New Delhi: A panel set up by regulator the Insurance Regulatory and Development Authority of India (Irdai) has suggested modifications in the norms for surveyors and loss assessors in order to attract youngsters and promote expeditious settlement of claims.
Surveyors and loss assessors in insurance is a specialised field of work which is instrumental in the judicious settlement of claims. They are expected to survey and assess the damage/loss and submit report about it. Irdai had set up a Working Group (WG) to examine and deliberate upon the existing framework for surveyors and loss assessors and make its recommendations in the context of evolving challenges and opportunities in the area.
Irdai said the WG has worked towards rationalising the processes and procedures involved in licensing by the regulator even while making sure that the surveyors and loss assessors are “primarily monitored by those who use them, i.e., the insurers, with overarching supervision by IRDAI”. The Working Group has suggested that the requirement of practical training may be done away with as it does not seem to serve the purpose that was envisaged.
It is recommended that instead of training requirements, examination of high quality based on relevant syllabus with proper testing that has a quantitative and practical orientation that will ensure that surveyors have the required wherewithal to carry out survey and loss assessment,” the WG’s report said.
It has proposed a two-level examination system. The WG has also suggested that in respect of crop insurance, the recognised qualifications of surveyors and loss assessors may be expanded to include graduation with at least one subject being agricultural science from a recognised university. ,However, government schemes may be exempted from this.