The insurance surveyor works as a link between the insurance company and the policyholder. Even though the surveyors are a link between the two parties, they must do their job independently without being influenced by either of the parties. The insurance surveyor’s position is like that of a single judge and his decision is valid in the eyes of law unless proven otherwise.
In this article, we will discuss how to become an insurance surveyor and the examination which is required to be passed to become an insurance surveyor in India.
Insurance Surveyor: A Brief Description
A Surveyor in Insurance is an individual who is authorized by IRDAI to conduct a survey and evaluate the losses incurred due to an accident or unfortunate event. The Insurance Surveyors are only appointed for claims related to the general insurance business, and are not a part of the life insurance business.
IRDAI has authorized the Insurance Institute of India to conduct the pre-licensing examination for becoming an Insurance Surveyor and Loss Assessor, as per the requirements under IRDA regulations.
Educational Qualification Required for Insurance Surveyors
Any individual that wants to pursue his career as an Insurance Surveyor and Loss Assessor has to possess a valid degree or diploma for any of the following courses mentioned in the table below:
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S. No.
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Department
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Academic / Technical / Professional / Insurance Qualifications
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1
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Fire
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B.E. / B. Tech. / B.Sc. (Engg.)/ A.M.I.E. or its equivalent, Diploma in Engineering of three years duration; Associate or Fellow members of Institute of Chartered Accountant of India /Institute of Cost Accountants of India, (ICAI), Fellow members of Insurance Institute of India (III), Post Graduate Diploma in Insurance from IIRM; PGDM from National Insurance Academy.
|
|
2
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Marine Cargo
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B.E./ B.Tech./ B.Sc. (Engg.)/ A.M.I.E. or its equivalent thereof (Marine Engineering/ Naval Architecture), / certificate of competency as Master of Ship or as First Class Marine Engineer issued by a recognized authority, Degree or diploma in Naval Architecture of a recognized University or Institute. Diploma in Engineering of three years duration; Associate or Fellow members of Institute of Chartered Accountant of India /Institute of Cost Accountants of India, (ICAI)/III./Post Graduate Diploma in Insurance from IIRM, MBA (Logistics and Supply chain management), PGDM from National Insurance Academy
|
|
3
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Marine Hull
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B.E./ B.Tech./ B.Sc. (Engg.)/ A.M.I.E. or its equivalent thereof (Marine Engineering/ Naval Architecture)/ certificate of competency as Master of Ship or as First Class Marine Engineer issued by a recognized authority.
|
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4
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Engg.
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B.E./ B.Tech./ B.Sc. (Engg.)/ A.M.I.E. or its equivalent , Diploma in Engineering of 3 years duration from a recognized institution or its equivalent thereof.
|
|
5
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Motor
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B.E./ B.Tech./ B.Sc. (Engg.)/ A.M.I.E. or its equivalent thereof (Mechanical/ Automobile); Diploma in Mechanical Engineering/ Automobile Engineering of 3 years duration from a recognized institution or its equivalent thereof.
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|
6
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Miscellaneous
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B.E./ B.Tech./ B.Sc. (Engg.)/ A.M.I.E. or its equivalent; Diploma in Engineering of 3 years duration from a recognized institution or its equivalent; Associate or Fellow Member of ICAI (CA/CMA) Fellow member of., Insurance Institute of India (III) or Post Graduate Diploma in Insurance from IIRM, PGDM from National Insurance Academy.
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|
7
|
LOP
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Fellow members of Institute of Chartered Accountant of India /Institute of Cost Accountants of India, (ICAI), B.Tech/B.E, Diploma in Engg of three years duration.
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|
8
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Crop Insurance
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B.Sc Agriculture / B.Sc. Horticulture/B.Tech (Agricultural Engineering).
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All the technical degrees and diplomas stated above are required to be obtained from the following educational institutions:
- AICTE-approved Institutions or,
- Universities Recognized by University Grants Commission (UGC) or,
- Institutions of National Importance which are recognized by the Ministry of Human Resources Development (MHRD).
Training and Examination for Insurance Surveyors
A person that has met the eligibility criteria for the educational qualifications can get enrolled for training with IRDAI. They are required to complete a training period of one year under the senior surveyor before they can appear for the examination for Insurance Surveyor and Loss Assessor.
The examination for Insurance and Loss Assessor is conducted online with one compulsory subject, which is known as ‘Principles of Insurance’. Depending on the individual’s qualifications, they can choose two other subjects. In order to pass each subject, a minimum of 60% marks are required. One has the option to appear in all the subjects together or as per their convenience. Upon the successful completion of the exam, an application for Insurance Surveyor License must be initiated with IRDAI so the individual can start providing services.
What Duties would you Undertake once you Become an Insurance Surveyor?
The role and responsibilities of an Insurance Surveyor are clearly stated in the IRDAI (Insurance Surveyors and Loss Assessors) Regulations, 2015. It shall be every surveyor's duty to investigate, manage, quantify, validate and deal with losses (whether insured or not) arising from any contingency and report immediately to the insurer or the insured, depending on the case. All the surveyors shall carry their work with competence, professional integrity, objectivity and strict adherence to the code of conduct as stipulated in IRDAI’s regulations.
Let’s discuss the duties and responsibilities of an insurance surveyor in the following key points:
- The insurance surveyor’s prime responsibility is to investigate and evaluate the loss, so they can make out to what extent the loss has been incurred due to an unfortunate accident or contingency.
- The surveyor is required to report the details of the survey to the insurer or the policyholder, as the case may be.
- The surveyor must, at all times, maintain a neutral stance while working to ensure that the interests of neither of the involved parties (insurer and insured) are jeopardized.
- The insurance surveyor and loss assessor is required to disclose to the insurer whether they are related to the insured in any way.
- If the surveyor is found to be related to the incident in any way, the insurer can deny the acceptance of the surveyor’s report. Therefore, to avoid any issues in the future, the surveyor must declare this information to the insurer in advance to avoid any issues in future.
- In order to survey the loss incurred by the subject, the insurance surveyor must conduct a thorough inspection and also re-inspections if necessary.
- It is also the responsibility of the surveyor to verify whether the policyholder owns the property and has a genuine insurable interest.
- The surveyor must provide valuable advice to the policyholder and the insurer to reduce further losses by following secure and safe measures.
- Whenever required, the surveyor must take expert advice.
- To provide a proper justification in case a claim is repudiated (because the cause of the loss is not covered under the policy). Therefore, the insurance company won’t make any payment towards claim settlement.
- To recognize whether the depreciation must be taken into account for a particular case.
- To offer suggestions on salvage and its disposal.
- To submit a report to the insurance company soon after the assessment’s completion or within 30 days of the appointment of the surveyor.
- In case of a complicated case, the surveyor must ask for an extension from the insurer. The extension grant in such cases must not go beyond six months.
- The surveyor must submit the report to the insurance company after three reminders to the insured if the insured has not submitted the complete list of relevant documents.
- The Insurance surveyor must provide additional reports within a period of three weeks if the report is found to be incomplete by the insurer in any aspect.
Conclusion
The job of an Insurance Surveyor is crucial for the general insurance market. A good surveyor in insurance maintains neutrality while doing his job and works efficiently for the fair settlement of claims. It is mandatory to pass the Insurance Surveyor examination conducted by an IRDAI-authorized Institute, and then obtain the Insurance Surveyor License in order to practice as an Insurance Surveyor and Loss Assessor in India.
If the Surveyor fails to comply with the set regulations stated by IRDAI, the authority can exercise its power and cancel the license of the individual. Every surveyor must stay up-to-date regarding any new guidelines and amendments made by IRDAI, to ensure compliance with the law. For assistance in obtaining Insurance Surveyor and Loss Assessor license in India, you can contact Registrationwala.
