Insurance awareness in India is increasing tremendously. The country’s insurance penetration is relatively low compared to the rest of the world. The difference creates a great opportunity for insurance salespersons to earn a profit and secure their customers’ financial future.

The PoSP idea provides a smooth entry into the market. Being a PoSP using PBPartners will enable you to apply for an insurance PoSP or create passive income in India.. 

What is an Insurance PoSP?

PoSP refers to Point of Sale Person. The PoSP scheme was introduced by the Insurance Regulatory and Development Authority of India (IRDAI) to facilitate Indians across the nation in taking insurance coverage.

PoSP affiliates can provide plans from various insurance companies at once, while traditional insurance organizations are restricted to only one. Customers have the liberty to choose according to their requirements.

Difference Between an Insurance Agent and a PoSP

PoSPs and Insurance Agents facilitate customers in buying insurance coverages. The PoSP is more adaptable than the insurance agent. The PoSP provides insurance policies from several companies, enabling consumers to compare and select the most appropriate package according to their requirements.

Why Becoming a PoSP is a Smart Passive Income Opportunity

Since policies generally are renewed yearly, it is a good revenue generator in the long run. It is beneficial that Indians can now create passive income in India from commissions on renewals and retention of customers.

Reasons for the popularity of PoSP:

1. Flexible Work Pattern

The flexible nature of working allows you to use the PBPartners app or website to carry out your activities as a PoSP.

2. No Capital Required for Business

Being an inexpensive way to enter the insurance sector, PBPartners enables people who have no experience to easily register.

3. Variety of Insurance Policies

PBPartners gives access to policies of more than 26 leading insurers. Partners will have the opportunity to make better suggestions and earn more.

4. Growing Market Potential

The need for insurance services is growing in the rural and semi-urban areas of India. People are seeking out trustworthy insurance advisers for various insurance types.

Eligibility Criteria to Become an Insurance PoSP

These qualifications should be met to apply for an insurance posp:

• Age limit of at least 18 years

• A Class 10 qualification is mandatory

• Aadhar and PAN card

• Operating bank account

• Access to a phone or a computer

This simple process facilitates insurance distribution.

Step-by-Step Process to Apply for Insurance PoSP

Step 1: Register online

Access the official website of PBPartners using your mobile number. An OTP verification is required in order to complete the registration.

Step 2: Submit KYC information

Submit your personal information along with details of your Aadhar card, PAN card, and pay details to verify them.

Step 3: Attend necessary training

According to the IRDAI guidelines, the candidate will have to attend 15 hours of training sessions. Topics included in the course:

• Working of insurance: 

• Basics of the Indian Insurance Industry

• Claims management

• Paid for

• Identity proof

• Anti-money laundering and KYC guidelines

• Dos and Don’ts

Step 4: Obtain certification and pass the test

Once done with the training, the candidates will be required to appear for an online examination. In order to become a certified PoSP partner, you will require a certain score.

One can begin selling insurance products right after obtaining the certificate.

Steps to Get Your Insurance Advisor Certification

PBPartners offers a simple process to certify insurance advisors. Any individual aged above 18, completing Class 10, can apply after registering through their mobile verification process and submitting their KYC details. Once registered, they can access their profiles and attend mandatory training sessions.

Candidates can study at any time and from anywhere using the video lessons available online to certify. On completion, candidates have to pass an online exam with a minimum score of 40 percent to qualify as a certified PoSP Partner.

Topics Covered in the Insurance Advisor Certification Course

Topics covered by the training include:

• The concept of insurance

• An insight into the Indian insurance market: Basic concepts of Insurance

• Different kinds of insurance: Evidence of Insurance

• How to calculate your premium and pay it

• Claiming

• AML/ KYC guidelines

• Dos and Don’ts on the Job

With the assistance of  PBPartners, anyone wishing to take up insurance advisement as a career is able to gain the required certification with ease.

Insurance Products You Can Sell as a PoSP

PBPartners allows PoSP partners to sell multiple categories of insurance products through one platform.

1. Health Insurance

• Family Health Insurance

• Senior Citizen Plans

• Critical Illness Plans

2. Life Insurance

• Term Insurance

• Retirement Plans

• Guaranteed Return Plans

3. Motor Insurance

• Car Insurance

• Bike Insurance

• Commercial Vehicle Insurance

4. Other Products

• Travel Insurance

• Home Insurance

• Fire Insurance

This diversified portfolio increases your chances of earning more commissions.

Key Benefits of Becoming a PoSP with PBPartners

PBPartners supports the development of rewarding and flexible insurance careers through an IRDAI-certified PoSP Model. The digital platform and mobile app of PBPartners make the insurance selling process easy by leveraging the Policybazaar technology and Claims assistance.

Benefits of becoming a PoSP with PBPartners

• Access 26+ top insurers’ insurance products.

• Sell health, life, motor, and travel insurance.

• Effortless registration without investment.

• Online certification and training with quick onboarding.

• Work any time, and anywhere as per wish.

• Earn high wages and renewals.

• Enjoy claims and support from PBPartners.

• Easy selling and policy tracking with digital tools and applications.

• Reach in cities, towns, and villages of India.

• Students, homemakers, retirees, and professionals can become part of it.

Start Your Insurance Career with PBPartners

PBPartners are transforming insurance through a phygital solution, offering a holistic service. To enhance offline insurance penetration across Tier-2 and Tier-3 cities, PBPartners makes validation a one-step registration process. By adopting new technologies, PBPartners streamlines your new journey into a career through the effective and efficient Point of Sales Person (PoSP) business model.

Key Takeaway

PoSP has introduced a range of employment opportunities among Indians. Regardless of whether you are looking for something to do part-time, flexibly, or professionally, PBPartners will facilitate easy entry into the world of insurance.

As a PoSP, it is one of the easiest ways to apply for an insurance PoSP and create passive income in India through the low entry barriers, e-learning, and multiple insurance companies 

FAQs

1. What does PoSP refer to in business?

PoSP refers to Point of Sale Person, which is a certified person by IRDAI to market the simplest of the products of two or more insurance companies.

2. Who can become an Insurance PoSP?

A person needs to be a minimum of 18 years of age and should have completed class 10 with proper Know Your Customer (KYC) details to become a PoSP.

3. Do I need to invest in something to become a PoSP?

No, there is no or very little cost to become a PoSP with PBPartners. The online registration process is simple and takes no time.

4. Can I work part-time as a PoSP?

The PoSP scheme allows extreme flexibility in terms of time, so yes. Students, housewives, employed individuals, and retirees can earn commissions part-time by selling products with this scheme.

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