Selling Policies From Multiple Insurance Companies: An Overview
Starting your professional journey as an insurance agent means you act like the financial GPS for individuals navigating the twists and turns of their lives. Traditionally, most agents tie up with a single insurance company and offer its exclusive range of insurance policies.
But have you ever felt the itch to spread your wings and sell insurance policies from multiple insurance companies? You're not alone. Many agents want to do so. However, not all of them know if they can sell policies from multiple insurers.
Let’s address this burning question, ‘Can I sell insurance policies from multiple insurance companies?’ in an insightful manner.
In this article, we simplify the process and decode the rules to help you diversify your offerings. Let's get started with knowing another crucial aspect related to this concept.
Can All Agents Sell Insurance Policies From Multiple Insurance Companies?
Certainly, the opportunity exists for agents to market policies from various insurance companies. However, there are limitations in alignment with the guidelines laid out by the Insurance Regulatory and Development Authority of India (IRDAI). Here’s what the IRDAI rule says:
Life insurance agents are permitted to register with a maximum of three life insurers. Likewise, both standalone health insurance agents and general insurance agents are restricted to registering with only three standalone health insurance companies and general insurance companies, respectively.
This takes us to the next important question that might be arising in your mind:
Can You Sell Insurance Policies from Multiple Insurance Companies?
Yes, you can sell insurance policies from multiple insurance companies through the Point of Sales Persons (POSP) model introduced by the IIRDAI in 2015. Unlike agents, POSP advisors have the flexibility to offer policies from various insurance companies based on the specific needs of their customers.
If you're curious about who qualifies as a POSP and how to become one, continue reading.
What are POSP Advisors?
A POSP or Point of Sales Person is an IRDAI-certified insurance agent who has the advantage of offering insurance policies from different insurance companies in India to their customers. They have a license code that allows them to sell different types of insurance policies - both life and general insurance, at a time.
Know more: What is the Difference Between A POSP Advisor and Insurance Agent?
What are the Qualifications for Becoming a POSP Advisor?
Becoming a POSP advisor requires you to possess a set of qualifications outlined by the IRDAI, including the following:
|
Requirement |
Description |
|
Education |
You must have a secondary school (10th grade) certificate. |
|
Age |
You must have completed 18 years of age to be eligible for this role. |
|
Certification |
You are required to undergo training and qualify in the examination to obtain certification from the IRDAI. |
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How to Become a RenewBuy POSP Advisor?
If you want to become a POSP advisor, you can join hands with RenewBuy, a venture under D2C Consulting Services Pvt. Ltd. Once you become a RenewBuy POSP advisor, you're on the right track to selling a diverse range of insurance policies from both life insurance companies and general insurance companies across India.
Read this guide on how to become an advisor for more details.
By now, you might have already thought of looking into the process of becoming an insurance agent. The prospect of selling policies from multiple insurance companies is alluring for many reasons. In the end, it all comes down to your decision to start and grow your career in this field.
Here's a quick overview of what you need to know:
- The IRDAI allows POSP advisors to sell insurance policies from multiple companies.
- To become a POSP advisor, you need a secondary school (10th) certificate, must be 18 years old, and must complete certification through training and examination.
- Insurance agents looking to switch life insurance companies can do so by surrendering their license with the existing company, returning the appointment letter, and obtaining a relieving letter or No Objection Certificate (NOC). Once this process is complete, they can apply to work with other insurance companies.
Connect with RenewBuy to become a POSP advisor. This opens doors to selling a wide array of insurance products, including life insurance, term insurance, group insurance, investment plans, motor insurance, and health insurance. Diversify your portfolio to cater to varied customer needs and ultimately enhance your earning potential.