Sunday, May 22, 2011


North India surveyors loss assessors adapting to disposal of insurance salvage through on line auction using free services made available by insurance surveyor free of any charges and bringing a most transparent and effective system for insurance surveyors. 

Insurers too in India can now need not outsource the service and can themselves use the service and thereby can monitor the disposal themselves in an open and transparent manner. 

The project had been started by insurance surveyor having experience in INDIAN insurance industry of more than 15 years and had been made operational in 2008. The collective efforts of surveyors loss assessors of North India made it possible to bring a transparent system . The concept behind the project is two fold one being to make transparent system and to make a database of all such vehicles which can lead to many benefits for the insurers in long run. The data is open for all and can be analysed by anyone. Even the details of seller surveyor and buyer can be obtained. 

What are its benefits? ……….. In Claim Minimisation & mitigation of losses. 

Present market scenario in insurance industry has made the insurance business most competitive and industry is looking for fair means in claim minimisation. Salvage disposal field can also be improved by using the available technology and in a way can contribute to long sought after claim minimisation process. The present system of auction by closed tenders / cash loss/ net of salvage basis give access of information to limited persons only and that too with high costs on account of advertisements , salvage garaging and its watch & ward overheads, wherein information is once only is made public and may or may not get noticed by all perspective buyers……… Whereas by using services at the information is available on the web free of charges live 24x7 and any potential buyer can having accessed the site once will know the definitive place where all such information of all such items is available. The information on site contains detailed photographs, details of item, sellers details, location of item and additional terms and conditions of seller. Since it is an open auction system on the web interested persons of distant places can also participate. More participation by the buyers will definitely result in most realistic and highest realisation of salvage value thereby contributing to claim minimisation. 
 Salvage value is always based on the market needs and its utility by individual buyer. Salvage may be just a scrap for some buyers, but for someone it may be his necessity. In short a wide coverage a single window must give best results for the sellers. 
 Salvage buyers are also benefitted as they get most of the information at one place at ease on 24x7 basis and thereby save time, energy and money in locating the salvage in markets. In present system they have less information in time, Such savings may get added in their offers for the salvage value. 

 Presently Surveyors and Individuals are listing the item on site under Private sector listings which is available as Free service for both the seller and the buyer. The web site provides free advertisement space and has no role in the deals as the same are to be settled among the buyer and seller only. Surveyors have to use their own skills to verify the genuineness of the buyers. The services available under the said sector listings have limited features as there are no users control panels. Furthermore under the same there are no earnest money charges and the same also have to be negotiated and dealt with by buyers and sellers among themselves only. Though the said sector has limited features, but still the users of site are finding the services useful under the said sector also. At Present surveyors are listing the item and after getting offers through web site are also further negotiating with the buyers and are seeking approval of the insurers using the printouts of their listings status. The services are proving useful for surveyors also as they can use the same in settlement of the claims. 

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