The insurance industry in India is undergoing significant transformation, and with it, the opportunities for aspiring professionals have grown. PBPartners, a pioneering initiative by Policybazaar, has emerged as a game-changer, opening up new avenues for those interested in a career in insurance. If you’re looking for a flexible, rewarding career, becoming a Point of Sales Person (PoSP) with PBPartners could be the perfect opportunity for you.
In this blog, we will walk you through the process of becoming a PoSP insurance agent and explore the benefits that come with it. Let’s get started!
What is a PoSP?
In simple terms, a Point of Sales Person (PoSP) is a type of insurance distributor authorized by the Insurance Regulatory and Development Authority of India (IRDAI). The PoSP model was introduced by the IRDAI to address the growing need for increased insurance penetration in India, particularly in Tier-2 and Tier-3 cities. A PoSP can sell insurance products from multiple insurance providers across categories like health, life, motor, travel, and home insurance.
Unlike traditional insurance agents, a PoSP has the freedom to work with various insurance companies and offer a range of policies tailored to their clients’ needs.
How is a PoSP Different from an Insurance Agent?
While both insurance agents and PoSPs have similar roles in selling insurance products, there are some key differences:
- Insurance Agents work exclusively for one insurance company and can only sell the products of that particular company.
- PoSPs, on the other hand, have the flexibility to sell policies from multiple insurance providers. This allows them to offer more personalized and diverse insurance solutions to their clients.
In essence, being a PoSP allows you to work independently and offer a wider array of policies, which can be a significant advantage for both you and your customers.
How to Become a PoSP with PBPartners?
Becoming a PoSP with PBPartners is a simple and straightforward process. Follow these easy steps to get started:
Step 1: Register Online
To begin, visit the PBPartners website and click on the ‘Registration’ button. Enter your contact number, and you’ll receive an OTP (One-Time Password) to verify your account. Once verified, you’ll move on to the next step.
Step 2: Fill in Your Basic Details
After OTP verification, you will need to provide some basic personal details, including your PAN Card information, Aadhaar Card, and other demographic details.
Step 3: Complete Training
Before you can start selling insurance, you’ll need to undergo a mandatory 15-hour training provided by PBPartners. This training will equip you with the knowledge and skills to sell insurance effectively. After completing the training, you’ll need to pass an online exam with a minimum score of 40%. Upon clearing the exam, you’ll receive your official PoSP license.
Step 4: Begin Selling Insurance
Once you’ve completed the training and obtained your license, you’ll be ready to start selling insurance policies. You’ll have access to PBPartners’ online platform, which will allow you to choose from a wide variety of insurance products from over 26 insurance providers.
What are the Benefits of Becoming a PoSP?
Becoming a PoSP comes with several advantages, making it an attractive career option for many individuals:
1. Flexibility
One of the biggest advantages of being a PoSP is the flexibility it offers. You can work from anywhere and at any time. Whether you’re a stay-at-home parent, a student, or someone looking for a side hustle, the PoSP role allows you to manage your time and work schedule according to your convenience.
2. No Investment Required
Becoming a PoSP is completely free. There is no investment required to sign up or start working with PBPartners. All you need is to fulfill the basic criteria, undergo training, and you’re ready to begin your journey in the insurance world.
3. Earning Potential
As a PoSP, your income potential is unlimited. You earn a commission on every policy you sell, and since you have the flexibility to sell policies from multiple insurance companies, you have a much broader client base and can earn more. The more policies you sell, the higher your income.
4. Training and Support
PBPartners provides comprehensive training to help you become a successful insurance agent. The training includes essential topics such as insurance products, sales techniques, and legal requirements. You will also have access to ongoing support to help you grow your business.
5. Access to a Wide Range of Insurance Products
PoSPs can sell a variety of insurance products, including:
- Health Insurance
- Life Insurance (Term Plans, Child Plans, Retirement Plans)
- Motor Insurance (Two-Wheeler, Car, Commercial Vehicle)
- Travel Insurance
- Home Insurance
- Fire and Allied Perils Insurance
With access to such a broad range of products, you can cater to different customer needs and grow your clientele.
6. Online Platform and Technology
PBPartners provides you with a digital platform and a mobile app that you can use to manage your sales, track policies, and even process transactions. The digital tools make your job much easier, allowing you to access your business from anywhere.
Who Can Become a PoSP?
Anyone who meets the following basic requirements can become a PoSP:
- Age: You must be at least 18 years old.
- Education: A minimum of Class 10th education is required.
- Documents: You must have a PAN Card, Aadhaar Card, and a bank account in your name.
- Training: You must complete the mandatory training and pass the exam conducted by PBPartners.
This makes it an ideal opportunity for young graduates, part-time workers, retirees, and even college students looking to start their career in the insurance industry.
What Products Can You Sell as a PoSP?
As a PoSP, you’ll have access to a wide range of insurance products from more than 26 leading insurers. Some of the products you can sell include:
- Health Insurance: General health plans, senior citizen insurance, and family health insurance.
- Life Insurance: Term life insurance, child plans, and retirement plans.
- Motor Insurance: Two-wheeler, car, and commercial vehicle insurance.
- Travel Insurance
- Home Insurance
- Fire and Allied Perils Insurance
This diversity in product offerings helps you cater to a wide range of customer needs, increasing your chances of making successful sales.
Conclusion
Becoming a PoSP with PBPartners is an exciting opportunity to build a career in the growing insurance industry. With no upfront investment, flexible working hours, and unlimited earning potential, it’s a perfect option for anyone looking to start their career or earn extra income. By completing the simple registration process, undergoing training, and passing the exam, you can begin your journey as a PoSP and help increase insurance penetration across India.
Get started with PBPartners today and take the first step toward a rewarding career in insurance!
FAQs
What is a POSP Insurance Agent with PBPartners?
A POSP (Point of Sales Person) Insurance Agent with PBPartners is an individual authorized to sell insurance products to customers on behalf of PBPartners’ partner insurance companies.
How can I become a POSP Insurance Agent with PBPartners?
To become a POSP Insurance Agent, you need to sign up through PBPartners’ website, complete the training process, and pass the exam required for certification.
What are the eligibility criteria to become a POSP Insurance Agent with PBPartners?
To be eligible, you should be at least 18 years old, have completed at least the 10th grade, and have good communication and sales skills. No prior experience in insurance is necessary.
How do I register to become a POSP Insurance Agent with PBPartners?
You can register online on the PBPartners website or by visiting their office. After registration, you will be guided through the training and certification process.
Is there a fee to become a POSP Insurance Agent with PBPartners?
There are no upfront fees to register as a POSP Insurance Agent. However, you may need to pay for some exam or certification-related costs.
What training is provided to become a POSP Insurance Agent?
PBPartners provides comprehensive training that covers insurance products, customer management, sales techniques, and industry regulations. Training is available both online and offline.
Do I need to pass an exam to become a POSP Insurance Agent?
Yes, after completing the training, you need to pass an exam to get certified as a POSP Insurance Agent. The exam tests your knowledge of insurance products and regulations.
What kind of insurance policies can I sell as a POSP Insurance Agent with PBPartners?
As a POSP Insurance Agent, you can sell both life and general insurance policies from PBPartners’ partner insurance companies.
How do I earn money as a POSP Insurance Agent with PBPartners?
As a POSP Insurance Agent, you earn commissions based on the insurance policies you sell. Your earnings depend on the premiums of the policies sold and the volume of sales.
Can I work as a POSP Insurance Agent part-time or full-time?
Yes, you can work as a POSP Insurance Agent either part-time or full-time, depending on your availability and preferences.
Do I need to meet any sales targets to stay active as a POSP Agent with PBPartners?
PBPartners may set sales targets, but these targets are generally flexible. Meeting your targets helps you earn higher commissions and build a successful career as an agent.
Can I sell insurance online as a POSP Insurance Agent with PBPartners?
Yes, PBPartners provides online platforms that allow POSP Insurance Agents to sell insurance policies, track leads, and manage their sales remotely.
How can I find customers to sell insurance policies?
PBPartners offers guidance on lead generation and customer acquisition. You can leverage your network, promote online, or use marketing tools provided by PBPartners.
What support does PBPartners offer to POSP Insurance Agents?
PBPartners offers ongoing support, including training, marketing materials, and customer support, to help you succeed in selling insurance products.
Can I work with other insurance companies while being a POSP Agent with PBPartners?
As a POSP Agent with PBPartners, you can sell products from PBPartners’ partner companies, but you are not restricted to PBPartners alone. You can sell other insurance policies as well.
What are the advantages of becoming a POSP Insurance Agent with PBPartners?
PBPartners offers flexible working hours, a wide range of insurance products to sell, competitive commission structures, and support to help you succeed.
How do I track my earnings as a POSP Insurance Agent?
PBPartners provides an online portal where you can track your sales, commissions, and performance metrics in real-time.
What happens if I fail the exam to become a POSP Insurance Agent?
If you fail the exam, PBPartners offers additional training and opportunities to retake the exam to help you become certified as a POSP Insurance Agent.
Do I need a license to sell insurance as a POSP Agent with PBPartners?
Yes, you will need to obtain a POSP certification, which is granted after you complete the training and pass the exam.
How long does it take to become a certified POSP Insurance Agent with PBPartners?
The certification process can take a few weeks, depending on the completion of training and passing the exam. PBPartners ensures that you are fully equipped before you start selling insurance policies.
