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Role of Surveyors in Insurance: Examination & Motor Surveyor

  • December 28, 2022
  • Registrationwala
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An Insurance Surveyor and Loss Assessor is an Insurance entity registered with the IRDAI tasked with conducting surveys on insurance claims and assessing the loss incurred by the Company by the concerned claim filing. In this article, we have detailed the requisite eligibilities and the procedure and regulations for conducting training and examinations for an Insurance Surveyor in India.

We have also briefed our readers about the Vehicle Insurance Surveyors and what are its carrier prospects. So if you are interested in any of these topics, you must read the piece carefully.

IRDAI Surveyor Exam Eligibility 

Suppose a person or an entity aspires to become an Insurance Surveyor and Loss Assessor in India. In that case, he or she must conform to the following eligibility requirements as prescribed by the IRDAI:

  • The applicant entity must possess a Degree or Diploma in the relevant engineering field
  • The applicant entity must be a qualified Chartered accountant in practice
  • The applicant entity must be a member and an alumnus of the Insurance Institute of India, Mumbai

If you wish to know the specific eligibility requirements per the State Laws and exceptional legal entities procedure, refer to Schedule I of Annexure 1 of the Insurance Regulatory and Development Authority of India (Insurance Surveyors & Loss Assessors) Regulation of 2015.

Training and Examination of an Insurance Surveyor

If the concerned entity meets all the required qualifications criteria, they can enrol for training at IRDAI's accredited institution. He must then complete a training period of one year under an appointed Senior Insurance Surveyor to appear in the Surveyor Examination. The surveyor exam is conducted online. The exam has one compulsory subject- Principles of Insurance.

The trainee can choose two more subjects depending on his or her qualifications. Every examinee must attain a minimum of sixty percent marks to pass the subjects. Also, the applicant can choose to appear in all the subjects according to their convenience.

On successful completion of the surveyor examination, the applicant can initiate an application for the Insurance Surveyor licence with the IRDAI to provide the requisite services.

Vehicle Insurance Surveyor Licence

Vehicle Insurance Surveyors are professionals who take up the job of surveying and loss-assessing accidental vehicles. They are also delegated to assess the loss of the vehicle and conduct necessary verifications about the incident. You can be a Vehicle Insurance Surveyor in a Company or apply for the Vehicle Surveyor License from the IRDAI to become an Independent Surveyor. This way, you can earn additional money from Insurance Companies.

To become an Independent Motor Insurance Surveyor, you must keep in mind a few points, as mentioned below:

Vehicle Claim limit for the Insurer

The IRDAI puts a financial limit on motor claims. Above such claims, they entrust the Insurance Surveyors. The current set limit is ₹50,000/- and above. Here, anything below this limit is not binding on Insurance Companies to appoint an independent Vehicle Insurance Surveyor. But, most high-volume work today is below 50K rupees for minor vehicle accidents. Furthermore, the ₹50K limits are revised every three years, last done in the second half of 2021.

Vehicle Claim Settlement procedure in Big vs Small Cities

If the applicant belongs to a metro city, the above-limit jobs will likely go to Corporate Bodies or established Surveyors. Therefore, the applicant must find a salary job with senior Surveyors or Insurance Companies as a Loss Assessor or Claims Analyst. In smaller cities, Insurers outsource Insurance Surveyors even below 50K work. It is because those small-town Insurers may not find it economical to hire a full-time surveyor.

If you wish to further about the Surveyor Examination & training, then connect with the IRDAI experts at Registrationwala.

 


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