Despite 50+ insurance companies, 34 non-life insurers, and 24 life insurance providers, a considerable share of India’s population and total assets still remain uninsured, resulting in a modest 3.7% of the GDP as the overall insurance penetration. That said, strong valuations and a remarkable growth trajectory point towards more opportunities than challenges for our country's insurance ecosystem. These opportunities are set to translate into insurance agent benefits.

India's insurance industry is undoubtedly amongst the premium sectors experiencing upward movement, and insurance agents or Insurance POSP advisors are its inseparable parts.

Who Are Insurance Agents or Advisors, and What Do They Do?

Let's dig deep, define insurance agents/advisors, understand their role plus offerings, explore the profitability of being a formal insurance agent, and understand how you can become one.

Key Takeaways?

●      Insurance agents are free and self-sustaining operators.

●      Indulge in professional relationship-building.

●      Inform, educate, provide, and assist with insurance solutions.

●      Perform and offer products on behalf of insurance companies.

●      Enjoy no-investment initiatives and at-will working timelines.

●      Learn exciting concepts and adapt to win.

●      Get to construct a formidable list of clients.

●      Take home regular commissions and other income.

●      Satisfy their career/business aspirations and meet dream goals.

 

Insurance Agents & POSP Insurance Advisors

Traditional insurance agents or IRDAI [The Insurance Regulatory & Development Authority of India] agents and POSP [Point of Sales Person] advisors are insurance companies' representatives who act as bridges or connecting links between insurers and their potential customers. They utilize online platforms and hybrid approaches to develop and maintain relationships and close timely sales.

IRDAI agents and POSP insurance advisors undergo the mandated 15-25 hours of training to pass online or physical examinations. Unlike POSP advisors with a 3-year certification validity, insurance agents can continue working until they choose to surrender their licenses to insurance providers.

 

Job/Role Responsibilities

IRDAI agents can market/sell all customizable policies, including motor, travel, fire, and marine insurance. They primarily target large and mid-tier cities to sell complex, high-risk products and assist the policyholders.

On the other hand, POSP insurance advisors may only sell IRDAI-assessed and pre-approved, simple pre-underwritten policies offering full coverage with various tax benefits. They focus on urban, suburban, metro, and rural areas.

 

Advantages of Being an Insurance Agent & Earning sPotential

1] Ease-of-Entry: No higher education or experience prerequisites.

2] No Initial Payment or Monetary Investment: Your time, willingness to learn/adapt, and efforts are the only investments needed.

3] Freedom & Flexibility: Work-from-anywhere part-time and full-time options, customizable schedules and working hours.

4] Consistent Learning/Development: You get to learn evolving rules/regulations, market trends and new products.

5] Digital Support: Almost paperless digitally-enabled functioning via portals, apps, laptops and tablets.

6] Professional Growth: Develop skills, acquire relevant certifications via expert-led training arrangements and expand your client base.

7] Stable Income & Financial Independence: Incentives-based earning model, attractive regular commissions, renewal/referral incomes and cash flows with no earning upper limits.

8] Rewards & Recognitions: Opportunities to qualify for regional, national and international insurance excellence awards.

9] Job Security:  The nature of insurance as a fundamental need and its steady yet growing demand make insurance agents' careers recession-resilient and less impacted by economic downturns.

10] Personal Fulfilment & Satisfaction: Empathizing with people, probing/identifying their unique requirements, guiding them, presenting tailor-made solutions, helping them secure their and their family's future, standing with them during critical times of need, and establishing life-long valuable relationships. 

 

How to Become an Insurance Agent or POSP Insurance Advisor?

As a preparatory step, willing individuals must possess documents verifying their status of being at least 18 years old and 10th-pass. They should carry Aadhaar, PAN and functional bank account details. Additionally, aspirants' above-average communication/persuasion skills, basic computer/digital knowledge and reasonable self-discipline could be helpful.

Step 1: Carefully study and research the insurance industry's legal framework.

Step 2: Scrutinize the market dynamics.

Step 3: Shortlist your preferred insurance domains or areas.

Step 4: Partner with adequately regulated and credible insurance providers.

Step 5: Submit KYC documents and go through the verification process.

Step 6: Undergo up to 25 hours of pre-licensing training.

Step 7: Appear for company-conducted online evaluation.

Step 8: Pass the IRDAI-prescribed examination.

Step 9: Secure the necessary permissions.

Step 10: Get started!

 

Conclusion

The Indian insurance sector comprises a variety of under-served insurance markets ready to accept both life and non-life category products. Thanks to ever-growing awareness, regulatory reforms, private sector participation, process automation and AI-led interventions, the country's insurance outlook will be transformed at a much faster pace than earlier imagined.

Be it your ambitious tendencies, entrepreneurial inclinations, desire to find new career prospects, or the eagerness to become your own boss or earn extra cash, irrespective of the motivations, this is the right time to make the decisive move.

Establish yourself as a duly certified business partner and POSP insurance agent with QuickInsure, India's one-stop insurance comparison destination for smart decision-making and the globally admired insurance selling platform.

Discover products from 35+ insurance services providers, benefit from AI-led innovative technologies plus app-driven integrated operations, get seamless support from dedicated relationship managers, secure timely commissions, multiply your earnings, and invest in systematic career growth.

 

Note: The above information is purely indicative in nature and subject to change without any prior notice from the government authorities. One must refer to the Insurance Regulatory & Development Authority of India's portal to learn the most up-to-date developments before taking action.