Insurance Sector, Insurance underwriters, underwriters insurance company, Insurance actuary, actuary career, actuary exam, Career opportunities in Insurance Sector , career in Insurance, employment in insurance, jobs in insurance, professional surveyors

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Indian Education and Job Industry >> Insurance Sector >> Surveyors and Underwriters

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Insurance- Surveyors and Underwriters

There is an increased demand and interest in the field of survey and underwriting in the insurance sectors. An underwriter is the person who makes a decision whether to grant insurance to a person or not and if so, on what terms and conditions. His role is to assess the risk and determine the premium rates that should be charged from him.

UNDERWRITERS

Work Profile

Insurance underwriters review insurance applications and decide whether they should be accepted or not based on the degree of risks involved in insuring the people or objects.
In the life insurance business, an underwriter is expected to filter the "bad or substandard lives". Whereas, in the general insurance segment, he takes care of risk management .
Underwriters give and obtain information, explain policies and quote rates to medical personnel, other insurance companies, or field representatives.

SURVEYOR
The surveyor usually functions in non life business and not in life insurance business. The surveyor’s role is to assess the loss that has been reported by the insured in respect of his insured property or asset. The insurance business operates on the principle of indemnity which means putting the customer in same position financially in which he was before the loss happened. As there is a tendency on the part of customer, to benefit out of an insurance transaction, the surveyor puts a check on that and assesses the loss. He then gives a report to the insurance company and based on the surveyor’s report the company settles the claim.

Work Profile

Surveyors are professionals who assess the loss or damage and serve as a link between the insurer and the insured.
They usually function only in non life business.
Their job is to assess the actual loss and avoid false claims.
Surveyors like agents, are not employees but are independent professionals hired by the insurance company.

Educational Hurdles
There are specific regulations governing the profession of surveyors, they should have an engineering degree or insurance qualifications. They have to undergo a one-year training program with an existing surveyors firm and at the end of that they have to pass another examination which is conducted by the Insurance Institute of India.

Who can qualify

An insurance surveyor must possess a license issued by the Controller of Insurance under Ministry of Finance, Govt. of India.
Licenses are issued to technically qualified people who are engineering graduates or diploma holders in any discipline, Chartered Accountants, Graduates in Medical Sciences.
They have to undergo a one-year training program with an existing surveyors firm and thereafter pass an exam held by the Insurance Institute of India.
A surveyor after obtaining the license may be empanelled by any or all of the insurance companies.

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