Becoming an Insurance Agent and POSP Advisor in India
The insurance industry is on the rise as people recognise the necessity of insurance in their life. In 2015, the Insurance Regulatory and Development Authority of India (IRDAI) developed a new model for insurance distribution. This model gave birth to the Point of Sales Persons (POSPs) in the insurance industry. The insurance agents and POSP advisors have eased the insurance transactions and provided excellent customer support helping clients make informed financial decisions. But how does a POSP advisor differ from a traditional insurance agent? Reading further, you will get an answer to the question and can decide to become a POSP advisor or an insurance agent.
Difference Between POSP Advisor And Insurance Agent
The primary difference lies in the products a POSP advisor and an insurance agent can sell and earn profits. If you prefer to become an insurance agent, you can market and sell customizable insurance policies and provide assistance. In comparison, a POSP advisor can sell only basic and pre-underwritten insurance products and operate on a transactional level. Look at the other major differences between a POSP advisor and an insurance agent.
Qualifications & Training
According to the Insurance Regulatory and Development Authority of India (IRDAI), to become an insurance agent or POSP advisor, an individual must be at least 18 years of age and have a minimum education qualification of a 10th-grade certificate or equivalent examination. One needs to appear for 15 hours of training for the POSP advisor conducted by the insurer and 25 hours for the insurance advisor as mandated by IRDAI. An examination is conducted to check the knowledge and allot the license.
What Can They Sell?
A POSP advisor can sell simple, pre-underwritten insurance products that provide complete protection and tax benefits. They can sell different insurance policies by various insurance companies, like health insurance, motor insurance, term plans, retirement plans, and others. At the same time, an insurance agent can only sell one type of insurance product affiliated with their company and tailor-made solutions for their customers. They have the right to sell and assist the policyholder with complex and high-risk products.
Target Customer Base
A POSP advisor caters to clients looking for simple insurance products like two-wheeler insurance, general, and others. At the same time, the demand for an insurance agent is mainly for complex and customized products.
Area of Operation
As a POSP advisor, you sell, renew, and provide service regarding insurance policies directly to their clients. While an insurance agent is responsible for multiple executions, like marketing and selling an insurance product, providing guidance to customers, and offering personalised solutions depending on customers' needs.
Compensation Structure
Both POSP advisors and insurance agents earn from the commission model on the policies sold. The commission structure for each product or service sold differs from insurer to insurer.
Validity of Certificate
The certificate received by a POSP advisor is valid for 3 years, while an insurance agent can use the certificate until they surrender the insurance company.
Area of Operation
The POSP advisors are expanded up to large geographical including, urban, suburban, rural, and metro cities. They can reach out to verified customers who need simple insurance products. A POSP advisor is also equipped with digital equipment to make a sale. An insurance agent mainly targets large and middle-cap cities where there is a need for complex and customized insurance products. Since the product has higher commissions, they focus on selling high-quality products rather than counting numbers.
Benefits of Becoming a RenewBuy POSP Advisor
You can join D2C Consulting Services Pvt. Ltd. “RenewBuy” to sell POS and Non-POS financial products, which include a vast portfolio of different insurance and finance products suitable per the needs of various customers. Here’s your answer to why you should work with RenewBuy.
Zero Investment: You can start your journey as a POSP advisor with zero investment.
Attractive Pay-Out: Your earning potential is increased by the number of policies you sell, not the number of hours you work. Sell more, and earn an attractive payout.
Digital Support: Whether you want to work 9 to 5 or part-time, you have the flexibility to work and get support anytime. We have a handy mobile application for our POSP advisors which helps them track their business and get dedicated customer support.
Work From Anywhere: Becoming a RenewBuy POSP advisor is a great opportunity for freshers, housemakers, retirees, and anyone seeking a part/full-time job, as they can work from anywhere in the country, deciding your working hours. While looking for a work-from-home job, RenewBuy offers attractive benefits to their POSP advisors.
Be Your Own Boss: You have all the flexibility to work at your convenience and allowances, no supremacy.
Simple Steps to Become a RenewBuy POSP Advisor
You must follow the steps below to become a RenewBuy POSP advisor.
Create Account: You can visit RenewBuy's official website or Download RB Partners App and create an account by providing personal details.
Document Submission: Submit the required KYC documents such as an Aadhaar Card, PAN Card, 10th passing certificate, etc.
Document Verification: RenewBuy Quality Check Team conducts the document verification process.
Online Training and Examination: Once verified, get started with the training process, qualify for the exam, get certification for various insurance products, and start selling.
In The End
While both insurance agents and POSP advisors contribute to the development of the insurance industry of India, they have distinct roles and responsibilities to deliver. You can easily understand the abovementioned differences and choose a career that aligns with your skills and interests. Becoming a POSP insurance agent in India is easy and convenient with RenewBuy. Unlock the financial opportunities by joining RenewBuy as a POSP advisor.