What are the Benefits of Becoming an Insurance POSP/Agent?

Source: deccanherald

Today, in an uncertain world, a lot of people are looking for ways to find additional income. Whether this is looking for an alternate career option or taking up part-up jobs, one great way to do this is to sell insurance online as a POSP (Point of Salesperson).

A POSP is a type of insurance agent who works with insurance companies or brokers to sell insurance policies directly to customers.

As long as one meets the basic criteria (being over 18 years old and having passed Class 10), they can enroll in a prescribed training program, clear the online examinations, and get certified as a POSP to sell policies in both life insurance and general insurance categories (including motor insurance, health insurance, travel insurance, and more).

1. It’s Easy to Become a POSP

As we’ve mentioned above, anyone who meets certain criteria can become a POSP. This means you must be at least 18 years of age, have completed Class 10, have a valid Aadhaar Card and PAN Card, and a Bank Account in your name.

And since you can sell and issue insurance policies online, all you need for the job is a smartphone, a laptop, and a good internet connection. This makes it perfect for college students, freshers, and others who do not yet have a lot of work experience.

2. There Are No Fixed Timings

As a POSP, you can have very flexible work timings. There’s no need to sit at a desk in an office from 9-5. You easily choose and set your own working hours as per your own convenience. And, as you can decide whether you wish to work full-time or part-time, this is perfect for students, homemakers, and retirees as a source of part-time income.

3. You Can Work From Home

Since POSPs can use online processes to sell policies, there is no need for them to travel anywhere to sell insurance. And since you can contact customers by phone, and sell them policies over the internet, you can easily work from home, or even anywhere else you want to.

4. Become Your Own Boss

A POSP will be able to work for themselves. This means that you can set your own schedule, your own targets, and decide for yourself how much time and effort you want to invest in selling insurance policies. Thus, by becoming your own boss you’ll be able to work as per your need and convenience.

5. Get a Stable Income

POSPs earn a pre-defined and fixed level of commissions that are set by the regulatory body (IRDAI). In fact, with some initial effort to create a good customer base, you can build a stream of cash flow through policy renewals that can be maintained with minimal service efforts on your part. So, over a period of time, you’ll likely get a stable flow of income. Any additional effort will only increase your income further.

6. Potential to Earn a High Income

For a POSP, your earnings won’t be based on the number of hours you work but on the number of policies you issue. There is no fixed income or any maximum limit. Thus, there is a lot of scope for high earnings. Your income will be based on a commission basis and will depend on the number of policies you sell and the renewals you get.  So, the more policies you sell, the more you can earn as a POSP.

7. Zero Investment Is Required

There’s no need to put in any financial investment or payment when starting as a POSP. Your only investment is your time and effort. And apart from that, all you need is a smartphone, computer, and a good internet connection.

As you’re not investing any money in the business, there is more potential to have high monetary returns.

8. You Can Learn From Industry Experts

As you train and work as a POSP or insurance agent, you will also get opportunities to learn more and develop your skills through training programs led by industry experts. Since recent years have increased the general public’s awareness of having insurance, a lot of insurance companies and intermediaries have been turning to POSPs to meet this demand. This means that there are also a lot of opportunities in the industry.

9. It Is a Different Way to Help People

Being a POSP, you can make a great positive impact on people's lives. You can help people protect their health, take care of their children, plan for retirement and much more. This is because when you sell customers insurance policies that are right for them, you are helping them provide greater financial and medical security for themselves and their families.

Whether it is life insurance, home insurance, motor insurance, health insurance, or any other policy out there, people will have a defense against disasters like house fires, the hardships of a death in the family, getting medical help for sick children, and more. It is important and meaningful work.

10. Have the Chance to Win Awards and Recognition

As a POSP and an insurance agent, you will get the opportunity to gain both national and international recognition. For example, you can qualify for awards like Asia’s Trusted Life Insurance Agents and Advisors and, by doing so, gain more and more opportunities.

Check into the insurance company or intermediary that you plan to sign with to sell insurance as a POSP. Some things to look out for are: 

• The company offers a wide range of insurance policies. For example, health, motor, travel, home, commercial, etc.
• You will be working directly with the company, with no middlemen involved.
• You can earn a commission, even when a customer you onboarded renews their policy.
• The company offers online processes, with no paperwork or hassles involved.
• The company settle commissions for the policies you sell quickly.
• They have a strong backend support team who will help you out.

There are many insurance companies, intermediaries and brokers who match these criteria, including Digit Insurance. All you have to do is take the time to research them before you join!