What is the role of the Insurance Information Institute?

The Insurance Information Institute (III) plays a vital role in the insurance industry by focusing on education and providing comprehensive information about insurance matters. Its primary purpose is to enhance public understanding of insurance and to promote the industry's interests by offering data, statistics, and insights. This includes educating both consumers and professionals about various types of insurance, the importance of coverage, how insurance policies work, and emerging trends within the industry. By doing so, the III helps demystify complicated insurance concepts, ultimately fostering a more informed public.

In contrast, managing and investing insurance funds is typically the responsibility of insurance companies, rather than an organization dedicated to information and education. Selling insurance products is also outside the scope of the III's mission, as it does not engage in direct sales. Approving insurance claims is a function performed by insurance companies and their claims departments, where actual claims processing and adjudication take place. The III is focused on providing a foundational understanding of insurance rather than engaging in transactional activities.