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Top 5 Duties of Insurance Surveyor and Loss Assessor

A Surveyor and Loss Assessor is an Insurance intermediary acting on behalf of insurance companies to verify the insurance claims made by the insured. But is it the only task it performs? Or other jobs hold the same value for this insurance entity. Let’s explore the answer with the aid of this article.

As per the IRDAI (Insurance Surveyors and Loss Assessors) Regulations, 2015, a surveyor and loss assessor is an insurance entity whose only purpose is to maintain the sanctity of the insurance market. They act as an insurance intermediary on behalf of the insurance company, and their responsibility is to verify the insurance claims.

However, recent revelations about the notification have illuminated other responsibilities of an insurance surveyor and loss assessor.

This article lists the top five duties and responsibilities of this intermediary.

Why is it important to understand the different responsibilities of surveyors and loss assessors?

Although the responsibilities of the titular insurance entity are not an enigma, understanding them can be difficult. Furthermore, many tasks that this intermediary performs can appear to violate the jobs of other intermediaries. Therefore, we must make an effort to understand the duties that are exclusive to a surveyor and loss assessor.

The Five Main Responsibilities of Insurance surveyors and Loss Assessors

Here are the duties that those with surveyor loss assessor license must perform.

Inspecting the insured property

The first and the most critical task that this insurance intermediary has to perform is inspecting the insured property. After analyzing the nature of loss that has befallen the property, the loss assessor creates an audit report. He does so to ascertain whether it falls under the insurance claim. Then, he drafts a report based on its findings.

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Analyzing the circumstances of the loss

Every insurance policy specifies the circumstances of loss in the terms and conditions. These conditions dictate whether the insured can lay claim to the insured amount. It’s the surveyor’s responsibility to assess those circumstances and ensure that they precisely match the ones specified in the policy documents. If they don’t, he can recommend not to proceed with the claim.

Advising the customer about loss minimization

After the insurance claim is made and claimed amount goes to the insured, the loss assessor visits the customer’s premises to provide advice. Their advisory services include guidance about:
1. Minimizing the loss,
2. Controlling the loss in future
3. Safety measures that the insured can take to prevent loss in the future

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Finding issued with the wordings of the insurance policy

Insurance policy documents can often be ambiguous – causing confusion among the insurance holders. The surveyor has to act here non-discriminately and point out the mistakes of the policy docs. When doing so, they have to keep in mind the needs of the insured and the insurer.

Consulting with the experts

Some insurance claims are too complex. Therefore, the surveyor and loss assessor has to bring in experts. Their consultations guide this insurance intermediary to provide optimal services to the insurer.

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Conclusion

Surveyors and loss assessors in insurance are intermediaries that exist to maintain the integrity of the insurance market. Their job is to ensure that the insured meets their needs without curtailing the insurer’s rights. If you want to acquire more information about this insurance entity, call our experts.

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