to derive meaningful information from digital images, videos and other visual inputs — and take actions or make recommendations based on that information.²⁰

Understanding a customer’s perceptions and related feelings caused by the one-off and cumulative effect of interactions with a supplier’s employees, systems, channels, or products.²¹