Surveyor and Loss Assessor – Verifying the Insurance Claims

Every insurance company has one fear that stems from one question – are the claims real?

When an insurer makes a claim, sometimes that claim goes beyond the indemnity bond he has signed with the insurer. In such situations, the insurer – the insurance company – has to send someone to assess those claims. A Surveyor and loss assessor is that someone.

What is an Insurance Surveyor and Loss assessor?

Insurance surveyor and loss assessor is an insurance intermediary whose primary responsibility is to verify the insurance claims of an insured on behalf of the insurer. At the same time, that responsibility also involves assisting the insured get the amount claimed if it’s fair.

To act as surveyors loss assessors in insurance, entities have to obtain a certificate of registration from Insurance Regulatory and Development Authority of India.

Who is eligible to obtain the Surveyor Loss Assessor License?

Getting Surveyor Loss Assessor License, a perverted name given to that certificate of registration, isn’t for everyone. It’s because IRDA has set forth the following eligibility criteria to sort out fit applicants from the unfit ones:

1. Only a company, an LLP or a co-operative society can become a surveyor or loss assessor.
2. The personnel working at the organization should have the necessary, academic, technical, professional and insurance qualifications.
3. The principle officer of the applicant organization must pass the Survey and Loss assessment examination held by IRDA.
4. All the personnel involved with the task of delivering the services must agree to go through training from time to time.
5. The Principle officer must be a Member of an institute – Chartered Accountant Institute, Actuary institute or Insurance institute.

How do you prove that you’re eligible for the license? It’s simple. Show them the documents as the proof.

Also Read: What are the benefits of FFMC license?

What documents are there to prove that you’re eligible?

To register your organization as a surveyor and loss assessor, you must prove to IRDA that you’re eligible. Following documents help in proving that eligibility:

1. Certificate of incorporation of your organization
2. Document stating your business objective:
   • If you’re applying as a company, provide a copy of Memorandum of Association and Articles of Association
   • As a Co-operative society, you must present Society by-laws to the IRDA.
   • And, if you’re an LLP, provide a copy of LLP agreement.
3. Passport size photograph of the head of the applicant organization
4. Address proof
5. Qualification proof
6. Survey and Loss assessment training certificate
7. Declaration and undertaking
8. ID of the Institute membership
9. Demand Draft of the License fees.

Procedure to obtain the Surveyor Loss Assessor

After you’ve furnished the documents as mentioned in the previous section, you must file an online application form and upload them.

Upon receiving your request for approval, IRDA will spring into action and start vigilantly assessing all the members of your organization.

If your documents suggest that you’re eligible but you’ve made some errors in the application form, you’ll receive a notification to fix it.

If you have not provided enough documents for the IRDA to assess your eligibility, it will notify you to submit additional documents.

In any case, once you’ve fixed the mistakes and have provided the missing documents, IRDA will grant you the Surveyor Loss Assessor license.

Conclusion

A surveyor and loss assessor is an ally of an insurer who helps them check the insurance claims made by the insured. However, as the assessor is also an ally to the insured, he ensures that insurer can’t escape from their liability. Furthermore, to act as an insurance intermediary of this kind, you need the approval of IRDA.

This article has taught all that you require to become a surveyor and loss assessor. If you’re still wondering what is all this, don’t hesitate to ask us questions.