Surveyor Loss Assessor
There is an increasing demand for professionals called surveyors and loss assessors in the insurance sector. Their ever-rising demand stems from the increasing illicit activities concerning insurance claims. According to one source, the general insurance companies in India during 2016-2020 confronted a loss of Rs 26000 crores owing to illicit claims.
These professionals are certified by IRDAI and render services like assessing the exact cost of damage incurred by the insured product and evaluating pinpoint compensation value, helping insurance companies with decision-making. This guide explores the essentials of becoming a surveyor loss assessor, the importance of licensing, and the steps to secure a license efficiently.
Who is a Surveyor Loss Assessor?
A surveyor loss assessor refers to an IRDAI-approved professional well-versed in damage assessment and insurance value estimation. With a robust specialization in insurance products, clauses, etc, these experts can help insurers with a fair settlement without hindering anyone’s interest. Acting as a bridge between the insurer and the insured, a surveyor loss assessor can access insurance claims without utmost accuracy while keeping fraudulent intentions at bay, ensuring peace of mind for insurers.
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Why Choose a Career as a Surveyor Loss Assessor?
Choosing a career as a surveyor loss assessor can be tempting and fruitful. As the industry sector continues to extend, the demand for such professionals will barely see any dip. Therefore, the potential in this field is limitless provided one has the knack to explore insurance products and their implications. Here’s why choosing this career can be an ideal decision:
- Ever-increasing demand in the insurance sector. The demand is fueled by increasing falsified claims and inaccurate assessments.
- As a certified surveyor loss assessor, you can have access to a steady income with opportunities to increase earnings
- Exposure to diverse industry types and products, reinforcing opportunities to elevate growth.
- Potential for starting an independent consultancy firm.
Steps to Register as a Surveyor Loss Assessor
To become a certified Surveyor Loss Assessor, one must secure IRDAI’s approval without fail. Here is the breakdown of key steps required to secure the Surveyor Loss Assessor license.
1. Compete Enrollment on the BAP Portal
- Visit the IRDAI’s BAP portal and create an account.
- Submit an application alongside the required paperwork. Make sure each document is accurate and free from factual errors.
2. Appear in the Examination
- Upon receiving the authority’s approval, you will become eligible to attain the exam.
- Fill out the application form to appear in the exam conducted by the Insurance Institute of India.
3. Undergo Training
- Upon clearing the examination, you will become eligible to pursue mandatory training, which will last for a stipulated time. Depending on what option you have chosen during enrollment, the training will either be organized by an institution or a surveyor.
4. Apply for the Surveyor Licence
- Once the training ends, head to the BAP portal to apply for the fresh Surveyor license
Obtaining and Renewing a Corporate Surveyor Loss Assessor License
Surveyor licenses are accessible to entities registered under the following legislation:
- Limited Liability Partnership Act 2008
- Companies Act 2013
Here’s how to obtain a Corporate Surveyor Licence.
Obtaining a Corporate Corporate Surveyor Loss Assessor License
- Visit the BAP portal, create a valid user ID, and make apt changes to your profile.
- Fill out form 3AF (an application for a Corporate Surveyor Loss Assessor License). Attach the required paperwork. Keep in mind that at least two licensed surveyors are listed as partners or directors in the company or LLP.
- Lastly, pay the application fee as advised. The license shall remain valid for three years, upon which it must be renewed as follows:
Renewing a Corporate Surveyor Loss Assessor License
The timely renewal of the Corporate Surveyor Loss Assessor License is paramount to ensure continuity. License holders serving as a partnership firm cannot renew their license if their firm was registered after 2020. Keep a tab on the following considerations when applying for renewal.
- Form-IRDAI-6-AF is the prescribed application for renewal of the Corporate Surveyor Loss Assessor License.
- The application should go along with the required documents at least a month before the date of expiration arrives.
- Application submitted before expiration shall attract a fee of Rs 5000. Likewise, applications submitted after the due date shall attract a fine as underpinned by the authority.
Conclusion
A professional choosing to serve the designation of Surveyor Loss Assessor can go the extra mile in their career. This challenging yet rewarding field offers a perfect blend of corporate dynamics, competitive tasks, growth, and challenging scenarios, pushing candidates to their limits. IRDAI approval is mandatory to serve the role of Surveyor Loss Assessor in India.
