What is the IIB Full Form in Insurance?
Full Form of IIB in Insurance is Insurance Information Bureau of India. It was formed as a consultative body within the Insurance Regulatory and Development Authority. It acts as a single platform to collect and analyze the transactional data of the entire insurance industry.
Function and services of IIB:
IIB aims to offer complete, organized, and brief information support to all stakeholders directly or indirectly involved with the Insurance Sectors, Insurers, regulators, and Government Agencies. It provides the Market players, researchers, policyholders, and people with guaranteed data for real-time decision-making. It takes initiatives to detect fraud that ensures the overall reliability of the insurance market. Necessary steps are taken to identify an uninsured vehicle which lead to reduced risk and ensures better fulfillment of insurance requirements.
Impact on the Insurance industry:
IIB handles huge data and provides reports on their data analytics. The reports contain insurer-precise data, guidelines, year-by-year claims experience, and rate of recurrence analysis. This analysis guides the insurers for better decision-making. It creates an industrial benchmark that aids IRDAI in regulatory actions. IIB also promotes, regulates, and ensures the orderly growth of the insurance industry in India.