Core insurance and brokerage terms
Understanding fundamental insurance terminology remains essential for effective broker management system implementation. These form the foundation for how software like JAVLN’s organise and process insurance-related information.
- Agent: A person who has an official agreement with an insurance company to sell their products and earn commission for doing so. In JAVLN systems, agent information is tracked through customer relationship management tools.
- Authorised representative: A person who is officially allowed to provide insurance services or advice on behalf of a licensed insurance company or financial services provider.
- Broker: An intermediary who works on behalf of clients looking for insurance, earning commission from insurers while having a responsibility to find appropriate cover for their clients. JAVLN specifically supports broker workflows and document management needs.
- Claim: A formal request made to an insurance company asking for payment when something covered by the policy happens. JAVLN systems help track claim documents and correspondence throughout the claims process.
- Cover note: A temporary insurance contract that provides immediate protection while a permanent policy is being arranged, often used when more details need to be gathered. These documents are commonly managed within the JAVLN Platform and JAVLN Officetech's document cabinets.
- Duty of disclosure: The legal requirement for insurance applicants to tell the insurer about anything that might affect their decision to provide cover. JAVLN systems help brokers document and track informed consent and disclosure compliance.
- Premium: The amount of money paid for insurance coverage, typically calculated annually. JAVLN policy management systems track premium information and renewal schedules.
- Renewal: The process of extending an insurance policy for another term when it expires. JAVLN Officetech includes specialised renewal document management features and task tracking capabilities.
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JAVLN Officetech document management terms
JAVLN Officetech provides comprehensive document management capabilities specifically designed for insurance brokers. These terms describe key features and functions that streamline document handling, organisation, workflow and tracking.
- Access controls: Security settings that determine who can view or use specific information within JAVLN Officetech. Administrators can set different permission levels for different users to protect sensitive client data.
- All-in-one client info: A central feature where all client documents, tasks, and notes are accessible in a single location. This simplifies information retrieval and ensures teams are aligned with the same information.
- Automated filing: Technology that automatically saves and organises documents in the correct location within JAVLN Officetech, reducing manual work and potential filing errors. This includes smart rules and integrations to automate and standardise saving emails and generated documents, with a native Outlook add-in for efficient email filing.
- Audit trail: A complete record of every action taken within JAVLN Officetech, showing who did what and when.
- Cabinets: Organised storage areas within JAVLN Officetech for different types of information, such as Client Cabinets for customer files, Underwriter Cabinets for insurer documents, or Prospect Cabinets for potential client information.
- Custom metadata: Configurable data fields used for granular control and efficient information retrieval within JAVLN Officetech, helping to organise content consistently.
- DCM (Document control management): A feature that helps find and organise folders outside the main client areas, and can automatically create and name new folders for clients, prospects, policies, and claims.
- Full-text search: A powerful search tool that finds documents by looking for specific words or phrases anywhere inside the document content, not just in the document name or title. This enables quick information retrieval from folders, file names, and within text-based documents and emails, even when users only remember fragments of content.
- Naming convention: A standardised method for automatically or manually naming documents when they're saved into JAVLN Officetech, often including details like document type and client information for easy identification.
- Quick find: A feature that helps users instantly locate a client's file by typing any part of their name or identification number, making file retrieval fast and efficient.
- Seamless data integration: The ability to integrate with various systems to ensure consistency with controlled formatting and organised content.
- Universal templates: Supports consistent and efficient document creation across all Microsoft Office applications. This allows users to create and send new documents and letters to clients with configurable document templates, acting as a direct efficiency booster and compliance aid for brokers.
- Version control: The ability to manage different saved versions of the same document, including features to check documents in and out for editing, and restore previous versions when needed.
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Integration and workflow management terms
Broker management systems integrate with various other tools and platforms. These terms describe how JAVLN Officetech connects with other essential business systems and manages workflows.
- Customised workflows: The ability to adjust the steps and processes within JAVLN Officetech to match specific business needs and implement company best practices for handling different types of work. This includes compliant workflows and best practice workflows.
- Events and tasks: A feature designed to make team collaboration easy with task and project tracking. This provides a clearer picture of how JAVLN Officetech supports internal workflows and accountability within a brokerage.
- Import tasks: A feature that creates multiple tasks automatically in JAVLN Officetech, particularly useful for renewal management by importing information from policy platform reports.
- Microsoft 365 integration: Technology that allows JAVLN Officetech to work seamlessly with Microsoft Office programs, including saving emails directly from Outlook and using Word or Excel document templates. This enables users to work with familiar Microsoft 365 tools while JAVLN automatically captures and organises documents behind the scenes.
- Outlook add-in: A native add-in for Microsoft Outlook that enables efficient email filing directly into JAVLN Officetech, automatically linking related emails together using conversation tracking.
- Policy management: The overall handling and administration of insurance policies, typically managed through integrated platforms like JAVLN, with supporting documents stored in JAVLN Officetech. This includes seamless integration with leading policy management systems to reduce data entry errors.
- Specific integrations: JAVLN Officetech offers seamless CRM, email, and broker management system integrations for document sharing and streamlining workflows. It integrates with leading policy management systems, and lists specific examples such as Xero, Microsoft Excel, Word, Outlook, Insight, WinBEAT4, and Zoho CRM.
- Task management: An integrated system within JAVLN Officetech for creating, assigning, tracking, and managing work items related to client services, renewals, or internal business processes.
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Security and compliance terms
Data security and regulatory compliance are critical concerns for insurance brokers. These terms explain the security features and compliance standards relevant to JAVLN Officetech.
- Automated reporting: The ability to automatically generate reports against compliance regulations, a significant benefit for brokers needing to demonstrate adherence to regulations.
- Cloud security and hosting specifics: JAVLN Officetech is powered by Microsoft Azure using Australian data centres, ensuring local data residency.
- Committed to the Essential Eight framework: A set of cybersecurity protection strategies from the Australian Cyber Security Centre that JAVLN Officetech follows to help protect sensitive client information from cyber threats.
- ISO 27001 Certified data centers: Data centers that adhere to the internationally recognized standard for information security management, demonstrating JAVLN's commitment to secure data handling.
- MFA (Multi-factor authentication): Enhanced security that requires users to provide multiple forms of identification before accessing the system, such as a password plus a code sent to their mobile phone. This is a standard expectation for secure business applications today.
- SOC 2 Type II security: Industry-standard practices for securely managing customer data, demonstrating the system's reliability and security standards.
- Secure data handling: Refers to JAVLN Officetech's practices for protecting sensitive data, including encrypted communication and controlled access privileges.
- User permissions: Settings that allow system administrators to control what individual users can access within JAVLN Officetech, including specific features, cabinets, or data types. This enables simplified user management and secure access control.
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Policy and client management terms
These terms relate to the JAVLN policy management platform, which encompasses functionalities beyond just document management, focusing on core broker management system features.
- CRM (Component): The customer relationship management part of JAVLN Officetech designed for managing information about clients and prospects, including tracking quotes and business relationships.
- Customer support: Customer support provides significant peace of mind for businesses relying on mission-critical software.
- Data migration process: A proven process for handling document migration and setup without disrupting daily operations when adopting new software, ensuring business continuity and data integrity.
- Onboarding support: A supported onboarding process with comprehensive help provided by a dedicated onboarding team. This directly addresses the administrative burden and time investment associated with new software adoption.
- Pricing model transparency: JAVLN Officetech operates on a Software as a Service (SaaS) pricing model, offering transparency and flexibility with two key cost components: recurring monthly subscription fees and one-time onboarding fees.
- Prospects: Potential clients who can be tracked and managed within JAVLN Officetech's CRM system before they become actual customers.
- Risk electives: Specific folders created within a client's file structure to manage documents related to particular types of insurance coverage or products they hold.
- Templates: Pre-designed document formats for emails, letters, or SMS messages that can be customised and used within JAVLN Officetech to ensure consistency and save time when creating client communications.
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JAVLN policy management terms
These terms relate to the JAVLN policy management platform, which encompasses functionalities beyond just document management, focusing on core broker management system features.
System function and report terms
These terms relate to the systematic functionality and reporting tools of the JAVLN policy management system.
- Closing slip: A document sent to insurers when policies are posted or cancelled to inform them of the policy status change.
- Comments (Client and quote): A tab on the Client and Quote screens used to add internal notes against a client's profile or for a specific quote.
- Company: Represents the broker business entity in JAVLN, which can include separate companies and branches.
- Custom attributes: Configurable additional data fields that can be added to various records in JAVLN, such as clients.
- Dashboard: The initial home page of JAVLN, providing quick search capabilities and access to workflows and reports.
- DMS integration: A feature allowing JAVLN to send generated documents to an external document management system (one-way integration).
- Fleet and bulk risk upload: A process that uses an editable Excel spreadsheet template to efficiently add, amend, or delete multiple risk items (commonly vehicles) for fleet policies.
- FSR (Financial strength rating): Information regarding an insurer's financial stability, displayed in JAVLN.
- Migrated policy/quote: A policy or quote created in JAVLN to represent an existing policy from a legacy system, used for renewals or endorsements without creating accounting transactions upon initial migration.
- Portfolio: A feature allowing multiple policies for the same client with common renewal dates to be grouped together for easier management and communication.
- Posted policy: A policy that has been finalised ("bound") in JAVLN, which results in the creation of corresponding financial transactions in the system's accounts.
- Premium adjustment: A method for making financial corrections to a policy's premium that automatically recalculates associated values like commissions and taxes. Creates a new policy version.
- Premium funding: JAVLN functionality supporting the financing of insurance premiums, often involving integration with third-party funders for quotes and loan status updates.
- Print preview: Functionality allowing users to generate preliminary versions of documents like the Policy Schedule or Insurer Closing before the policy is officially posted.
- Quick receipt: The simplest method for recording a premium payment received directly from a client for a single policy.
- Quote search: A tool used to search for quotes based on various criteria.
- Reports: Tools within JAVLN used to generate various documents and analyses (e.g., policy lists, financial summaries, compliance reports).
- Risk carrier: An entity in JAVLN representing an insurer or underwriter, with an associated financial account.
- Risks tab: A screen in the quote/policy process where details about the item being insured (the risk item), applicable covers, and other item-specific information are entered.
- Special fees: Configurable fees (categorised as Broker or Insurer Fees) that can be applied to quotes and policies, with options for automatic application and mandatory status.
- Terms of trade: Rules configured in JAVLN defining the timing of payments due between the JAVLN company and other entities like carriers, agents, or tax authorities.
- Third parties tab: A tab in the quote/policy process used to record details about interested third parties associated with the insured item.
- Toolbar: The vertical bar located on the left side of the JAVLN interface, providing quick access to core functions such as Workflows and Reports.
- Workflows: Guided processes within JAVLN that step users through the required pages to complete specific tasks, such as creating a new quote or a batch payment.
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Client and account management terms
These terms relate to client information functions on the JAVLN policy management system.
- Account search: A function used to search for financial accounts connected to a client or policy, such as Client, Intermediary, Carrier, or Income accounts.
- Client: An entity in JAVLN (either an Organisation or Individual) that can hold policies and has a financial account.
- Client account: The financial ledger used to track amounts owed by or due to a client.
- Client profile: Configuration settings for Client Types used to customise labels and features, including payment terms and optional fields like business/tax numbers.
- Client types: The two categories available for clients in JAVLN: Organisation and Individual.
- Payment details: A tab on the Client screen displaying the payment terms and premium funding options configured for a client.
- Transactions tab (client): A tab on the Client screen that lists all financial transactions associated with that client, including policy premiums, receipts, balances, and unallocated funds.
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Policy and insurance terms
These terms relate to insurance policy functionality within the JAVLN policy management system.
- Basic policy: A component of a Policy Contract, representing a specific type of cover within the contract.
- Carrier contract: Represents a specific product or contract offered by an insurer within JAVLN.
- Co-insurance: A feature allowing policies to share risk among multiple insurers, managed in JAVLN.
- Covers: Categories of cover or policy extensions that are selected and detailed for an insured item.
- Endorsement: A policy transaction that adjusts an existing policy mid-term and creates a new version of the policy.
- Interested third parties: Entities, often financial institutions, that have an economic interest in a policy or an insured item.
- Item: Represents a specific risk or object being insured under a policy (e.g., a vehicle, a building).
- Lead insurer: In a co-insured policy, the insurer designated as the primary insurer whose wordings and questions are typically used.
- Named Items: Specific valuable items (e.g., jewellery, artwork) that are individually listed and detailed within a policy's coverage.
- Policy: A contract of insurance managed within the JAVLN platform, containing details about covers, items, and financial information.
- Policy clause: Standard or custom wording (conditions, exclusions, etc.) that can be added to a policy or quote.
- Policy contract: Defines the specific type of insurance policy being handled (e.g., Commercial Motor, Home and Contents) and its associated configuration.
- Policy schedule: A key document generated from a posted policy in JAVLN, detailing coverage, insured items, clauses, and financial summaries.
- Policy search: A tool used to search for policies based on various criteria.
- Policy wording: The specific terms and conditions provided by an insurer that apply to a policy contract or cover.
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Quote, policy and insurer terms
These terms relate to the quoting and insurer comparison functionality within the JAVLN policy management system.
- APRA Disclosure: The process of providing information about supporting insurers at quote acceptance for APRA reporting purposes.
- Compare: A screen in the quote process where financial details from different insurers are entered, compared, and stored.
- Connected insurers: Insurers that are integrated with JAVLN via an API, allowing for automated quotes and data exchange.
- JVMS (JAVLN Vehicle Matching Service): A service that integrates with external databases to automatically retrieve vehicle details for quoting using a registration or VIN number.
- Multiquote: JAVLN's capability to generate a single quote that includes options from multiple insurers, facilitating comparison.
- Notation tab: A tab introduced in the Multi-quote Compare screen to display conditions or clauses returned by connected insurers or added manually.
- Premium types: Defined categories for premiums used within premium strategies.
- Quote: A preliminary record created in JAVLN to determine the cost of new insurance coverage or before creating a new policy.
- Quote comparison document: A document that provides a summary-level comparison of quotes from multiple insurers within a Multiquote.
- Quotes tab (client): A tab on the Client screen that displays a list of all quotes associated with the client.
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Financial management terms
These terms relate to the business and client finance functions within the JAVLN system.
- Accounts (Ledgers): The primary financial categories in JAVLN used to record transactions, including Client, Intermediary, Tax or Levy Authority, Risk Carrier, and Income accounts.
- Ad-hoc client statement: A client statement generated and printed on demand from the Client Statement Transaction screen.
- Batch payments automation: Functionality enabling the bulk creation of payments owed to multiple insurers.
- Batch payment (Insurer): A method to group policies owed to the same insurer (potentially across different contracts) into a single payment.
- Batch receipt: A method for recording multiple incoming payments from clients or brokers at once (e.g., Broker batch, manual batch, client batch).
- Broker batch receipt: A type of batch receipt used for premiums received from a single broker for multiple clients or policies.
- Bulk process client statement: A report available in the report section that enables automation to run and send client account statements with filtering options.
- Bulk processing of insurer closing documents: Functionality to automatically generate and email insurer closing slips for relevant policy transactions.
- Client payment terms: Configurable payment timeframes (days and basis like invoice or effective date) that can be set for individual clients or client profiles.
- Client statement automation: An automation to run and send client account statements with filtering and action options.
- Client statement transactions screen: The screen where clients' account transactions are displayed and ad-hoc client statements can be printed.
- DEFT Payment: An electronic payment method supported by JAVLN, where specific biller details are configured in the system.
- Financial adjustment: A method used to make financial corrections directly from the Policy section into the Accounts section, allowing greater control over posted values by bypassing some automatic calculations. Creates a new policy version.
- Financials tab: A screen that displays the financial information for a quote or policy.
- Financial transaction types: Abbreviations used within JAVLN to label different types of financial transactions (e.g., NPO for New Policy, CPO for Cancel Policy).
- Income account: A specific financial ledger used by the JAVLN company to collect commissions and fees received from insurers.
- Invoice splitting: A feature allowing a policy's invoice to be divided and allocated with specified percentages among multiple clients.
- Manual batch: A type of Batch Receipt used for premiums received from various brokers and direct clients for one or more policies.
- Matching: A process in JAVLN used to apply existing credit balances in a Client Account (from refunds or overpayments) against outstanding policy premiums for the same client.
- Receipting: The process of recording incoming payments from clients or brokers into the JAVLN system.
- Recipient created tax invoice (RCTI): A type of tax invoice generated by JAVLN for payments made to intermediaries, used as an inline document.
- Stamp duty: A variable tax applied to policies in specific territories, with its calculation and allocation managed within JAVLN.
- Suspense account (broker): A temporary account within JAVLN for holding funds received in a Broker Batch that cannot be immediately allocated to a specific policy or client.
- Suspense account (general): A temporary account in JAVLN for holding unallocated funds that are not specifically linked to a broker or client.
- Trust account reconciliation: The process within JAVLN of matching transactions from an uploaded bank statement against the transactions recorded in JAVLN's trust account ledger.
- Unallocated balance: A field displayed on the Client Transactions tab indicating funds that have been received against a client account but have not yet been applied to a specific policy or transaction.
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This glossary provides insurance brokers with essential terminology for understanding and implementing JAVLN software.
Understanding these terms will help brokers make informed decisions about technology investments. As the insurance industry continues to evolve digitally, familiarity with these concepts becomes increasingly important for maintaining competitive advantage and operational efficiency.
