How to become a Surveyor and Loss Assessor?

Insurance companies indemnify the insured in case of loss of property, life or any other subject of insurance. However, before a company can pay the insurance cover, it has to verify whether the claims made by the customer are true.

A surveyor and loss assessor is an entity that exists to verify the insurance claims on behalf of the insurance companies. Their job is to inspect the insured and verifying the truthfulness of their insurance claims. Needless to say, it’s a vertical that has seen most growth over the past few years because rising cases of insurance fraud.

In this article, we discuss the procedure to become an Surveyor and Loss Assessor in India.

Types of Surveyors and Loss Assessors

As per the IRDA regulations, there are two types of registrations issued to surveyors and loss assessors. They differ depending upon the infrastructure of the applicant. Read More: Local Cable Operator Registration Online

1. Individual Surveyors: Individual surveyors who provide survey and loss assessment services on freelance basis are issued certificate of registration as per the appropriate guidelines.
2. Corporate surveyors: Corporate surveyors are companies or other similarly structured organizations that provide loss assessment assistance to insurers on a B2B basis.

To obtain IRDA registration for surveyor and loss assessor any category, the applicant has to fulfil the eligibility criteria set by the Insurance Regulatory Development Authority of India.

Eligibility Criteria for IRDA Registration for Surveyors and Loss Assessors

IRDAI has prescribed different eligibility criteria for individual and corporate surveyors.

Individual Surveyors:

1. The individual should have enrolled as a student member of the Insurance Regulatory Development Authority
2. Qualifications of the individual should match the type of insurance coverage he wishes to assess:
   1. For Marine and Full Insurance, the applicant must possess one of following qualifications:
      1. Bachelor of engineering
      2. B. Tech

• Post Graduate Diploma in Insurance

1. Shipping Degree
2. M. Tech in naval Engineering
3. Masters in Shipping

1. For Fire Insurance, the applicant must possess one of the following qualifications.
   1. Bachelor of engineering
   2. B. Tech

• Chartered Accountancy

1. ICWAI
2. Post Graduate Diploma in Insurance

1. For Motor Insurance, the applicant must possess one of the following qualifications:
   1. Bachelor of engineering
   2. B. Tech

• AIMIE

1. Mechanical engineering
2. Automobile Engineering

1. For Engine Insurance, the applicant must possess one of the following qualifications:
   1. Bachelor of engineering
   2. B. Tech

• AIMIE

1. For Loss of Profit Insurance, the applicant must possess one of the following qualifications:
   1. CA
   2. ICWAI

• AIII

1. FIII

1. For Crop Insurance, the applicant must possess the Bachelors of Agricultural Science

3. The applicant should be an IRDAI member
4. The applicant must have at least 12 months of Surveyor training.
5. IRDAI Conducts surveyor exams. The applicant must have cleared it prior to filling the application form.

Corporate Surveyor

1. All the directors or partners of the company or partnership firm respectively should match the eligibility criteria of an individual surveyor.
2. None of the directors and partners should have disqualified under any legal law
3. At least two directors or partners must me member have individual surveyor license.
4. The name of the company or the partnership must have Insurance surveyors and loss assessors Read More: Types of Telecom Licenses in India

What is the procedure to apply Insurance Surveyor and Loss Assessor License?

To become a surveyor and loss assessor, the applicant must obtain the certificate of registration from the IRDA. The procedure of filing the application is as follows:

1. Fill the online application form IRDAI-1-AF if you’re filing as an individual and IRDAI 3-AF if you’re filing as a corporate entity
2. Pay the prescribed application fees
3. IRDA will assess the application. If it finds your application satisfactory, you’ll obtain the Surveyor and loss Assessor Registration in India.

What are the documents required for Insurance Surveyor and Loss Assessor License?

Surveyor and Loss Assessor registration requires the following documents to be submitted alongside the application form:

1. Certificate of incorporation
2. MOA and AOA
3. Application form
4. Passport sized photo
5. PAN Card
6. Address proof
7. Qualification proof
8. Mark sheet of the surveyor and loss assessor examination
9. Declaration cum undertaking
10. Membership certificate of the Institute
11. Fit and Proper Statement