How to Become an Insurance Surveyor
Becoming an insurance surveyor presents a stable growth path for individuals or firms seeking to leap into the insurance sector. From assessing claims to evaluating damage thresholds, insurance surveyors address various tasks and hence play a key role in boosting insurance companies’ operations. Being an insurance surveyor requires in-depth field acumen and adherence to strict IRDAI norms. If you’re wondering how to become an insurance surveyor, this guide has your back, detailing every legality that matters.
Who is an Insurance Surveyor?
An insurance surveyor aka loss assessor is an IRDAI-certified professional who primarily inspects, validates, and quantifies losses, ensuring hassle-free claim settlements. They serve as a bridge between insurance companies and policyholders by facilitating unbiased assessments. They function within the purview of the IRDAI (Surveyors & Loss Assessors) Regulations, which include the 2015, 2017, and 2020 amendments.
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Responsibilities of an Insurance Surveyor
Before we discuss how to become an insurance surveyor, let’s delve into their obligations.
- Investigating Losses: Delving into damage incurred via accidents, natural calamities, theft, or other incidents.
- Quantifying Claims: Determine the damage threshold in terms of valuation within the purview of the policy’s terms.
- Providing Recommendations: Advising on how loss can be minimized via different measures.
- Reporting Findings: Submit an in-depth report to the insurance firm, detailing facts’ veracity and key observations.
Steps to Become an Insurance Surveyor
1. Meet Eligibility Criteria
To begin your journey on how to become an insurance surveyor, make sure you are aligned with the following legalities enacted by the IRDAI:
- A graduation degree in one of the following disciplines:
- Engineering
- Accountancy
- Law
- Architecture
- Other relevant fields
- Recognition from the Indian Institute of Insurance Surveyors and Loss Assessors (IIISLA) is paramount. The candidate must have membership evidence.
2. Enroll for a Surveyor License
The step requires creating a valid ID on the online portal viz. IRDAI BAP and submitting an enrollment application. Make sure all dossiers, including educational qualifications and identification, are uploaded in the recommended format. Upon approval, you will be prompted to appear in the III exam.
3. Clear the IRDAI Examination
Upon enrollment approval, prompt the authority to appear in the surveyor exam via an official portal. This exam shall test your technical acumen and your ability to comprehend different scenarios when assessing damage for motor insurance, fire insurance, or marine insurance. Clearing this exam is a notable achievement in how to become an insurance surveyor.
4. Complete Mandatory Training
After successfully passing the exam, you must undergo training via a recognized institute or under a licensed surveyor. The training modules are designed to hone the applicant’s skills within the purview of prevailing industry practices.
5. Apply for a Fresh License
Once you completed the training successfully, proceed with the application submission concerning the fresh surveyor license on the official portal. While filing, upload all the mandatory paperwork, including training certificates. Lastly, pay the required fee.
Renewing an Insurance Surveyor License
A valid surveyor license must be renewed once every three years. The steps below will help with the renewal.
- Head to the IRDAI BAP portal and log in with their valid credentials.
- Furnish the form 12 and documents such as address proof and documents evidencing the applicant’s ID.
- Lastly, pay the required fee.
Knowing the renewal process is as vital as determining how to become an insurance surveyor.
What does it require to become a Corporate Surveyor?
If you wish to operate on a corporate scale, securing a corporate surveyor license is a must. Here are some notable considerations:
- Registering your entity or LLP under the relevant legislations as accepted by the IRDAI.
- Partnered with at least two licensed surveyors. They must appear as the corporate’s part.
- Applying via Form-3AF on the IRDAI portal and paying the Rs. 5,000 fee.
Corporate surveyor license stays valid for three years and hence must be renewed before the expiration, ensuring hassle-free operation.
Traits of a Successful Insurance Surveyor
Finding how to become an insurance surveyor also involves going beyond qualifying basic exams. The successful surveyor is the one who fosters:
- Remarkable attention to detail so that no conflict or legal hassle comes into the picture when accessing the damage threshold.
- Unmatched understanding of insurance policies, terms, coverage details, and loss scenarios.
- Unparalleled professional ethics while ensuring steadfast adherence to IRDAI norms.
Frequently Asked Questions
1. What qualifications are needed to become an insurance surveyor?
You need a relevant degree or diploma in fields such as engineering, accountancy, or law and membership in IIISLA.
2. How long does it take to get a surveyor license?
The process can take several months, including enrollment, examination, training, and application approval.
3. What is the cost of obtaining a surveyor license?
The initial application fee is nominal, and examination fees vary. Renewal costs Rs. 1,000 every three years.
4. Can a surveyor specialize in one line of business?
Yes, surveyors can specialize in areas like motor insurance, fire insurance, or marine insurance, depending on their training and examination focus.
5. Is a corporate surveyor license mandatory for firms?
Yes, firms operating as surveyors need a corporate license issued by IRDAI.
Final Thoughts
The path of how to become an insurance surveyor can be overwhelming for new applicants owing to the complex regulatory landscape. To stay atop challenges, it is vital to have a firm grasp of legalities, paperwork, and the ever-changing compliance realm. This guide will serve as a roadmap to success when applying for the surveyor license. If you think there are more grounds to be covered, let us know; we will be glad to assist.
Also Read: A Detailed Guide to Become a Registered Insurance Agent in India
