These surveyors and loss assessors – as many insurance claimants would know by now – are at the front-line of a rapidly expanding finance sector in the country. It’s the insurance surveyor who is primarily responsible for assessing and valuating the damage for which an insurance claim has been filed.
For long, insurance surveyors had been demanding that the government give them the status of a ‘chartered body’ to make their services more efficient and transparent. The status would have been similar to what Chartered Accountants enjoy in the country at present.
To this end, the government even formed the Bhandari Committee to look into the possibility. After studying the demand, this committee recommended the forming of an institute by and of the surveyors themselves.
It further said that, once such a body was formed with an elected council in place, the committee would monitor its performance for a couple of years and then, in consultation with insurance watchdog IRDA (Insurance Regulatory Development Authority), would award the coveted ‘chartered’ status.
The result was the ‘Indian Institute of Insurance Surveyors and Loss Assessors’ – incorporated on October 4, 2005 at Hyderabad. But the body has taken two years to work towards formation of the all-important and mandated council.
Still, as of June this year, an election process for the same has started with nominations for posts being invited by mail to the office of the election officer.
Once the scrutiny of these nominations are over, they will be posted on the IRDA Web site. The institute already has 4,600 members with voting rights and who will receive the ballot papers. It is expected that results can be declared on September 11.
According to Mahendra Dhruva, National President of the Institute of Insurance Surveyors and Adjusters (IISA – which is an older representative body of the industry), the council board would have 15 members in all.
“Two members would be selected from each of the four zones in the country, and four additional ones on an all-India basis. The remaining three seats would be occupied by a selected member from the General Insurance Council (which is a body of all insurance companies), one from the IRDA and one from the Finance Ministry,” he told Mumbai Mirror.
Dhruva expressed confidence that the council would then be responsible for promoting quality and professionalism among insurance surveyors. “If the council performs well, the Bhandari Committee would definitely recommend a ‘chartered’ status for all of us. Consumers can then expect better service, and their grievances would be addressed properly,” he said.