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Do you wish to become an insurance advisor who can guide individuals about the best insurance policies? If yes, you need to know the ins and outs of insurance policies to advise your customers on the best. This is where Insurance POSP comes into the picture.
POSPs help customers connect with reliable insurance providers, improving public accessibility to insurance. However, POSPs need to be well-trained and informed regarding several insurance policies to inform their customers.
For this purpose, the IRDA certificate course and training modules can be helpful in gaining knowledge of various insurance products, sales methods, and regulatory compliance. Let’s understand in detail how this course helps the POSPs for selling insurance products.
Point of Sale Person, or POSP for short, is a specialized position in the insurance sector that serves as an interface between clients and insurance providers. POSPs are qualified professionals who have received training to offer particular insurance plans, like health, life, and general insurance, directly to customers, in comparison to a typical insurance broker.
They function as an intermediary, offering clients individualized guidance and support to help them select the best insurance plans for their particular requirements. In order to provide the best and most trustworthy services to their clients, POSPs need to train and certify themselves with the insurance training modules.
To become a POSP (Point of Sale Person), an insurance advisor must complete this quick and easy certification course. Anyone who has completed Class 10 and is older than 18 can start with this certification course.
The candidate can access the course's online tutorials and videos from the convenience of his or her home or workplace using a computer or smartphone. The following topics are covered in the certification course modules:
● Indian Insurance Market
● Principles of Insurance and Types of Insurance
● Premiums and Claims
● Policyholder Rights and Responsibilities
● Grievance Redressal Mechanism
● Regulatory Framework
● Anti-Money Laundering (AML) and Know Your Customer (KYC) Guidelines
● Best Sales Practices and Methodology
● Customer Service Excellence
● Digitalization in Insurance
● Do’s and Don’ts for POSPs
There is an online test following the completion of the online IRDA certification course. The person can become a POSP (Point of Sale Person) if he/ she pass the test with at least 40%.
It is not that tough to complete the course and gain the training completion certificate IRDA.
There are several modules designed by the IRDA to provide comprehensive knowledge about the insurance sector to the POSP. Here, we shall explore a few of them and learn what is being taught in the POSP training programs.
By going over the fundamentals of danger and risk management and outlining the reasons why insurance is crucial for both individuals and businesses, this module establishes the foundation for understanding insurance in detail.
In order to ensure that trainees recognize the variety of insurance products they will be selling, it also introduces the primary insurance types that are accessible in the market, such as health insurance, life insurance, and general insurance (such as property and auto insurance).
For any successful contract between the insurer and the insured, it is important to follow the basic principles of insurance. Therefore, in this module, the learner will get to know the principles that are of utmost importance for the smooth operation of the insurance industry.
The principles include utmost good faith, insurable interest, indemnity, contribution, subrogation, proximate cause and loss minimization. These principles outline the responsibilities of both the insurer and the customer for better outcomes.
Any insurance expert must have a solid understanding of regulatory systems. An overview of the Insurance Regulatory and Development Authority of India (IRDAI), what it does in overseeing the insurance industry, and the main rules and regulations that POSPs need to stick to in order to maintain ethical and legal business practices are all covered in this module.
POSPs can refer to the IRDA general insurance study material to gain a comprehensive understanding of policy types, regulatory frameworks, and customer service best practices.
This module trains the PSOPs regarding the ethical sales approach to the customers for their betterment and financial security. It mainly focuses on learning the best sales practices that help the PSOPs to offer the insurance policy that best suits the needs and circumstances of the customers.
This helps to maintain trust and transparency between the insurer and the insured for all the insurance-related transactions.
For example, if an individual wants to buy a health insurance policy, the PSOP should guide them about the best plan that fits the budget and needs of the individual instead of suggesting a policy with a higher commission.
In this module, the crucial regulatory procedures of AML and KYC, which are required for all insurance transactions, are introduced to POSPs. To prevent illicit financing and financial scams, this explains how to verify customer identities, detect suspicious activity, and comply with IRDAI's regulations.
For instance, in order to carry out the KYC process and make sure they are working with legitimate clients, a POSP must get from consumers proper identification documents (such as Aadhaar or PAN) and proof of residency. This helps to prevent the exploitation of insurance services for illicit purposes.
The final module of the IRDAI certification course helps POSPs become well-versed in various insurance products and how to apply the gained knowledge in real-world scenarios. This practical training, combined with role-play exercises, helps them confidently serve clients and build successful careers in insurance sales.
For Insurance POSPs to succeed in the fast-paced insurance sector, they must receive the necessary training and certification. POSPs can improve their earnings from sales by learning the key modules of the IRDAI certification course, which include product knowledge, ethical sales practices, regulatory compliance and much more.
If you’re thinking of becoming a certified POSP or want to explore the latest insurance plans and services, Quickinsure offers policies from 50+ insurers, an easy-to-use platform, affordable pricing, and easy insurance comparison.
Connect with Quickinsure today to start your journey in the insurance sector and take advantage of convenient digital tools, expert guidance, and comprehensive training resources!
