We all must have heard our parents talking to insurance agents about claim assistance and renewals. Isn’t it? Earlier, insurance agents were the only middlemen who helped insurers sell all types of insurance plans. But in 2015, the IRDAI introduced a “Point of Sales Person” to simplify the trade of insurance. Curious about the distinction between them? Continue reading this blog post to discover the answer.
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. |
Process To Apply For Insurance Agent or POSP Advisor
If you are looking for passive income options, become a POSP advisor or insurance agent with InsuranceDekho. Here's a step-by-step guide to help you get started:
- Go to InsuranceDekho's POSP website. You can also download the IDedge app to get started.
- Enter your personal details to create an account.
- Complete the KYC process by submitting your PAN card details. Next, share the same with the quality check team at InsuranceDekho for the validation process.
- Get training and certification for various insurance products.
- Start selling and boost your earnings.
Benefits of Becoming POSP Advisor With InsuranceDekho
InsuranceDekho is one of the leading insurers in the industry. Becoming a POSP advisor with the company will offer a bunch of benefits. This includes:
-
Timely Payouts:
We provide timely payouts to advisors. Simply sell the insurance plans and earn the commission.
-
No Paperwork:
Say goodbye to the tedious paperwork process with InsuranceDekho. To put it simply, you can only apply to become an insurance agent after completing the KYC process.
-
Professional Training:
Whether you have an insurance background or not, we provide professional training and skills enrichment sessions for you free of charge. You can select the type of insurance product you want to sell and become a professional at it.
-
Dedicated Support:
In case of any assistance, related to payments, documentation, claims, and more, POSP advisors at InsuranceDekho can reach out to the customer support team anytime.
Wrap Up
In conclusion, both an insurance agent and a POSP advisor help insurance companies sell insurance plans. If you are looking for passive income opportunities or to kickstart your business in the insurance industry, you can apply to become a POSP advisor or an insurance agent. However, ensure that you compare the differences between the two and earn passive income at your convenience.