How does IRDAI expects Insurance Surveyors to work in Market?

  • Every Licensed Insurance Surveyor and Loss Assessor is an Insurance Claim verification agency who is designated to fulfil a tonne of responsibilities. These responsibilities are decided and employed by the IRDAI. Let us brief you on some of these responsibilities in the following points:


    • Investigate the Claim

    • Manage the potency

    • Quantify the claimed amount

    • Validate insurance cover details

    • Assess the losses incurred by the Firm arising from contingency 

    However, the Insurance Surveyor must assess the losses and report them to the Insurer and the insured. A licensed Surveyor and Loss Assessor must conduct their work with abject competence, objectivity, and professional integrity. They must also adhere to the code of conduct as the IRDAI stipulated in its regulations.


    IRDAI has issued the following duties and responsibilities for a licensed Surveyor and Loss Assessor:



    Surveyor must declare his Interests 



    The Surveyor must declare his interest in the subject matter, or it pertains to any of his relatives, business partners, or persons with material shareholding.



    Surveyor must update his furnished details



    The Surveyor and Loss Assessor must inform the Authority of any update in the information or particulars it furnished at the time of license issuance. The Surveyor must report such changes within fifteen days from the date of update.



    Insurance Surveyor must maintain Neutrality



    The Insurance Surveyor must maintain confidentialityand neutrality when handling a claim process. It must not jeopardize the company's liability and the policyholder's claim.



    Insurance Surveyor must periodically conduct Inspection



    The Surveyor and Loss Assessor must inspect and re-inspect the property in question suffering a loss.



    Insurance Surveyor must assess the Claim Legitimacy



    The Surveyor and Loss Assessor must examine, inquire, investigate, verify, and check all the possible causes and circumstances of the claim losses. This includes the following:


    • Extent of Loss

    • Nature of the Ownership

    • Insurable Interest

    Surveying must conduct Loss Assessment for Insurers


    The Insurance Surveyor must conduct spot and final surveys whenever necessary. It must also analyze and submit the franchise, its excess or under insurance, and other matters. The Insurance Surveyor and Loss Assessor must estimate, measure, and determine the quantum and description of the subject under which loss has occurred.

    Insurance Surveyor issue advisory to involved parties

    The Insurance Surveyor and Loss Assessor must suggest to the Insurer and the insured the following to avoid further losses:

    • Loss Minimization

    • Loss Control

    • Security

    • Safety Measures

    Insurance Surveyor must entertain Claim Admissibility



    The Surveyor and Loss Assessor must comment on the claim's admissibility. It must also assess the company's liability in accordance with the insurance policy terms and conditions.



    Surveyor must periodically carry our Surveying and Assessment



    The Surveyor must survey and assess the loss on behalf of the Insurer. It must also satisfy the queries of both parties and entities. The Assessor must recommend the following to the Insurer:


    • Applicability of Depreciation

    • Percentage

    • Quantum of Depreciation 


    The Surveyor is also expected to give reasons for repudiation if the policy does not cover the claim. The Surveyor and Loss Assessor must arrange for an expert opinion if required.

    Insurance Surveyor must submit the Assessment Report to Insurer


    A Surveyor or Loss Assessor, appointed by the Insurer or the policyholder, must submit its assessment report to the Insurer as soon as possible. The report delivery must be within 30 days of its appointment. The Surveyor must submit its assessment report to the insured, giving his comments on the consent of the policyholder or loss assessment.


    To know further about the procedure of Surveyor in Insurance License registration, connect with the IRDAI experts at Registrationwala.


1 comment
  • Vikas Kumar likes this
  • Vikas Kumar
    Vikas Kumar thankyou for sharing here the great information about the insurance surveyor.
    February 8