Insurance for all by 2047: Policy Ensure Embraces IRDAI’s Mission

Earlier this year, the Insurance Regulatory and Development Authority of India (IRDAI) revealed a fresh blueprint to insure a large portion of the population. ‘Insurance for All’ by 2047 is a comprehensive mission that will enable every citizen to have appropriate life, health, and property insurance coverage. In a bid to attain this mission, several efforts are being made to help create a conducive environment that provides wider choice, accessibility, and affordability to the people. At the forefront of embracing this mission, Policy Ensure is making significant strides to make insurance available for everyone while comprehending the challenges and offering solutions to support the mission.

Comprehending the current market and its challenges

The insurance industry in India has been growing significantly over the past few years and is expected to reach $280 billion by 2025 with a CAGR of 12%-15% according to International Trade Administration (ITA). The data states that the industry is looking forward to enhancing market penetration. However, as 2023 concludes, there is a dire need to reflect on the low rates of penetration. Policy Ensure has comprehended the challenges, which are turning out to be a hurdle for the industry’s growth.

One significant obstacle is the complex nature of the policies. A myriad of potential buyers are not well-versed in technical jargon, which leads to confusion and reluctance when purchasing insurance. Another concern is the closing of offices in small cities, which is considered a cost-effective solution but is having a significant impact on penetration. Moreover, the industry has been emphasising a tech-only approach, which is not sufficient as it does not facilitate the personalisation of products according to the buyer’s needs.

In a bid to embrace IRDAI’s 2047 mission, these challenges must be addressed efficiently. In this context, Policy Ensure, with its wide network of point-of-sale personnel and a digital model, has been providing seamless solutions that are bridging the insurance gap in the country.

Policy Ensure: Delivering seamless insurance brokerage services

The industry’s problems must be solved comprehensively, which may involve adopting more basic, parametric products, moving towards clear, intelligible regulations, and prioritising in-person engagement and physical presence to increase penetration. Policy Ensure creates a “PHYGITAL INSURANCE DISTRIBUTION NETWORK” to address the issue that Tier 2 and Tier 3 cities have obtaining moral insurance products. By guaranteeing that everyone is covered, Policy Ensure is revolutionising the insurance industry.

With 31 operational sites, an ARR of more than 100 crore, and a physical presence in more than 5000 PIN codes across 15 Indian states, Policy Ensure currently boasts over 2LAC+ customers. It also seeks to reach 250+ distribution locations in towns with a population of over 2.5 lakh people nationwide, which will enable it to reach small towns in Tier 2 and Tier 3 cities in India. Millions of people will be impacted by it as insurance protects their health and possessions, thereby advancing the goals of IRDAI.

All things considered

IRDAI’s primary goal is to fortify the three cornerstones of the insurance industry: policyholders, insurers, and distributors. By proactively adjusting its framework to the dynamics of the market, it is promoting competition, innovation, and distribution efficiency. Policy Ensure, with its extensive PoSP network and PHYGITAL paradigm, is embracing this idea. Furthermore, it has been emphasising on a thorough evaluation of product structures and distribution channels to address the industry’s problems.

It further suggests that simplifying the claims procedure is a pressing issue that needs to be addressed in order to make insurance more approachable and desirable. Collaboration and strategic initiatives by organisations like IBAI, IRDAI, the General Insurance Council, and the insurance industry at large that are dedicated to efficient risk management are necessary for this transformation. Collectively, a collaborative approach is required to expand coverage, spread awareness, and increase the penetration of insurance in the nation.

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Insurance Brokerage Services: Finding the Right Coverage for Your Needs

In today’s uncertain world, having insurance has become vital for financial planning, ensuring protection and peace of mind. However, navigating the realm of insurance can be daunting for people who have little knowledge about these complex products. This is where the role of insurance brokers comes into play. Their insurance brokerage services, which include insurance advisors, can aid an individual in finding the right coverage for their unique needs. Now, one may wonder: Where can I find an insurance advisor near me? This comprehensive guide will explore the essential steps in finding the right insurance brokers who can tailor the insurance products to your specific needs.

Know the expertise

The best criteria for selecting a broker is their expertise in the domain of insurance. It must reflect in their insurance brokerage services. The qualification of their advisory team or point of sale person (PoSP) also matters a lot, as it will help you understand whether they fulfil all the criteria. Whether it is for a personal, employee, or best health insurance plan, a broker with the necessary expertise will ensure that you receive a policy that meets your needs and is up-to-date with the latest advancements.

Look for licences and credentials. 

The insurance industry is regulated, and therefore, insurance brokers must adhere to specific licences and credential requirements. Therefore, one must ensure that the broker is affiliated with major bodies such as the National Insurance Academy, the Insurance Institute of India, the Insurance Regulatory and Development Authority of India (IRDAI), and so on. Moreover, confirm their commitments to ethical practices and compliance with best industry practices for insurance brokerage services.

Evaluate accessibility 

The technology has led insurance brokers to reach the remotest areas of the nation. The reputed brokers are using the advantages of digitalization and blending it with offline reach with the help of PoSPs, resulting in a “PHYGITAL” model. If you are seeking the best insurance brokerage services, make sure the broker has good accessibility in Tier-2 and Tier-3 cities and a relevant presence on the online platforms. Moreover, the advisors must be digitally connected, as they will help you choose the right insurance for your needs.

Assess claim settlement ability.

The insurance broker plays a crucial role in claim management, right from the time a claim is initiated to the time it is settled. Therefore, one must assess the claim-settlement track record of the broker in a bid to gauge their technical abilities, business acumen, and quality of their insurance brokerage services. The litmus test of any reputed broker is the time of the claim settlement. The reputed broker usually assigns a POSP that helps the policyholder get a claim in a hassle-free manner.Appointing a broker for your needs must be done based on the criteria mentioned above. Now, based on these aspects, if you are seeking the best insurance advisor near me, your search ends here with Policy Ensure.

Policy Ensure: All your insurance needs under one roof

It is important to choose your broker carefully because the right one can save you a lot of money by assisting you in balancing insurance costs with maximum coverage and by keeping you informed about market developments so you can avoid potential risks. In this regard, Policy Ensure is taking insurance brokerage services to a new dimension. With their 25,000 young, licenced, and self-driven PoSPs, they have ensured that they reach every corner of the nation with their seamless offerings. Whether it is choosing the best health insurance plan or filing a claim settlement form, one can rely on Policy Ensure for their expertise in catering to their diverse insurance needs.

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Demystifying Affordable Health Insurance: What You Need to Know

In today’s uncertain world, having health insurance has become imperative, especially when the costs of medical treatments are getting high. It is the best way to deal with unforeseen expenses, as we are surrounded by a multitude of diseases that could harshly impact our lives. Although one will be able to negate these expenses with the right health insurance, often potential buyers are worried about the high cost of premiums. However, today, there are several ways individuals can get the best affordable health insurance and procure the maximum benefits. Let us delve into some of the steps that potential buyers can follow to get the best health insurance plan that is also affordable.

Starting as early as possible

In a bid to keep the premium lower, it is advised that you start your health insurance journey as early as possible. This is due to the fact that young people are considered a low-risk category by insurance companies because they are less likely to contract any chronic health conditions. Therefore, when you purchase an insurance policy at a young age, the premium is likely to stay low for many years to come. This is how you can initially get the most affordable health insurance.

Choosing the right add-ons

Whether it is a small ailment, a common cold, or any major health issue, consulting a doctor from time to time has become a necessity. On average, an individual spends thousands of rupees annually on a doctor’s visit. A wise move here would be to consider the right add-ons to formulate the best affordable health insurance. For instance, a wise move would be to select a plan that covers the OPD expenses or encompasses the doctor’s consultation fees. This can ensure that you get enough coverage in case the cost of consultations rises over time.

Go for the family floater plan

If you are considering purchasing the best health insurance plan for your family, then it is advised to purchase a family floater plan instead of buying individual insurance policies. A family plan will not only cover all the family members but also be more affordable on a floated sum insured basis as you pay a single premium amount. Moreover, another strategy to save a large amount is to purchase separate insurance for elders, as including them in your floating plan may increase your premium price.

Consult a PoSP

Searching online for the best affordable health insurance may be a quicker method to get information; however, it may not provide the provision of personalisation based on your preferences. This is where the role of the point-of-sale person (PoSP) comes into play. A PoSP can understand your needs, help policyholders in case of claim and provide you with the best health insurance plan that covers all your requirements. Moreover, they can also help you choose a policy that is effective, affordable, and has relevant add-ons. Apart from health insurance, PoSPs can also help you choose the best personal accident insurance policy.

Unlock affordability with Policy Ensure Nowadays, health insurance has become essential for everyone and is something you cannot avoid. However, with the above-mentioned tips, you can keep your premiums as low as possible. Purchasing the best affordable health insurance can be overwhelming for some people, but thankfully, credible and licenced brokers like Policy Ensure are available to assist in unlocking affordability. You can get in touch with a PoSP, who will listen and understand your needs and recommend the best health insurance plan, which is also cost-effective. This is how a reputed broker and PoSPs make it easy, affordable and convenient for you to future-proof your health.

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Step-by-Step guide on how a POSP Advisor can help you in buying a Motor Insurance

Owning a vehicle has become a necessity in today’s fast-paced world, as it provides the convenience to travel anywhere you want at any time. While you may enjoy the independence you have, the risks of unforeseen mishaps or accidents always loom large. This is where having motor insurance becomes paramount. A lot of individuals usually consider to buying a Motor Insurance online; however, it has its own limitations.

One may not get complete information about the policy they are purchasing. Other shortcomings are a lack of personalisation and no provision for negotiations for the plan. Moreover, many motor insurance companies do not have a claim processing mechanism online, making it difficult for policyholders to file a claim. So, how does one negate this issue? This is where the role of a point-of-sale person (PoSP) comes into play.

Considering a POSP for insurance

The PoSP representative is essential in helping insurance buyers overcome their obstacles. They offer in-depth details regarding their insurance offerings. They also advise the customer on other things that they might purchase to meet their various demands. Additionally, they assist the potential buyers in acquiring a policy that meets their demands and is reasonably priced. Moreover, they also support the customers during the claim procedure while advising them on how to submit a claim to compensate for any losses or damages. Now that you know the potential benefits of purchasing insurance from a POSP, let us delve into how a POSP can help you buy motor insurance.

Insurance knowledge

The first time someone is considering purchasing insurance, whether it is motor insurance or the best accidental insurance policy, they have little knowledge about the product. This is the reason why they consider buying motor insurance online. Instead, one must get in touch with a POSP, who can provide you with knowledge of insurance products. They will ensure that you understand every aspect of the insurance product, including coverage, premiums, claims, and potential risks.

Personalised service

With so many clauses and conditions, as well as several elements influencing the costs, motor insurance contracts can be complicated. For some people, there’s nothing easier or more satisfying than browsing through online forums and articles; it’s far better to have a personalised experience with a face and name you can talk to. Personalisation is the most crucial advantage a PoSP can provide a potential buyer. When you choose to buy motor insurance online, you don’t get this benefit. Based on the vehicle, they can guide you in selecting the best motor insurance that is also affordable.

Bundled discountThrough a PoSP advisor, the majority of reputable brokers provide financial, home, and motor policies. For example- In health insurance, there are 10 sets for covering various kinds of risk, if you bought more than 6 sections you would be eligible for a bundled discount. Your options for savings are limited, as many motor insurance companies do not provide financial or housing products. However, when you purchase numerous policies from the same broker, the majority of POSPs are able to provide you with bundling discounts. It is difficult to obtain this benefit when you buy motor insurance online.

All things considered

There are risks associated with driving on Indian roadways that we cannot ignore. Any unlucky collision could result in harm to the car as well as injuries that occasionally could be fatal. It is a smart move to have a vehicle insurance policy and the best accidental insurance policy in place in order to protect your finances from any such mishaps or accidents. While it is possible to buy motor insurance online, a POSP can offer you bundled discounts, personalised attention, and product expertise. If you are still wondering how to locate an insurance advisor in my area, you may rely on the extensive network of Policy Ensure’s PoSPs, who work tirelessly to deliver the best motor insurance policy at your disposal.

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The Road to Financial Freedom: Becoming an Insurance Advisor

Financial freedom is a state where individuals are able to handle their expenses since they have enough income resources that allow them not to be dependent on others. The relevance of this idea has become so crucial in the nation that many of the young people now seek to become their own boss. Now, there can be a myriad of ways to attain financial freedom; however, one can find lucrative opportunities in the insurance industry in terms of point of sale (PoSP) or Becoming an Insurance Advisor.

Who’s a PoSP?

A PoSP is an insurance salesperson who represents one or multiple insurance companies. They usually work with reputed insurance brokers. They are responsible for explaining the insurance policies to people who are seeking to purchase the right insurance policy. To become a PoSP insurance agent means that you will cater to the needs of potential buyers, ranging from life insurance to health insurance to motor insurance. Now let us delve into why you should become a PosP advisor.

Potential benefits

Since the IRDAI permitted PoSPs to offer insurance products with the appropriate licence or certification, their importance has increased. It’s become a very profitable career path because you may start your own business in an industry that’s expected to be worth $400 billion by 2030. Therefore, you get several benefits when you become a PosP insurance agent.

One is that you become your own boss by working for yourself. You have your own set schedule, your own targets, and your own convenience. Another benefit is getting a stable income. PoSPs are able to earn pre-defined commissions as well as commissions that are set by the regulatory body, IRDAI. Moreover, if you are able to create a good customer base, you can create a lucrative income stream. With a zero investment, you will have the potential to earn a high income. This career path will pave the way for you to become financially independent. So, how can an individual become a PosP advisor?

Becoming a PoSP

In a bid to become a PoSP insurance agent, the criteria are quite basic. One must be over 18 years of age and have passed the 10th grade. They can enrol in a 15-hour training programme provided by a reputed insurance broker and clear the online examination. After this process, you will gain certification, which will enable you to sell policies in various categories, such as life insurance, health insurance policy for family, accidental insurance, home insurance, and more. A PoSP licence is more comprehensive than a regular insurance advisor licence. Therefore, one must choose to become a POSP to work as an insurance advisor.Now, if you have decided to set your foot on the path of financial freedom and become a PoSP advisor, you will need to connect with a reputed broker. In this regard, Policy Ensure can be the one that can provide you with this lucrative opportunity.

Unlock financial freedom with Policy Ensure.

Policy Ensure can provide you with an immense number of options and the ability to help you achieve financial freedom if you are seeking to become a PoSP insurance agent. The best part is that, once you grasp all the possibilities this domain has to offer, getting started is actually fairly easy. Also, there are many advantages to choosing Policy Ensure as your PoSP provider; these include no initial investments, free training that complies with IRDAI regulations, flexible work schedules, and access to the PHYGITAL platform for remote or work-from-home (WFH) situations. Additionally, you have the chance to receive professional training in a variety of areas, including health insurance policy for family, general insurance services, and more, all of which can help you succeed as a PoSP insurance agent.

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