Are you seeking an exciting career in the insurance industry that allows you to assist people in securing their financial future while earning attractive commissions? 

Join Digit’s expanding team of POSP insurance agents. As a POSP agent, you will sell insurance products from multiple insurers, broadening your industry scope. This role promises a path with flexible working hours, an attractive income, and extensive support from Digit General Insurance, making it an ideal opportunity.

A POSP (Point of Salesperson) is the name given to an insurance agent who can sell specific insurance products. 

To become a POSP, you only need to have the minimum educational qualifications given by the IRDAI and undergo training provided by us. To learn more about how to be a POSP and its benefits, read on.

With Digit General Insurance, you can sell the following general insurance products:

1. Car Insurance

2. Bike Insurance

3. Commercial Vehicle Insurance

4. Health Insurance

5. International Travel Insurance

6. Personal Accident Coverage 

7. And others……

General insurance in India encompasses various types, such as Motor, Health, Travel, Home, and Commercial Insurance. Each category serves a specific purpose; for instance, Motor Insurance is mandatory under Indian law for vehicle owners, Health Insurance covers medical expenses, and Travel Insurance provides protection during journeys.

The Insurance Regulatory and Development Authority of India (IRDAI) is the regulatory body that oversees the general insurance sector. It sets guidelines and directives to ensure that insurance practices are fair, transparent, and customer-centric. IRDAI's regulations cover policyholder protection, claim settlement and insurance awareness.

Did You Know?

• India ranks as the 15th largest market worldwide for general insurance.

• Predictions suggest the general insurance market in India could ascend to $100 Bn by 2025.

• India contributed about 0.94 per cent to the global general insurance market as of 2019.

• The most recent figures show that in 2021, about 1.0% of people in India had general insurance, showing a slight increase over time. This number includes different types of general insurance. Still, the increase is mainly due to more people getting health and car insurance, which reflects a rising interest in staying healthy and protecting their belongings.

Becoming a POSP (Point of Salesperson) agent in India offers several benefits, especially for those looking for flexible work options and additional income. Here are some of the key advantages:

Ease of Entry

You can become a POSP if you are over 18 years old, have passed Class 10, and possess valid Aadhaar and PAN cards. The process involves enrolling in a training program, clearing online exams, and getting certified.

Flexibility in Work

Flexibility is one of the most significant benefits of being a POSP agent. Agents can work on your schedule part-time or full-time and choose where they want to work. This is great for those aiming to balance work and personal life.

Unlimited Earning Potential

Your earnings are directly tied to your sales performance, so the more you sell, the more you can earn.

Wide Range of Products to Sell

As a POSP agent, you offer many different general insurance products. This means you can meet many customer needs and preferences, increasing your chances of making a sale.

No Initial Investment Required

Starting as a POSP agent typically requires no initial investment. Receive free training and support from insurance companies to help you succeed.

Attractive Commission Structure

The pay for POSP agents is usually based on commission - the more you sell, the more you earn. This setup can sometimes lead to making more money than you would with a fixed salary.

Opportunity to Help Others

Working in insurance means helping secure people's futures and giving them peace of mind. Knowing you are protecting lives, health, and property can be deeply satisfying.

Enhance Your Skill Set

Being a POSP agent helps you develop many useful skills, such as selling, talking, negotiating, and servicing customers. These skills can help you in various situations.

Entrepreneurial Growth

For the entrepreneurial types, being a POSP agent is a chance to build your own business free from the usual employee constraints. With the right approach, you can build a substantial, sustainable business.

Support from Insurance Companies

Insurance companies usually offer much support to POSP agents, such as training, sales and marketing tools, and customer management systems. This support can help new agents hit the ground running.

In India, a Point of Sale Person (POSP) refers to an individual licensed to sell insurance products and affiliated with an insurance company. The mandates or responsibilities of a POSP in India are designed to ensure they are competent and ethical in their practice. Here are the key mandates:

1. Registration and Training: A POSP must be registered with an insurance company and undergo specific training. The training curriculum is designed by the Insurance Regulatory and Development Authority of India (IRDAI) and focuses on the basics of insurance, regulatory aspects, product information, and professional ethics.

2. Qualification Requirements: As of the last update by IRDAI, a minimum 10th-grade education is required for selling insurance products, whether in Tier 1 or Tier 2 of the city.

3. Selling Specific Products: POSPs are authorized to sell specific insurance products that are simple to understand and easy to sell. This includes some life, general, and health insurance options. The idea here is to keep things straightforward for customers and avoid confusion.

4. Following Guidelines: They must stick to the guidelines set by the insurance regulatory body and the insurance company they are with. This involves selling responsibly and making sure customers understand what they are buying.

5. Customer Service: Providing after-sales service, including assistance in the claim settlement process, is a crucial responsibility. POSPs should be there to help, especially if insurance is needed. They need to be easy to reach and ready to assist.

6. Compliance with Know Your Customer (KYC) Norms: POSPs also need to know who their customers are, a process known as KYC (Know Your Customer). This helps prevent fraud and keeps the records straight.

7. Continuous Learning: To keep up with changes in insurance products, regulations, and industry best practices, POSPs are encouraged to keep learning about new products, rules, and how to be better at their job.

These mandates aim to protect the interests of insurance buyers by ensuring that POSPs are knowledgeable, honest, and focused on what's best for their clients.

There are many roles of a general insurance agent. They are not just a financial expert or an advisor but support for the most challenging times. Now, let’s look at the important jobs a general insurance agent does in India:

Assessment of Client Needs

A general insurance agent in India is responsible for assessing individuals' financial needs and goals to recommend suitable general insurance policies. They learn what their clients want and need financially and then suggest the right insurance policies for them.

Policy Recommendation and Sales

Agents suggest appropriate general insurance products based on the client's financial situation and future goals. They are crucial in explaining policy features, benefits, premiums, and terms and conditions to clients.

Customer Service and Support

The most crucial role of an insurance agent is providing ongoing support to policyholders. This includes addressing queries, assisting in claim processes, and ensuring clients understand their policy benefits.

Policy Renewal and Retention

General insurance agents actively work on renewals to ensure clients maintain coverage. They remind clients of upcoming renewals, discuss policy performance, and suggest modifications if necessary due to changing life circumstances.

General insurance agents in India can manage their time as they see fit. To start selling, all that is required is the completion of mandatory training by IRDAI. Agents can anticipate commissions coming in after meeting with clients and putting in a few months of work. 

Many start as part-time agents while holding another job. Still, those who succeed often transition to full-time, committing their entire workday to client meetings, policy management, and professional development. Success in this field depends on the size of your network, the number of clients you engage with, and the effort you put in.

To become a general insurance agent in India, you must be 18 years old and have completed the 10th grade. You must also complete a mandatory training course from an IRDAI-approved institution and pass the IRDAI exam. It's also important to have good communication skills and a basic understanding of finance and insurance.

The basic qualifications to become an insurance agent are consistent across the industry, and some of the basic eligibility criteria include:

• Education: The applicant must have passed 10th grade.

• Age: The applicant must be at least 18 years old.

• IRDAI Certification: The applicant must obtain IRDAI Certification after completing the mandatory training.

State License: Each state requires an insurance business license. After completing the training, the applicant must take the state license exam to qualify as an insurance agent.

A career as a life insurance agent can be gratifying for those with the right skills and mindset. If you love networking, have good interpersonal skills, can interact with people, and like sales, you can excel at being an insurance agent. 

It has the advantage of making high earnings with commission-based compensation, flexible scheduling, and the opportunity to network and grow with people. For motivated individuals, it can be an excellent career choice. 

However, it has its challenges. Success in this role requires significant self-motivation, excellent interpersonal skills, and handling rejection, as sales can be difficult and time-consuming. Moreover, the reliance on commissions means income can be unstable, especially in the early years of the career. Thus, choosing a career as a life insurance agent can be a rewarding but challenging path.

Mrs. Anita Desai is one of the best general insurance agents in India. She makes more than Rs. 3 crores a year. She works hard on over 800 insurance policies annually, bringing in about Rs. 150 crores in premiums.

General insurance includes products like car and health policies, offering agents opportunities to expand their business and earn well. Being a successful agent in this field takes dedication and withstanding when facing rejections. However, if you work hard and keep going, you can earn a good income while helping needy clients.

Agents earn through commissions the insurance firm sets and are typically profitable in the initial policy years. Top performers may also receive bonuses and rewards, including international trips and luxury gifts, for exemplary service and client retention. 

Digit Insurance allows one to become a certified POSP (Point of Sales Person) insurance agent. This includes comprehensive training, solid support, and competitive commissions, enabling you to offer personalised services and secure your clients' futures. It's a chance to gain financial independence and make an impactful contribution to the insurance sector. Sign up with Digit now and start your journey towards becoming a key player in the general insurance market.