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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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