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First, let's understand what POSP is. Point of Sale Person is a process of becoming an authorised person to sell insurance (health, life, car, etc.) directly to customers. The best part? Almost anyone can start! You just need: Age 18+, Minimum 10th pass, Aadhaar or Pan card. That's it! No office, no degree, no investment—just the will to grow.
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A car insurance POSP agent is an individual who helps you protect your car from any primitive accidents or uncertain circumstances by means of an accurate insurance policy. The primary role of a car insurance POSP agent is to provide a shield to your four-wheeler by facilitating you with the right policy.
A Car Insurance policy can cover the insured party, the insured four-wheeler, and the third parties (car and the people) against whom the car owner has to pay a premium. However, acquiring the right policy is not an easy task. That's why one should opt for a car insurance POSP agent.
The car insurance POSP agent helps you procure the right policy at the right price. Currently, there are more than 100 policies available for car insurance. But one needs to screen the apt one before purchasing a policy. Moreover, every car is different, and demographics also have an important role to play in defining a car insurance policy premium. The POSP agent, as a subject expert, shall provide you with enough information based on the type of car, the policy, and other factors before offering you a policy, which may otherwise be a hassle.
The criteria specified by the IRDA to become a car insurance POSP agent are such that anyone and everyone from any walk of life can be a part of it.
Anybody who has a passion for cars and wants to earn a passive income can become a car insurance POSP agent. This could be a student over the age of 18 years looking forward to making additional pocket money or a housewife who wishes to contribute to her household income or a retired person wanting to channelise his network and experience who can aim to be a car insurance POSP agent. Other than that, working professionals can also opt for it as a part-time career option.
The format designed by the insurance industry paves a way for every individual to channelise their opportunity by building a network. He/she doesn't need any kind of investment as there are no fixtures attached. All you need to do is associate with an insurance company or insurance service provider by fulfilling the required criteria and get started as a POSP insurance agent. Your earnings will depend on the number of policies sold.
If you are passionate about cars, being a car insurance POSP agent can be an added advantage to you. You can easily convince, guide and mentor the insurer to acquire the right policy.
Get financial growth and stability with passive earnings without quitting your current occupation.
If you are someone who likes to work on your own terms and have the inclination to build your own business, being a POSP insurance agent may be your first step to success.
A number of training sessions and webinars are provided by experts in the industry. You can learn many things, especially in terms of self-development and career growth.
Being a part of the insurance industry allows you to work with respected financial brands.
No targets, no time restrictions, and loads of flexibility.
Every insurance company has predefined a value that a POSP insurance agent would receive on selling the policy. These predefined values are commissions that are earned on the premium generated.
The automotive sector has seen a sudden rise since the last decade which has created opportunities to pursue a career as a car insurance POSP agent and make a decent income through commissions.
A car insurance POSP agent may either earn a commission or a salary depending on who they are working for. If you have enrolled through a service provider platform such as Choice Connect, you can experience working with multiple brands. However, if you are committed to a specific insurance company, you may earn through a commission or a salary.
The primary role of a car insurance POSP agent is to ensure an end-to-end service associated with insurance. This includes:
The earnings of a car insurance POSP agent are commission-based and depend on individual effort, customer activity, and insurer policies. The commission is earned through the premium that he generates from the sale of the policy.
The government has ensured a decent percentage of commission to encourage the insurance sector as a profession. However, it depends on the individual to decide upon the targets and numbers. It also depends on the policy, as every policy is subjective of the defined incentive.
You can become a part of the insurance sector not only as a policyholder but also as a POSP insurance agent. To become a car insurance broker with Choice Connect, here's what you need to do:
You must be at least 18 years of age to become a car insurance POSP agent.
As a car insurance POSP agent, you must qualify for your 12th grade.
You must complete the POSP Training and get a POSP certification.