The Indian insurance sector is currently witnessing rapid development. There are two types of insurers in India: companies and cooperative societies. The Indian insurance industry has been regulated by the Insurance Regulatory and Development Authority (IRDA) for the past many decades.
The prime factor contributing to the growth of the Indian insurance sector is the rate at which people have adopted insurance policies. The industry has introduced new products such as life insurance and health insurance, which were previously unheard of.
Getting started is not difficult if you want to become a POSP insurance agent. This article guides you on everything you need to know to become a POSP insurance agent.
What is a POSP Insurance Agent?
A Point of Sales Person or POSP insurance agent sells insurance policies to individuals, businesses, and other organisations. POSP insurance agents typically work for an insurance company or broker, and they may also get referred to as sales representatives, account executives, or brokers.
There are several types of POSP insurance agents in India. Some of the most common include life insurance agents, health insurance agents, car insurance agents, and home insurance agents. The functions of insurance agents vary widely depending on the type of policy they are selling.
For example, a life insurance agent may only have one main job. They may be selling life insurance policies to customers. On the other hand, a car insurance agent could perform different tasks. It includes helping customers understand their options for purchasing auto coverage.
They can also help customers file claims for damages caused by accidents involving automobiles owned by individuals who hold policies with a particular agency’s financial services.
What are the Criteria for Becoming a POSP Insurance Agent?
If you want to become a POSP insurance agent in India, you must meet the following requirements.
- You must have completed your matriculation, high school, or equivalent degree from a recognised institute.
- You need to get qualified in the entrance exam conducted by IRDAI (Insurance Regulatory and Development Authority of India).
- You must be at least 18 years of age on the date of application submission. The entry barrier is minimum, so anyone who is an adult can become a POSP insurance agent.
- You should hold a valid PAN card issued by the Income Tax Department and/or a passport issued by the Indian Government with a minimum validity period of 6 months. You can also use your Aadhaar card, which shows you are an Indian citizen.
- The individual should also hold a bank account in one of the recognised banks in India.
The Training Procedure for Becoming a POSP Insurance Agent
You will have to undertake a 15-hour training program to become a POSP insurance agent in India. To begin with, you will have to register yourself with an insurance provider like Choice Connect. It is a leading option across different insurance brokers and corporate agencies.
Once you become a POSP insurance agent, you can start promoting our products. You will get all the required assistance that helps you excel in your job. Besides offering you training, we also certify you. It will help you present yourself confidently in front of clients.
Certification Test for Becoming a POSP Insurance Agent
You will receive the certification from Choice Connect when you complete the enrolment procedure and finish the training successfully. It is advisable to prepare yourself fully for the test by seeking guidance and checking the preparatory resources. You can take the test anytime from the comfort of your home. All you need to ensure is that you prepare yourself well for the test.
The insurance sector in India is growing rapidly, and earning opportunities are enormous. The POSP insurance agent is an intermediary to help the firm reach out to customers, which would not have been possible without them. As an agent, you act as the firm’s representative, and you have to effectively market their services.
Your duty extends beyond just selling a policy and praising their services. You also need to be well informed to answer questions on various policies.
Contact us today to know more details about POSP insurance agent registration with Choice Connect.