The Insurance Information Bureau (IIB) of India provides information on a Consistent, Concise, and Complete manner, to all the stakeholders linked either directly / indirectly with 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 clause, 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 the 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Historical documents act as the foundation for future premium rates for the insurers.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 Indian Insurance Industry; the Insurance Regulatory and Development Authority (IRDAI) sensed the necessity for the collection of accurate, timely, and reliable information towards effective operative of the insurance sector and protection of the insurance sector.
For this reason, the Insurance Regulatory and Development Authority (IRDAI) promoted Insurance Information Bureau (IIB) as a sole platform to meet the requirements of the Indian insurance industry, in the year 2009.
What Is Insurance Information Bureau Of India?
The Insurance Information Bureau (IIB) was established in the year 2009 by the Insurance Regulatory and Development Authority (IRDA), with contribution of the stakeholders of Indian insurance subdivision, with the aim of supporting the 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 the 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 as well been giving background information to the Insurance Regulatory and Development Authority (IRDA) for the setting third-party motorized premium rates. The Insurance Information Bureau (IIB) gives a bunch of service area associated with the motor-powered insurance to manifold stakeholders including police, public, insurers and transport departments through its provision package titled as V-Seva.
These services are including SMS, call-Centre, web-based. These services provide info regarding the insurance status of stolen vehicles, accident record, about the vehicle, about the ownership of the recovered vehicles, and so many more.
Insurance Information Bureau (IIB) manages the Central Catalog Server that acts like 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 like 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 ensure information is accessible to numerous market researchers, players, common public and policyholders for the real time choice making
The Insurance Information Bureau (IIB) Act as a sole point for the entire information of the Insurance Industry.
It publishes information to benefit the Insurance Regulatory and Development Authority (IRDA) in regulatory purposes and also insurers in choice making
The IIB Provide the benchmark rates/ charges for the insurance industry
The Insurance Information Bureau (IIB) provide the essential involvements for the policy research as well as insurance industry expansion activities
The IIB publish information for the assistance of the entire insurance industry
It takes ingenuity for the documentation of uninsured means of transportation, fraud detection, and so many more.
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 of 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 (IIB’s) management team as well as it is maintained by some qualified Heads of Life, OLB, Health, Motor, Analytics and IT Verticals.