Career as a POSP in the insurance industry: Here's what you need to know

We are living in a world of uncertainties where people are not only worried about their health but are also about their job security. The COVID-19 pandemic has affected all the sectors and led to a financial crisis, with salary cuts and job losses across the globe.

Many people are looking for an alternate career option or are taking up part-up jobs for additional income. One such career option for additional income is to be a POSP (Point of Salesperson) with an insurance company. A POSP is the name given to an insurance agent who can sell specific products in the insurance sector. With COVID-19, there has been a huge shift in the way insurance is looked at, and people have started realising the importance of having a health insurance policy. Several health insurance players have been hiring candidates as full-time or part-time employees to work for them as POSPs to meet this demand.

Let us find out the qualifications and skills required for becoming a POSP:

Educational qualifications: For becoming a POSP, one only need to have the minimum educational qualifications as given by the IRDAI and undergo a training provided by the insurance company they want to join. Also, a POSP can be registered with only one insurance company at one time.

Skill sets required: A PSOP agent must have good communication skills, team spirit, customer service skills, professionalism, curiosity and an ability to learn quickly. Also, due to the pandemic, since most of us are working from home, a POSP agent must be technically sound and be able to sell and issue insurance policies online. All that is needed is a smartphone or a laptop and a good Internet connection.

Advantages of being a POSP:

• No fixed timings: One can choose your own working hours and decide whether to work full-time or part-time.

• Work from home: One can use online processes to sell policies and work from home or even anywhere else, without having to step out.
• Set commissions by regulator: POSPs earn set commissions by the regulator. Hence there’s the stable flow of income. However, the income amount depends on the number of policies you issue.
• Zero investment required : There’s no need investment required to start as a POSP. All one requires to start is a laptop or desktop and a smartphone.

Who can be a POSP?

• College students: If you are pursuing your higher studies but would still want to spend some time making extra money, this could be a good option.
• Stay at home spouses and homemakers: If you are a stay at home husband or wife, and have time, you can choose to become a POSP, and earn extra income for you and your family
• Retirees: There is no age limit to who can become a POSP. Hence this a good option for earning additional income for retirees too. They can earn right from the comfort of their house without too much physical strain.
• Businessmen/Businesswomen: If you are already have a business but still want to do more things on the side, you can choose to become a POSP. Especially in difficult times like these when the entire economy is grappling, this can be a good way of earning extra money to keep the business afloat.

The insurance sector offers an attractive career choice to people by helping them with an alternate career option through part-time jobs from home, especially in such trying times. These jobs help individuals to make money at their convenience. Moreover, a person can earn as long as he/she is willing to work with no retirement age limit.

Authored by Vivek Chaturvedi, Chief Marketing Officer and Head of Direct (online) Sales at Digit Insurance

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