A high number of individuals seek jobs that offer flexibility, earnings, and satisfying work. Being an insurance POSP candidate leaves one with such a possibility.
The POSP insurance agent is a key connector between the customers and the insurers- he/she assists individuals in securing their lives, health, and property.
Here you will discover the reasons the need is on the rise, what one has to do to qualify, and how the training proceeds. We will also explore the registration process stepwise and the basic insurance agent qualifications. Also, we will know how to develop a career using platforms such as Choice Connect.
Why POSP Agents Are in High Demand Today
The insurance market is still growing both in urban and rural areas in India. As new regulations emerge, digital access grows, and more consumers become more aware, people and businesses alike want reliable channels.
The gap is filled by POSP insurance agent positions, which provide an easier entry point into the sale of some insurance products. They are not full-fledged agents but play a very important role in distribution. To a person with an idea of insurance, POSP applies, which implies a bright opportunity that can be achieved.
Firms are enrolling POSPs to encompass the motor, health, travel, and small-business insurance effectively. Due to the assistance that POSP agents can offer in reaching the customers where traditional agents may fail to reach, they are becoming more valuable.
Moreover, for a lot of people, it is another opportunity to earn more money without investing tremendously in the channel. This makes the barrier low and the demand for insurance agents like health, term, motor, and more.
What You Need to Qualify as a POSP
Eligibility should also be checked before getting down to training or registration. The prerequisites involved in obtaining the status of an insurance agent of POSP are not very complicated. So, here is what you need for insurance POSP apply verification:
1. Age and Citizenship
You should be 18 years old and an Indian citizen/ resident. This is common with most insurers and is reflected in the guidelines of the Insurance Regulatory and Development Authority of India (IRDAI).
2. Insurance Agent Qualifications
The majority of companies require a minimum level of 10th pass (matriculation) in order to enroll in POSP. Others might demand 12th or even higher, but the entry level is low compared to most professions. These are the mandatory insurance agent qualifications.
3. Documents and Bank Account
A valid identity proof (Aadhaar, PAN), address proof, bank account, and, in some cases, recent photos are the requirements. These are normally found in the registration section of the insurer portals.
4. No Duplicate Registration
If you already hold an active agent code with another insurer or intermediary, you may be ineligible for POSP registration until that is resolved. This rule prevents conflicts and overlaps.
You have just crossed the first step to becoming an insurance agent. After these boxes have been checked, the next step would be training and certification.
How the Training and Certification Work
You won't become a POSP insurance agent overnight. Training and certification are mandatory after the clearance of eligibility. This is a move that differentiates between people who achieve this tag and those who do not.
1. Mandatory Training Hours
Most insurers and intermediaries require training. This requires you to complete a 15-hour training module. This should be done before you can start selling policies as a POSP. This is in line with IRDAI's guidelines.
2. Training Content
The modules have fundamental insurance information, regulatory requirements, product knowledge (motor, health, travel, etc.), ethical behavior, documentation processes, and digital processes.
3. Examination and Certification
After training, one should give an exam (online or offline). Upon passing, you get a certificate that allows you to be a POSP insurance agent with your sponsoring insurer or intermediary. Until this is carried out, you will not be able to market policies legally.
4. Continual Learning
Some firms provide refresher training. This helps you to get updates on products or digital tools. This ongoing learning helps you remain current with market changes. This helps you build credibility over time.
Step-by-Step Registration Process to Get Started
We will take you through a simple registration procedure to help you understand that you can become a candidate. You just need to enter the command "insurance POSP apply" on Google.
Step 1: Fill the Application Form
Go to the site of the insurer or portal of the intermediary and choose the "Become POSP icon". Enter the details on the form as name, contact details, educational qualification, PAN, Aadhaar, and bank details.
Step 2: Document Upload and KYC
Upon verification of documents, you will get access to the training portal/ modules. Take your time to complete the 15-hour training (usually completing the training in multiple sessions).
Step 3: Training Initiation
After training, pass and take the exam. Your POSP code is issued, and you are registered on the IIB (Insurance Information Bureau) portal once you pass.
Step 4: Exam and Certification
Upon finishing training, schedule and take the exam. Once you pass, your POSP code is issued, and you're listed on the IIB (Insurance Information Bureau) portal, making you eligible to operate.
Step 5: Contract Signing and Onboarding
You sign a contract or alliance agreement with the insurer or intermediary. During onboarding, you'll get product brochures, digital tools, client-management systems, and your commission structure.
Step 6: Begin Selling Policies
It is time to market and sell the approved insurance products. Beginning with your network, family, friends, and known business contacts, and then reaching further is a better place to start.
Build Your POSP Career with Choice Connect
It is easier to enter the market through platforms such as Choice Connect. They guide the people who wish to apply for insurance POSP but are not sure how to begin.
Why Choice Connect Works
Choice Connect has a broad product offering among insurers, provides onboarding services, and offers an opportunity to train and support, as well as provide lead and back-office services. For long-term growth, maintain client records, follow up on renewals, and use digital tools like CRM, WhatsApp groups, and social media links. Also, explain the policies clearly, which earns trust and referrals.
You must expand your network and connect with business owners, storekeepers, two-wheeler owners- any person can be a general insurance segment customer. Through hard work, your POSP job will be able to become a full-income, not just a side-income. So register today to become a financial agent and expand your reach and income potential.
FAQs
1. What exactly does "insurance POSP apply" mean?
It is a process of applying to be a Point of Sales Person (POSP) agent in the field of insurance. You fill out an application, undergo training, and become part of a registered firm.
2. Can a POSP sell any insurance product?
No. POSP is licensed to sell general insurance products (motor, health, travel, and personal accident) according to the permission of the sponsoring insurer. Wholesale agents include full life or more complex products.
3. How much training is required for a POSP insurance agent?
Normally, 15 hours of training and passing an exam have been made a rule by IRDAI and the sponsoring company.
4. Is there a cost to become a POSP agent?
The majority of the insurers provide free training and do not charge a down payment. You would need to invest your time and effort a lot. Then there are tools as well. But most of them are costly, so be cautious when you start.
5. How quickly can I earn as a POSP agent?
You can start earning commissions once you are registered and certified. The income that you'll earn will be as on your network, policy, and outreach sales. Most of them begin part-time and expand.
