Surveyors are professionals who assess the loss or damage and serve as a link between the insurer and the insured. As per Insurance Act all the claims above Rs.20000/- must be surveyed by an independent professional. The Insurance Companies on receipt of any claims appoints the surveyor to assess the loss and submit a report quantifying the claim payable under the policy.
Surveyors are independent professionals licensed by IRDA. They usually function only in non life business. Their job is to assess the actual loss and avoid false claims. Surveyors are not employees but are independent professionals hired by the insurance company.
Insurance risk surveyors carry out surveys of buildings, machinery, transport and other sites or items that need to be insured. A key part of the work is to produce reports, to help an agent who sells insurance, decide on the terms and conditions of insurance policies. Insurance surveyors usually specialize in one of the following areas:
• Fire and Perils – examining plans, construction and fire protection systems to assess the risks to a building and its contents
• Accidents and Liability – assessing the possible risks to employees, customers and visitors to a building or site
• Engineering Insurance – surveying mechanical and industrial plants, machinery and equipment for faults and risks
• Burglary and Theft – inspecting business premises to check how goods are stored and improve security.
The eligibility criteria for joining this profession are as follows –
1. Fellowship or Associate ship of the Institute of Insurance Surveyors and Adjustors (IISA), Mumbai.
2. Fellowship or Associate ship of the Institute of Chartered accountants or Cost and Works Accountants.
3. A degree or diploma in architecture from a recognized university or institute.
4. A degree or diploma from a recognized institute of engineering.
5. A degree or diploma in Naval Architecture.
6. Possesses such other technical qualifications as may be specified by the regulations made by the authority.
Agents get about 25 to 32 percent of the premium amount in the first year of the policy. In the second and third year they get about 7.5 percent and in fourth and fifth year they get about 5 percent of the premium. After about four years of good performance, an agent may also be entitled to office facilities, car, computer, telephone, maintenance, housing loan etc.
Moreover, for an actuary, sky is the limit as this is one of the most rewarding jobs in the insurance sector. Here, entry level salary is expected to be somewhere around Rs. 8 lakh per annum .For the underwriters it is around Rs. 6 lakh per annum
1. Actuarial Society of India, Mumbai
2. Amity School of Insurance and Actuarial Science, Noida
3. Birla Institute of Management & Technology, New Delhi
4. Insurance institute of India
5. National Insurance Academy, Pune
6. SVKM's NMIMS University, Mumbai
7. Institute of Insurance & Risk Management, Hyderabad