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The Insurance Information Bureau (IIB) is an agency that provides information in a Consistent, Concise, and Complete manner, to all the stakeholders linked with Indian Insurance Sector. It was established in the year 2009 by the Insurance Regulatory and Development Authority (IRDA), with the contribution of the stakeholders of the Indian insurance subdivision.
The Insurance Information Bureau (IIB) of India provides information in a Consistent, Concise, and Complete manner, to all the stakeholders linked directly / indirectly with the Indian Insurance Sector, comprising Insurers, Government, and Regulatory Agencies.
The Act for Insurance was modified in the year 1968 to control investments as well as to set minimum wealth limits. The Tariff Advisory Committee i.e. TAC was then association to mandate the policy wordings including insuring clauses, clauses, warranties, terms, and conditions, etc., and control premium rates of the Indian general insurance.
However, in the year 2007, the general insurance industry made the change from a tariff-based administration to a further market-ambitious system for premiums. This market-ambitious system needed information for underwriting decisions and actuarial.
Historical documents act as the foundation for future premium rates for the insurers. Lack of good information has effects on the pricing, solvency margin, and reserving necessities.
With the corresponding growth and opening of the Indian Insurance Industry; the Insurance Regulatory and Development Authority (IRDAI) sensed the necessity for the collection of accurate, timely, and reliable information for the effective operative of the insurance sector and the protection of the insurance sector.
For this reason, the Insurance Regulatory and Development Authority (IRDAI) promoted the Insurance Information Bureau (IIB) as the sole platform to meet the requirements of the Indian insurance industry, in the year 2009.
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What Is the Insurance Information Bureau Of India?
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The Insurance Information Bureau (IIB) was established in the year 2009 by the Insurance Regulatory and Development Authority (IRDA), with the contribution of the stakeholders of the Indian insurance subdivision, to support Indian insurance production with sector-level information to permit data-based as well as scientific conclusion making comprising pricing & framing of the business strategies.
The Insurance Information Bureau (IIB) is also likely to offer key efforts to the Supervisor and the Govt. to support them in policymaking. The Insurance Information Bureau (IIB) has generated insightful information in its short period of presence, both one-time and periodic, for the profit of the insurance industry.
The bureau has also been giving background information to the Insurance Regulatory and Development Authority (IRDA) for setting third-party motorized premium rates. The Insurance Information Bureau (IIB) gives a bunch of service areas associated with motor-powered insurance to manifold stakeholders including police, the public, insurers, and transport departments through its provision package titled V-Seva.
These services include SMS, call-Centre, and web-based. These services provide info regarding the insurance status of stolen vehicles, accident records, the vehicle, the ownership of the recovered vehicles, and so many more.
The Insurance Information Bureau (IIB) manages the Central Catalog Server that acts as a nodal point among different Insurance Sources and thus it helps in preventing the duplication of the demat accounts at the time of opening a new a/c. It also acts as an altercation for routing/transmission of data concerning transactions on every single policy stuck between an insurance repository and the insurer.
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Objectives of the Insurance Information Bureau:
IIB ensures information is accessible to numerous market researchers, players, the common public, and policyholders for real-time choice-making
The Insurance Information Bureau (IIB) Act is the sole point for the entire information of the Insurance Industry.
It publishes information to benefit the Insurance Regulatory and Development Authority (IRDA) for regulatory purposes and also insurers in choice-making
The IIB Provides the benchmark rates/ charges for the insurance industry
The Insurance Information Bureau (IIB) provides the essential involvements for policy research as well as insurance industry expansion activities
The IIB publishes information for the assistance of the entire insurance industry
It takes ingenuity to document uninsured means of transportation, fraud detection, and so many more.
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Organization Structure Of The Insurance Information Bureau:
The Insurance Information Bureau (IIB) of India was set up by the IRDAI in the year 2009. The IIB was then recorded as an autonomous society under the Societies Registration Act of Andhra Pradesh on November 21, 2012.
This Society is ruled by a Governing Assembly, which is headed by the Insurance Regulatory and Development Authority (IRDA) Chairman. There are 20 members under the Council, which comprise specialists from the technology and insurance sector besides the well-known management academicians and experts.
The Chief Executive Officer (CEO) is the chief of the Insurance Information Bureau’s (IAB’s) management team as well as it is maintained by some qualified Heads of Life, OLB, Health, Motor, Analytics, and IT Verticals.