Dreaming of having financial stability in life has become almost every young adult’s aspiration today. Consequently, exploring a career in the financial services sector has shown great results. In fact, a report suggests around 8.5% yearly growth in this sector. Now, in this sector, becoming a point of sale (PoSP) insurance agent has specifically gained popularity.
The presence of roughly 20.12 lakh PoSPs in India as of March 2023 underscores this channel’s significant growth and widespread adoption. Consequently, this fantastic opportunity can land you the earnings of a lifetime. So, let’s understand everything about PoSP insurance agents, from eligibility criteria and registration procedures to essential training and exam requirements.
Who is a PoSP Insurance Agent?
A PoSP, or Point of Sales Person, is a certified individual who can sell specific types of insurance products. As an insurance agent, you will have the authority to offer a range of policies, including health, life, and motor insurance, directly to customers.
Why Become a POSP Insurance Agent?
The insurance sector in India is growing rapidly, creating numerous opportunities for individuals interested in joining the field. As an insurance agent, you can enjoy several benefits:
- Flexible Working Hours: You can work at your own pace and convenience.
- High Earning Potential: With attractive commissions on each policy sold, your earning potential is substantial.
- Minimal Investment: You don’t need a significant financial investment to start.
- Professional Growth: This role provides continuous learning and career advancement opportunities.
| Feature | PoSP Insurance Agent | Traditional Insurance Agent |
| Flexibility | High | Moderate |
| Initial Investment | Low | High |
| Training Requirement | Short-term, online or offline | Long-term, formal training |
| Product Range | Limited to specific products | Broader range of products |
| Earning Potential | High, based on commissions | Fixed salary with possible commissions |
What are the Steps to Register as a POSP Insurance Agent?
As you start walking on the path of becoming an insurance agent, there are several things that you may hear about for the first time. However, if you know how the process goes, it is a seamless procedure.
Nevertheless, here are some essential PoSP agent registration steps for you to note:
Step 1: Meet the Eligibility Criteria
Before starting your registration process, ensure you meet the basic requirements:
- Minimum Age: Your age must be a minimum of 18 years.
- Educational Qualification: A minimum qualification of 10th grade (or equivalent) is typically required.
- Nationality: You should be a resident of India.
Step 2: Choose a Reputable Insurance Company
In India, PoSP certification is offered by the IRDAI (Insurance Regulatory and Development Authority of India). You must apply with them and get their approval before anywhere else.
Step 3: Complete the Training Programme
Once you’ve chosen your insurance company, you will need to undergo a mandatory training program. This training is designed to equip you with the necessary knowledge about various insurance products, sales techniques, and regulatory guidelines.
Step 4: Pass the Examination
After completing your training, you must pass an examination to get certified. The exam tests your understanding of insurance products and your ability to sell them ethically and effectively.
Step 5: Register and Get Your License
Upon passing the exam, you can register as a POSP insurance agent. The insurance company will assist you in completing the necessary paperwork and obtaining your license.
Key Responsibilities of an Insurance Agent
As PoSP agents, your primary responsibility is to sell insurance policies, and given the increasing demand, it becomes essential to offer quality services. An important thing to note is that with the rising online sales, insurance fraud has also significantly increased by 34% just in 2023.
Keeping the facts in mind, here’s how you, as an insurance agent, can make a difference:
- Identifying Customer Needs: Assessing the insurance needs of potential clients and recommending suitable policies.
- Providing Expert Advice: Offering personalised advice to help customers make informed decisions.
- Policy Customisation: Customising policies to meet individual customer requirements.
- Maintaining Records: Keeping accurate records of sales and customer interactions.
- Staying Updated: Keeping abreast of the latest products and regulatory changes in the insurance sector.
Conclusion
Becoming a PoSP insurance agent is a promising career path that offers flexibility, financial rewards, and professional growth. Once you are approved by the IRDAI, you can work alongside any top insurance company to make a living out of it. However, for seamless commissions, you must opt with a reliable one like Niva Bupa.
Yes, Niva Bupa is one of the most reliable insurance companies that have their years of service to speak for their credibility. Once you become a P0SP insurance agent with them, expect a wide range of insurance plans to offer, even customise them as per the buyer’s request.
Don’t hold back until the opportunity slips from your hands. Start your career as a PoSP insurance agent today!
