The Indian insurance sector is rapidly growing. Increased financial awareness about the need for insurance and financial planning has indeed added a lot of demand for professionals such as insurance POSP agents. The healthy growth of the insurance sector offers lucrative earning opportunities to individuals looking to start rewarding professions.
This article will take you through different aspects of becoming an insurance POSP agent.
What is an insurance POSP agent?
POSP stands for Point of Sales Person. An insurance POSP is a licensed agent who offers simple insurance solutions to clients. An insurance POSP agent has excellent potential for growth.The agent is authorised to sell insurance products. The registration process and requirements are simple and the training required to become an agent is minimal too.
An insurance POSP agent is appointed by an insurance company. The agent is an individual who specialises in selling pre-approved insurance products like travel, health, and motor policies.
Key Characteristics of the Insurance POSP Agent
- The Entry Requirements are Minimal. You do not require prior experience to become a POSP agent in the insurance sector. All you need to do is complete a training program . It is a short program approved by IRDA (Insurance Regulatory and Development Authority of India).
- To become a POSP, required educational qualification is matriculation or Class 10.
- You get to work on a flexible model. It means that you can work from home or even when travelling. This allows you to manage your time efficiently .
- As an insurance POSP agent you offer a diverse product portfolio including motor, health, personal, accident, and more.
- As an agent you can work full-time or take this up as a side hustle. The earnings are in the form of commissions for every policy sold.
How to Become an Insurance POSP Agent?
- To become an agent you need to complete a basic training session . Ensure that the program is offered by an authorised insurance company.
- Once the training is over, you will need to appear for the examination to pass the Certification Exam. The completion of the program is a must in the IRDA-approved certification process.
- After completing the training program and getting your certificate, you need to register with an Insurance Company.
- Ensure that you choose to partner with an insurance company to start selling insurance products.
- Start the selling process by using digital tools and personal networks to sell policies and grow your client list.
General Insurance Agent Registration
A POSP agent sells pre-approved products but a general insurance agent sells different kinds of general insurance policies like property, motor, liability, and marine products. Registering as a general insurance agent means that you can sell multiple insurance types and comprehensive product ranges to meet the diverse needs of clients. The agent can work with family members, friends, other individuals, and businesses for professional growth. The earning potential of a general insurance agent is quite high as the agent can earn competitive commissions with every sale.
Conclusion
An insurance POSP agent or general insurance agent registration means access to a fulfilling career with higher earning opportunities in the Indian insurance sector. The entry and exit barriers are minimal for both roles, while individuals can work flexibly and build a steady income stream.
