An electric wire ferrule (sometimes electric end terminal) is a metal tube crimped over stranded wire to secure the strands within a screw terminal.
Electrical insulation may be included to protect any exposed portion of the wire not completely inside the screw terminal post.
It is more flexible and durable because repeated bending will not cause it to break.
[1] According to DIN 46228, color indicates the intended wire size.
[2] Some manufacturers use their own color codes that differ from the DIN.