A step-by-step guide on how you can become an insurance advisor
Being an insurance agent is an exciting proposition if you love connecting with people and offering them financial advice. For those who are thinking about how to become an insurance advisor, this article will serve as a guidebook and enable them to pursue a successful career in this field.
The first question that might strike the mind of a person who is struggling to find out ways on how to become POSP is that why should they choose a career as a POSP (Point of Sales Person).
Benefits of becoming an insurance posp
Being an insurance posp offers numerous benefits to a person. They can work as per their will and commitment to the cause. The opportunity to earn is unlimited in this sector and depends upon the number of hours you can put in the field on a daily basis. The insurance agents are also able to earn rewards and recognition for their efforts besides earning regular commissions on the premium of the policies they are able to enroll for the company.
Steps to become an insurance advisor posp
IRDAI or insurance Regulatory Development Authority of India has specified certain criteria for a person to become a PoSP agent or advisor.
- The person applying for the position of PoSP agent should be at least 18 years of age.
- The person applying for the post should be a class 10th pass out.
Besides fulfilling the basic educational and age criterion, a person desirous of becoming a posp agent has to follow certain rules and regulations which eventually turn them into a successful insurance agent. A point to note here is that anyone can become an insurance agent be they freshers, housewives, part-time employees or retired people.
People who meet the eligibility criterion for becoming a posp can enroll themselves for the training program. All the KYC details have to be submitted along with a copy of important documents. The branch manager after taking interview of the probable candidates will recommend them for the training. The training process usually lasts 25-50 hours.
After the successful completion of the training, the trainees have to clear an examination conducted by IRDAI and the agency will issue a PoSP license to all those who successfully qualify the examination.
Importance of PoSP Certification
Point of Sales Person or PoSP is a relatively new category of license which has been formulated by IRDAI and is considered vital for anyone who wishes to make a successful career in the insurance industry. It came into operation in the year 2105.
In a traditional scenario, an insurance advisor works with a single company only and can sell policies for the insurer in a specific category only. However, the demands of the customer have changed to a great extent now. They want to get a comparative statement of best insurance plans of different companies from the agent and want to enroll for the best possible option, as they have to invest for a long time in these plans.
A person who gets the PoSP certification can be an ideal choice for the customer, therefore. Anyone with a PoSP certification is able to sell policies of different companies. They can cover both life and non-life categories of multiple companies. Such people are eligible to sell off term life, ULIP, motor, health, and other insurance category products.
Thus PoSP is a refined concept in which a person can serve the client in a more comprehensive manner as they can offer multiple and perhaps the best option to the customers when it comes to selling off the insurance policies.
Earning as an insurance PoSP
The earning potential of an insurance posp is definitely more than a traditional insurance agent. This is due to the fact that such insurance agents are able to sell products and policies from different categories to the customers at a given time. They are able to earn handsome commissions from different companies, the client base of which they target on a regular basis owing to them being a PoSP agent.
The Point of Sales Person concept has redefined the idea of the insurance sector and made it more comprehensive and lucrative for anyone who wants to establish their hold in this sector.