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How Can You Sell Insurance Online?
In these times, a lot of people are looking for alternate career options and part-time jobs to make some additional income. One of the best ways to do so, is to sell insurance online.
In India, there are two main ways to sell insurance:
1. An Insurance Advisor
An insurance advisor is someone who is registered with a particular insurance company and connects with customers to help sell them insurance policies, make claims, and more. As per the guidelines laid down by the IRDAI, you need to undergo a training program and sit an exam to get your license and become an advisor.
2. A Point of Sale Person (POSP)
A POSP is a new type of license for insurance advisors created in 2015 by the IRDAI. While you still need to undergo the prescribed training program and clear the online examinations, you will be able to sell policies of multiple insurance companies, in both life insurance and general insurance categories (including motor insurance, health insurance, travel insurance, and more).
This way, you can offer customers a wider range of options, and different insurance plans from multiple companies so that they can choose the best product for them. You can work with an insurance intermediary or broker to sell policies from many companies, or work with a single company as well. Thus, there are more options than a traditional insurance advisor.
How To Become An Insurance POSP
As we have seen, a POSP (or Point of Sales Person) is someone who is certified to sell insurance products from multiple companies, across different categories like life insurance, motor insurance, health insurance and more.
To become a POSP, you just need to meet the minimum educational qualifications as given by the IRDAI and undergo a mandatory training course.
- Qualifications Required for Becoming a POSP: There are a few basic requirements to become an insurance agent. You must be at least 18 years of age and should have completed Class 10. You will also need to have a valid Aadhaar Card and PAN Card, and a Bank Account in your name
- Procedure to Become a POSP: To start as a POSP, you need to enrol with a specific company, or an insurance intermediary, and then complete the 15-hour compulsory training offered by the IRDAI. Once you have finished the training and cleared the prescribed examination, you will get a license to sell insurance policies (as per the POSP guidelines).
So, anyone who fulfils these basic criteria can enrol to become a POSP. And since you will be able to sell and issue insurance policies online, all that you need for the job is a smartphone or a laptop and a good internet connection.
Setting up the online channels like Google listings, website creation, setting up other online channels like Google, Facebook pages, ads, email, SMS, WhatsApp etc and more. Short details about all will be very helpful.