Insurance Surveyors and Loss Assessors are high-end professionals hired by Insurance Companies. They assess the actual loss arising from fortuitous events such as mishappenings, fire, burglary, natural events, etc., for settlement of insurance claims. A Surveyor in Insurance acts as an intermediary between the insurer and the insured for claim settlement.
They usually operate in the General Insurance business sector. Insurance Surveyors operate in multiple lines of business. Under the Surveyor Regime, the Fire Insurance Surveyor can also function as a Marine Surveyor.
The Insurance Surveyor is responsible for carrying out surveys of any or more of the following entities:
Each of these infras seeks insurance protection. The Surveyor in Insurance prepares reports to assess the actual losses incurred. Then, they verify the amount claimed by the policyholder. Insurers usually settle their claims based on the reports submitted by Insurance Surveyors.
The following are the steps to becoming a licensed Insurance Surveyor in India. Heed them carefully before applying for the requisite IRDAI instructions:
To acquire an Insurance Surveyor and Loss Assessor license, the first step is registering on the BAP portal. After your successful registration on the BAP, the applicant can apply for the requisite training with the IRDAI.
After the basic registration, the applicant must undergo training to select the Trainer. He or she must also choose the department in which they want to undergo the Surveyor training.
If the Trainer selected by the Surveyor applicant accepts their training request, then the applicant will receive an email notification from the Regulatory Authority IRDA. The email will inform the applicant of the trainer selection. In case the Trainer rejects the applicant’s training request, then the proposed Surveyor in Insurance must select another trainer.
Once the Trainer accepts your training request, the applicant must fill out form-13 for training course enrollment. The Insurance Surveyor Trainee must complete the requisite training to apply for the Surveyor and Loss Assessor license.
Thereafter, the applicant must appear for the exam conducted by the III, i.e., the Insurance Institute of India. During the training, the Trainer must submit the Trainee’s third quarterly report. After the report submission, the Insurance Institute of India schedules an examination for the Surveyor Applicant. Then, the applicant must finally appear for the requisite examination.
After the applicant has successfully completed his training, he or she will receive the TCC, i.e., the Training Completion Certificate, from the Trainer’s end.
If the Surveyor applicant has successfully cleared the exam conducted by the Insurance Institute of India, then he can apply for a new Insurance Surveyor license with the IRDAI. Once the applicant receives the IRDAI license, he or she can start operating as a licensed Surveyor in the Insurance sector.
To enrol yourself as an Insurance Surveyor Trainee, the applicant must register himself on the BAP portal. To register on the portal, the applicant must follow the below-mentioned steps:
For more information on Insurance Surveyor registration and compliance, connect with the IRDAi experts at Registratioinwala.
Hey there, I'm Dushyant Sharma. With the extensive knowledge I've gained in past 8 years, I have been creating content on various subjects such as banking, insurance, telecom, and all the important registration and licensing processes for various companies. I'm here to help everyone with my expertise in these areas through my articles.