Become a Motor Insurance Agent

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Work

in spare time

Earn

side income

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training by Digit

How to Become a Motor/Car Insurance Agent in India in 2024?

What is Motor Insurance?

Who is a Motor Insurance Agent?

Interesting Facts about Motor Insurance Industry in India

1
The motor insurance market in India is expected to reach INR US$11.15bn by 2024.
2

The Indian car insurance sector is predicted to grow at a CAGR of 2.15% from 2024 to 2028.

3

The average spending per capita on the Motor Vehicle Insurance market is estimated to be INR US$7.74 in 2024.

Why Become a Motor Insurance Agent with Digit?

Learn more about why should you become a motor insurance agent, and why should you choose Digit?

Work Directly with Digit

As our POSP partner, you will work directly with us. No other middlemen involved. Digit is the fastest growing insurance company India today. We are currently the youngest company to be awarded Asia's General Insurance Company of the Year 2019. 

Insurance Made Simple

We believe in making insurance simpler, which is why all our documents are so simple that even 15-year olds can understand them. 

Strong Backend Support

With technology as our main pillar, we offer you a dedicated support team, and an advanced web & mobile app that allows you to sell 24x7! 

Rated 4.8 on Facebook

We believe in keeping our customers satisfied and have a Facebook rating of 4.8/5, highest for any insurance company.

Super-Fast Growth

In this short time, we have already reached more than 2% of the market share (in the previous quarter) in the motor insurance category.

High Claim Settlement Ratio

We have a high claims settlement ratio for private cars and have settled 96% of all claims we have received for private cars.

Paperless Processes

Our processes are completely online, from issuing a policy to registering a claim. You don’t have to fill any paperwork. All you need is a smartphone/computer and an internet connection. So, you can now work from home or even anywhere else!

Quick Commission Settlement

Don’t worry, we have your back! All our commissions are settled quickly. Your account will be credited with your commission every 15 days of policy issuance.

How to Become a Motor Insurance Agent?

How to Become a Motor Insurance Agent/POSP with Digit?

Step 1

Sign up by filling our POSP form given above, fill all the details & upload required documents.

Step 2

Complete your 15-hour training with us.

Step 3

Complete the prescribed examination.

Step 4

Sign the agreement with us and that’s it! You’ll be a certified POSP.

How Much You Can Earn?

Your income as an insurance agent depends on the number of policies that you sell. The more the number of policies that you sell, the greater your income. A motor insurance agent can sell insurance policies for car, bike and commercial vehicles.

This means that you can sell both comprehensive and standalone policies to the customers, for which the commission structure is given below: 

Type of policy & vehicle

Age of the vehicle

The maximum rate of commission

Comprehensive policy - Four wheelers and other types of private or commercial vehicles

1-3 years old

15% of the own damage premium

Comprehensive policy - Two-wheelers

1-3 years old

17.5% of the own damage premium

Comprehensive policy - Four wheelers and other types of private or commercial vehicles

4 years and above

15% of own damage premium + 2.5% of third party premium

Comprehensive policy - Two-wheelers

4 years and above

17.5% of own damage premium + 2.5% of third party premium

Standalone Third-party liability policy - All types of vehicles

Any age

2.5% of the premium

Source: IRDAI

Why Should You Become a Motor Insurance Agent?

Become Your Own Boss

One of the primary advantages of being a POSP is the freedom to work as per your convenience. You can now be your own boss! 

No Time Constraints!

You can decide whether you’d like to work fulltime or part-time and craft your own working hours accordingly.

Work From Home

At Digit Insurance, we primarily sell insurance policies online. This means, you as a POSP can work from home and use our online processes to sell and issue policies.

Only 15 hours of Training

To certify as a POSP, one of the main criteria's is to complete the 15-hours compulsory training offered by the IRDAI; which isn’t much to be honest! All it is going to take you is 15 hours of investment to get on board!

High Earning Potential

Your earnings don’t rely on number of hours worked but on the number of policies you issue. To have a better understanding of the same.

Zero Investment

Apart from having a smartphone, a good internet connection, and the required 15-hours training, there’s nothing else you need to become a POSP. So, there’s almost no monetary investment required from your end, whilst the earning potential is high.

FAQs about Becoming Vehicle Insurance Agent