The full form of Insurance POSP is a point-of-sale person who is authorized to sell insurance policies directly to consumers. They can sell multiple products of insurers, including motor insurance, health insurance, life insurance, business insurance, two-wheeler insurance, and more
POSP insurance agents are typically affiliated with a specific insurance company or broker. They do not need any office or particular space to work. POSP agents may also work from home, using a mobile app or website to sell insurance policies.
To become a POSP insurance agent, you must have some eligibility criteria, such as being at least 18 years old and having a minimum educational qualification of a 10th pass. You must also pass an IRDAI-approved exam.
Once you are certified as a POSP insurance agent, you will become an insurance POSP, you can start selling insurance policies to consumers. You will earn a commission on each policy that you sell.
POSP insurance agents play a significant role in making insurance more accessible to consumers anywhere & anytime. They have information about different insurance products and help consumers choose the right policy for their needs. POSP agents can also help consumers with the application process and answer any questions that they may have about their policy.
Here are some of the benefits of becoming a POSP insurance agent:
Flexibility: POSP insurance agents can set their own hours and work from home.
Earnings potential: POSP insurance agents can earn a good income, depending on how many policies they sell.
Opportunity to help others: POSP insurance agents can help consumers protect their financial future and their families.
How to become an insurance POSP agent in India?
To become an insurance POS agent in India, you must meet the following eligibility criteria:
- Be at least 18 years old
- Have a minimum educational qualification of 10th or 12th grade
- Be able to read and write Hindi and English
- Have a valid PAN card and an Aadhaar card
- Have a good understanding of insurance products and services
Once you have met the eligibility criteria, you can start the process of becoming an insurance POS agent by following these steps:
Choose an insurance company or broker to work with. There are 500+ insurers and insurance brokers in India, so it is important to choose one that you are comfortable working with and that offers the type of insurance products that you want to sell.
Find the list of Top 7 Insurance Brokers in India.
Complete an IRDAI-approved training course. In this course, you will learn about the insurance industry and how to sell insurance policies.
Pass the IRDAI exam. This exam is required to become a certified POS insurance agent.
Apply to the insurers or broker that you want to work for. Once you have passed the IRDAI exam, you can apply to the insurance company or broker that you want to work for.
Once you are employed, you will be able to start selling insurance policies to consumers. You will earn a commission on each policy that you sell.
Here are some additional tips for becoming an insurance POS agent in India:
Build a strong network of contacts. This will help you to sell the insurance to more potential customers.
Develop your sales skills. You need to give all the information and explain complex insurance products in a way that is an easy way for consumers to understand.
Be patient and persistent. It takes time to build a successful insurance business.
Becoming an insurance POS agent can be a rewarding career. It offers the flexibility to work your own hours and the potential to earn a good income
How much we can earn after becoming an insurance posp?
The amount of money that you can earn as an insurance POSP in India depends on a number of factors, including:
- The type of insurance products that you sell
- The number of policies that you sell
- Your commission rate
- Your sales skills
- Your network of contacts
According to ICICI Lombard, a POSP agent can earn up to ₹85,200 per month by selling an average of 20 car policies, 20 two-wheeler policies, and 40 health policies per month. However, this is just an estimate, and your actual earnings of insurance POSP may depend on the factors listed above.
Here are some examples of commission rates for different types of insurance policies:
- Motor insurance: ₹1,125 per policy
- Two-wheeler insurance: ₹135 per policy
- Health insurance: ₹1,500 per policy
If you are able to sell a high volume of policies, you can earn a very good income as an insurance POSP. However, it is important to remember that this field requires patience and continuous efforts to build a successful insurance business.
Here are some tips for increasing your earnings as an insurance POSP:
- Sell a variety of insurance products. This will give you more chances to earn commissions.
- Focus on selling high-value products, such as school buses, life insurance policies, and health insurance.
- Build a strong network of contacts. This will help you to reach more valuable customers.
- Develop your sales skills. You should have the skills to explain complex insurance products in a easy and understandable way that is easy for consumers to understand.
- Be patient and persistent. It takes time to build a successful insurance business.
