India's regulator cleans up loss assessor selection process

12 June 2024

India's insurance regulator is to require loss assessors and surveyors to be chosen "automatically and on a random basis" using technology by October, saying that "transparency in the allotment of surveyor jobs [is] the need of the hour".

The General Insurance Council and the association of loss assessors have been given the task of building and implementing the technology.

"Allocation shall be done without any bias, in a time-bound manner without any human intervention," a circular yesterday from the Insurance Regulatory and Development Authority of India demanded.

The 38-page circular also introduced new requirements for other aspects of non-life insurers' products, underwriting practices and customer communication.