Clear definitions of the terms agents, producers, and service teams use every day in CoverBench.
This glossary focuses on how terms are used in real agency operations. Definitions reflect how work is handled in CoverBench across carriers, wholesalers, and MGAs. Terms are written for clarity and consistency, not academic completeness.
A software platform used by a P&C insurance agency to manage policies, renewals, clients, documents, servicing workflows, and commission visibility. An agency management system centralizes policy lifecycle tracking across carriers, wholesalers, and MGAs. Modern agency management systems support both record storage and real time workflow execution.
Software specifically designed to manage policy lifecycle, renewals, servicing workflows, client records, and commission tracking within a P&C insurance agency. Agency management system software serves as the operational core of the agency.
The process of transitioning from one agency management system to another. Migration typically includes data transfer, workflow configuration, lifecycle validation, and user onboarding.
Temporary evidence of insurance issued before a formal policy is finalized. Binders in CoverBench are tied to the policy lifecycle and visible alongside active coverage.
An insurance company that assumes risk and issues policies. Carriers may be accessed directly or through wholesalers or MGAs in CoverBench.
An individual or business insured by the agency. Clients in CoverBench are connected to accounts, policies, documents, and activity history.
An agency management system delivered through cloud infrastructure. Cloud based systems provide scalable architecture, remote access, continuous updates, and reduced dependency on local server environments.
The structured sequence of tasks involved in quoting, binding, servicing, and renewing commercial insurance policies across multiple markets.
Compensation earned by an agency or producer for placing and servicing insurance coverage. Commission tracking is most effective when it remains directly tied to policy lifecycle stages and renewal activity.
The protection provided by an insurance policy. Coverage details in CoverBench are managed within each policy record.
A change made to an existing insurance policy. Endorsements in CoverBench are tracked, documented, and tied to the policy lifecycle.
A comparison between customer relationship management tools and agency management systems. A CRM focuses on prospect and relationship tracking, while an agency management system manages full policy lifecycle and renewal operations.
A traditional agency management platform often designed around structured record storage and accounting controls. Legacy systems may require manual reporting or spreadsheet supplementation for renewal visibility.
An intermediary authorized by a carrier to underwrite, bind, and manage insurance policies. Agencies operating across multiple MGAs require unified lifecycle tracking to maintain renewal visibility and servicing clarity across markets.
The operational coordination of policies across direct carriers, wholesalers, managing general agents, and program administrators. Multi market workflow management ensures unified lifecycle tracking across all markets.
A contract of insurance issued by a carrier or MGA. All policies in CoverBench live in one system regardless of source.
The complete progression of an insurance policy from quote to bind to active servicing through renewal and expiration. Policy lifecycle management ensures that status, ownership, documentation, and renewal timing remain visible at every stage.
The structured tracking of a policy from initial quote through binding, active servicing, renewal processing, and expiration. Policy lifecycle management ensures consistent visibility and coordination across carriers, wholesalers, and MGAs.
An individual responsible for selling and servicing insurance coverage. Producers use CoverBench to manage daily work across accounts and markets.
The daily operational tasks performed by producers including prospecting, quoting, binding, renewal coordination, and client communication.
The continuation of insurance coverage at the end of a policy term. Renewal includes reviewing risk information, coordinating with markets, confirming pricing and terms, and updating lifecycle status. Effective renewal management requires continuous visibility, ownership tracking, and prioritization.
The process of monitoring upcoming policy expirations, assigning ownership, coordinating with markets, and completing renewal workflows. Renewal management is a central operational function of a P&C insurance agency.
Real time awareness of renewal status, ownership, and deadlines within an agency management system. Strong renewal visibility reduces reliance on manual reports and spreadsheets.
The structured process of handling endorsements, policy changes, documentation updates, and client requests after a policy has been bound.
Ongoing policy-related work after binding, including endorsements, documents, and client requests. Servicing work in CoverBench stays connected to the policy and client.
A system focused primarily on submission intake, market access, and placement workflows. Submission platforms support quoting and binding activity but typically rely on a separate agency management system for full policy lifecycle management.
The platform where daily operational tasks including renewals, servicing, endorsements, and coordination occur. Modern agency management systems function as both system of record and system of work.
An intermediary that places coverage with carriers, often for specialized risks. CoverBench supports policy management across wholesalers and MGAs consistently.
The tasks agents and service teams perform every day, including renewals, endorsements, follow-ups, and client communication. CoverBench is designed to support daily work first.
The reality of working across multiple carriers, wholesalers, and MGAs. CoverBench is built to support multi-market operations natively.
The ability to see policy status, renewal timing, ownership, documentation, and next steps clearly within one system. Policy visibility reduces operational friction and coordination gaps.
The authoritative system used to store official policy, client, and transaction data within an agency.
New terms are added when:
The glossary evolves alongside the product.
Using consistent terminology across teams improves clarity, training, and execution. This glossary helps agencies align on language used inside CoverBench.
Agencies evaluating CoverBench can use this glossary to understand how the system defines and supports daily insurance work. Clear language leads to better decisions.
The best way to understand these terms is to use them in context. CoverBench offers a full-featured 90-day free trial so agencies can experience daily P&C insurance work inside the system.
$99 per user per month
First 90 days free
CoverBench is priced per user with full access to core functionality. No long-term contracts. No hidden fees.
Carriers, wholesalers, and MGAs are never charged.
Includes:
CoverBench uses clear, consistent language to support daily P&C insurance work across carriers, wholesalers, and MGAs. This glossary helps agencies work with confidence and clarity.