Insurance Information Bureau Of India – Motor Claim History

Introduction

Insurance Information Bureau of India (IIBI) is an organization that collects and stores motor vehicle insurance claim information. It is a non-profit organization that was established in 2009 by the Indian government. The main objective of IIBI is to reduce fraudulent motor insurance claims in the insurance industry. The organization collects and stores data of motor vehicle insurance claims from different insurance companies, which can be used for research and analysis. It also provides data to the government for policymaking purposes.

The data collected by IIBI includes details such as, the type of insurance policy, the amount of claims, the duration of the policy, and the name of the insurer. The organization also collects data on the number of claims made in a year, the number of claims rejected and the number of claims settled. This data helps the insurance companies in understanding the risk associated with the policy and the amount of money they need to pay out in claims. The data also helps the government to formulate policies that are beneficial for the insurance industry and the public.

Insurance Claim Process

The insurance claim process for motor vehicles is similar to other types of insurance. The process starts with a policyholder submitting a claim to their insurance company. The company will then review the claim and decide whether to accept or reject the claim. In case of a successful claim, the policyholder will receive the claim amount that they are entitled to. In case of a rejected claim, the policyholder will have to submit additional documents or information in order to prove their claim.

Once the claim is approved, the insurance company will pay out the claim amount to the policyholder. The policyholder can then use the claim amount to repair the damage to their vehicle or to cover the medical expenses incurred due to the accident. The insurance company will also update the claim information in the IIBI database, which will help them in analyzing the risk associated with the policy.

Data Analysis

The data collected by IIBI is used for data analysis and research purposes. The data helps the insurance companies in understanding the risk associated with their policies. The data can also be used to identify fraud and other fraudulent activities in the insurance industry. The data can also be used to identify patterns in the frequency of claims and the types of claims made.

The data can be used to identify changes in the risk associated with certain policies. This helps the insurance companies in making the right decisions when it comes to pricing and the types of policies they offer. The data also helps the government in formulating policies that are beneficial for the insurance industry and the public.

Conclusion

Insurance Information Bureau of India (IIBI) is a non-profit organization that collects and stores motor vehicle insurance claim information. The data collected by IIBI is used for data analysis and research purposes. The data helps the insurance companies in understanding the risk associated with their policies. The data can also be used to identify fraud and other fraudulent activities in the insurance industry. The data can also be used to identify patterns in the frequency of claims and the types of claims made.