The Insurance Regulatory and Development Authority of India (IRDAI), which regularly monitors all insurance-related activities, strictly regulates the insurance industry in India. IRDAI launched the Point of Sales Person (POSP) project to broaden the appeal of insurance in India. To put it another way, an IRDAI accreditation enables a POSP insurance agent to sell insurance or Become a POSP Advisor.
Since there aren’t enough people with the necessary training to work as insurance agents or distributors, the penetration of insurance in India has historically been low. Even when it comes to the sale of relatively simple products like motor insurance, travel insurance, health and general insurance services, the insurance sector expects professionalism. Only registered and trained distributors can offer policies from particular insurance companies for more complex insurance products like Unit Link Insurance Plans. In order to provide insurance coverage to a larger population throughout India, the business has to hire more highly qualified insurance agents who can provide prompt and individualized customer service.
When it comes to this, the initiative to become a POSP insurance agent is crucial. The purpose of the new entry category that IRDAI has created is to speed up the process of quickly incorporating multiple insurance brokers and distributors. Compared to general agents, brokers, and corporate agents, these people have fewer strict eligibility standards. The purpose of empowering POSP insurance agents is to give them the ability to offer fundamental insurance products, especially those that require minimal documentation, explanation, or complexity.
How to become an insurance online POSP agent
To become a POSP advisor, you must complete this first. Visit any insurance website, click the “Become a POSP” button, provide the requested information, and create an account by entering a username and password.
KYC Document Verification
Aadhaar and PAN card copies should be uploaded as part of your KYC documentation. The insurance provider or broker will check the required documentation.
A minimum of 15 hours of training is required for anyone seeking to become a POSP advisor. To begin with, you must register with an insurance provider, corporate insurance partners, or brokers. Once you become a POSP insurance agent, you are only allowed to market the goods of the insurance provider you have chosen. Only the insurance firm you hired will also give you the training and certification. Choosing the business prudently is therefore advised.
As we previously stated, your recruiting insurance business provides you with the certification; as a result, they also take the certification test. Prior to taking the test, you must successfully finish the training. Furthermore, online testing options are available for this exam.
All Things Considered!
In India, there is an opportunity to help make insurance more widely available by working as a point-of-sale agent. This project enables individuals to engage in insurance sales with the help of the Insurance Regulatory and Development Authority of India. Despite the fact that the procedure entails account formation, KYC document verification, training, and a certification test, it eventually gives people the ability to offer fundamental insurance products. Furthermore, in India, there is a gap in insurance coverage, and this initiative intends to fill that gap while also giving more people access to necessary coverage.