Individuals and companies all need to be properly covered by insurance but the wide variety of choices can make obtaining that coverage a daunting process. To help buildings and companies make the best choice with minimal hassle, the Insurance Information Institute (III) has become a one-stop-shopping resource for information on all manner of insurance needs.
With property and casualty premiums totaling $417 billion last year, plus an additional $575 billion in life insurance premiums, insurance is a huge business with dozens of companies offering competing services. III exists to simplify, clarify and aid the premium payers.
According to Carolyn Gorman, vice president of III’s Washington, D.C. office, the Insurance Information Institute “is on the communications end of the business. That’s what we do—we communicate with the public on important issues related to insurance.” Gorman goes on to say that, “III is an insurance trade association that is funded by property casualty insurance. We specialize in homeowners, automobiles, and business insurance, as well as life insurance and annuities.”
A Little History
The Insurance Information Institute was founded almost 50 years ago, and its main office is located in Manhattan. It exists to provide aggregated information without bias. Throughout the group’s history, they have earned a reputation for fair reporting and accurate information, making them experts in the eyes of the New York state and the U.S. federal governments, in addition to industry regulators, scholars and the public.
According to Gorman, one way the III maintains its reputation is by not allowing their operation to become a lobbying organization. Instead, they just report the facts and let people make decisions on their own. Some 14 stories per day are in various stages of research, writing or publishing. III experts have also been quoted in newspapers ranging from USA Today to consumer magazines like Smart Money.