Insurance Agent vs. POSP
Both insurance agents and POSP advisors work collaboratively with insurance companies to sell insurance products such as health insurance, motor insurance, life insurance, investment plans, and so on. Though both of them perform the same job, there are some major differences between the two. Let’s compare and contrast these differences between the insurance agent and a point of salesperson (POSP) advisor.
|Basis||Insurance Agent||Point of Sales Person (POSP)|
|Job role||They guide people on policy matters and help them customize their policies as per their unique needs.||POSP full form is Point of Sales Person. It is a person who sells insurance plans with total protection and tax advantages. Mainly, they deal in pre-underwritten insurance products.|
|Eligibility criteria||The individual must be 10th qualified and have completed the mandatory 25 hours of training.||The individual must be 10th qualified and have completed the mandatory 15 hours of training.|
|Recognizing authority||The certification is given by the Insurance Regulatory And Development Authority of India (IRDAI)||Specific insurance companies provide certification to POSP advisors.|
|Sales & Services||Insurance agents sell all types of general and life insurance plans to customers.||POSP agents generally sell basic insurance products, such as life insurance, motor insurance, health insurance, and so on.|
|Pay scale and remuneration||Generally, the pay scale for insurance agents is high as they deal in high-coverage insurance products.||POSP advisors earn depending on the type and number of insurance plans they sell.|