The PoSP full form in Insurance is the Point of Sales Person. It is a term used to describe an insurance agent who is qualified to sell many insurance products.
It is also sometimes referred to as POS. The POS full form in insurance sector stands for Point of Sales.
A PoSP is a single-point insurance agent who offers policies from various insurance firms in both life and non-life categories. An individual who become a PoSP insurance agent sells policies in Life Insurance, Vehicle Insurance, Health Insurance, Accidental Insurance, Home Insurance, and Travel Insurance. He/She has the authority to sell products directly to consumers.
What is the full form of POSP/POS in Insurance
POSP (Point of Sale Person)
PoSP is an abbreviation for Point of Sale Person. A PoSP is essentially an insurance salesperson who is authorized to offer insurance plans to consumers directly. This agent can sell a wide range of insurance products.
POS (Point of Sales)
PoS is an abbreviation of Point of Sale. In 2015, the IRDAI approved a new sort of distributor, known as a point of sale (PoS) person. IRDAI launched the PoS project to enhance insurance penetration in India. After acquiring a Certificate from IRDAI, a PoS agent can offer insurance.
Differences Between a POSP Agent & Traditional Agent in Insurance
There is a difference in eligibility criteria for a PoSP Insurance Agent and a Traditional Insurance Agent. To be a PoSP Insurance Agent you only need a 10th-grade passing certificate. Beginners who may not have an in-depth understanding of insurance goods will find the training and certification to be straightforward and easy to follow.
The detailed differences between a POSP Agent & Traditional Agent in Insurance are as follows:
|CATEGORY||POSP AGENT||TRADITIONAL INSURANCE AGENT|
|Exam Conducted by||Insurance Company/Insurance Broking Company||IRDAI|
|Insurance Duration||15 Hrs.||25 Hrs.|
|Duration of Validation of the Certification||3 Years||Till the Traditional Insurance Agent surrenders his/her agency|
|Types of Insurance Plans||
|Type of Insurance they can Sell||
A PoSP Insurance Agent can sell insurance policies which are mainly pre-underwritten products like
Apart from the pre-underwritten products, a Traditional Insurance Agent can also sell customized insurance policies like
|Target Customer Base||
A PoSP Insurance Agent’s Target Customers are the insurance seekers who are looking for simple and basic insurance plans such as
A Traditional Insurance Agent’s Target Customers are the insurance seekers who are looking for Customized and Complex insurance plans such as
How to Become a POSP Insurance Agent
Completing the PoSP certification process is the quickest method to become a PoSP Insurance Agent. To become a PoSP agent, you only need to meet the IRDAI's basic educational requirements and complete our training program.
Following are the detailed steps to become a PoSP Insurance Agent -
- Register online
- For becoming a PoSP Insurance Agent Apply online on official website of the desired company you want to become an agent with
- You can also apply via our smartphone app of that company
- Upload the following necessary information/documents
- Aadhaar Card
- PAN Card
- Bank Details
- Education Certificate
- Profile Photographs
- Apply for PoSP Training
- Complete the PoSP Insurance Training
- Once you pass the insurance agent exam online you successfully become a PoSP Certified Agent and now you can start with your sales
- Refer Clients and start earning your commissions
The insurance agents are compensated by a commission paid by the corporation. The commission earned is determined by the type of policy and the policy’s duration.
As a PoSP Insurance Agent, there is no such restriction or limitation on the earnings. The earnings are entirely dependent on the type of policy, the individual's potential, and the number of policies sold.
Especially in today’s challenging circumstances, the insurance industry provides an appealing career alternative by assisting people with part-time and full-time opportunities.
IRDAI’s PoS Program is beneficial for both the agents and customers. A PoSP Insurance Agent and a Traditional Insurance Agent differ in their training period, examination process, selling pattern, customer base, product range, and validation period.
Nowadays it is very easy to become a POSP Insurance Agent Online and it is also a lucrative career that would take you one step closer to your financial stability and independence.