LoveBikes?Work as a POSP Agent

A Bike Insurance POSP Agent is broadly categorized as a motor insurance POSP agent, someone who earns commissions with an Insurance Company and promotes policies offered for specific motor insurance products. Also known as two-wheeler insurance POSP agents, they are equipped to consult two-wheeler owners on acquiring the appropriate insurance policy based on customer preferences and requirements.

These POSP insurance agents collaborate directly with the insurance company to share information that aligns with client needs and aim to provide services without any breaches. They are trained to pitch policies that help owners cover unforeseen expenses due to damage caused by accidents, thefts, fire, natural calamities, or liabilities arising from accidental injuries to third parties.

Bike Insurance

Bike Insurance has become one of the essential documents a two-wheeler owner must have, especially with the increasing number of motorbikes on the road and safety being the top priority.

The rising volume of motorbikes has made our roads much more accident-prone. The thought of a fatal mishap not only affects the well-being of riders but also makes them think twice before buying a motorbike. It also raises concerns about whether they can afford the damages to their machine if something goes wrong. To ensure safety and financial protection while riding a two-wheeler or motorbike, insurance coverage is a must.

Acknowledging these concerns, the Supreme Court released an optional directive (effective September 1, 2018) instructing all General Insurance companies to issue a five-year TP (Third Party) insurance cover for newly purchased two-wheelers. Even though optional, this move encouraged two-wheeler owners to maintain at least a mandatory third-party liability cover, with heavy penalties for non-compliance.

Two Wheeler Insurance POSP Agent

With motor insurance forming 39.4% of India's non-life insurance market, demand for two-wheeler insurance POSP agents continues to surge. A two-wheeler insurance POSP agent is responsible for selling insurance products related to motorbikes (specifically two-wheelers) to prospective customers based on their needs. With IRDAI making motor insurance compulsory, these policies offer protection against natural disasters, accidental damage, and legal liabilities involving third parties. POSP insurance agents are trained to handle irregularities and guide customers toward suitable and beneficial policy options.

Who can become a Bike Insurance POSP Agent?

In addition to the strict advisory provided by insurance companies, an individual that lays the interest to become a bike insurance POSP agent must conform to a minimum age of 18 years or above. Individuals who have passed Class 12 are eligible to participate in this sector, subject to applicable norms. As proof of identification, the interested candidate must possess an Aadhaar Card and PAN Card. Although opportunities in the bike insurance sector can be availed by retirees, students, or undergraduates looking for a side hustle that would compensate them with some extra bucks.

Some practices require the person to undertake specific training listed with the company he/she has applied to. The compulsory training is prescribed by IRDAI (Insurance Regulatory and Development Authority of India), a regulatory body under the jurisdiction of the Ministry of Finance, Gov. of India, that is responsible for regulating and licensing the insurance and re-insurance industries of the country. The training further coincides with a mandatory examination specified and conducted by IRDAI that further strengthens the position of the interested candidate.

However, if you enrol in the opportunity through a financial service provider, you may not be required to be a licensed professional as the service provider itself is a registered authority which shall ensure that all base requirements are fulfilled. Simultaneously, it gives you exposure to various insurance companies.

Benefits of Becoming a Bike Insurance POSP Agent

The following benefits are to be considered while applying for a bike insurance POSP agent position with a respective insurance company:

• As a POSP (Point of Sales Person) agent, the candidate will register directly with the insurance service provider which will further connect to insurance companies.
• Complying with company standards to provide exquisite financial advisory services and consultation to clients on financial products offered by the company.
• Collaboration with strong backend support that will render technical support to help to deliver your commitments smoothly.
• Opportunity to work for leading Insurance companies in the country and relish industry knowledge that enhances your portfolio.
• Ensures financial independence, as being a motor insurance POSP agent will ensure the person has a constant source of revenue, according to their performance.
• The high claim settlement ratios of the insurance firm will keep them financially motivated.
• The online operational framework ensures speedy engagement over form filing and submission of reports. The extensive paperwork is reduced to an online portal that helps the POSP agents fasten the payment procedure and furnish the prospective clients with the best insurance rates.

Bike Insurance POSP Agent Commission

In the year 2017, IRDA hiked the commission of most non-life insurance policies, making it more attractive and thus resulting in more opportunities under its revised commission guidelines released in March.

In India, the commission payable to bike-insurance POSP agents depends on varied factors. Complying with the policymakers, the insurance comprises two components, viz, Third Party or Act Only, and Own Damage. The percentage discretion generally bifurcates between the two components, without deduction of the premium.

Two Wheeler Insurance POSP Agent Salary

Two wheeler insurance POSP agents in India earn handsomely, however, it may vary between policies. The remuneration may differ as per the company, besides relevant factors such as location and precedence of tenure. Keeping in mind the outcome of the sales achievements, the POSP insurance agent has the capacity to earn accordingly, since there is no upper ceiling concerning the earning potential of the two-wheeler insurance POSP agent.

Bike Insurance POSP Agent Roles and Responsibilities

To comply with the industry-standard service delivery, a bike insurance POSP agent should be equipped with multi-faceted roles and responsibilities that add to their forte of engagement with the customer. Some of them are listed below:

• Promote the exchange of insurance products and services and engage with clients effectively.
• Provide sound financial advisory services and customer support.
• Promote company policies based on a well-defined roadmap.
• Assist with documentation and address inconsistencies.
• Be aware of the market, competitors, and comparison analysis.
• Develop marketing strategies based on customer preferences.
• Emphasize public relations and business development tactics.

Minimum Eligibility Criteria for Bike Insurance POSP Agents

The standard minimum eligibility criteria require candidates with a minimum age of 18 years or above and is required to complete till 12th standard. As proof of identification, the candidate must possess documents such as an Aadhaar Card and a PAN Card, and address proof. Furthermore, the candidate is required to undertake specific training conducted by IRDAI.