Over the next decade, the Indian insurance market is poised for remarkable growth, with expectations of quadrupling in size from its current state of $60 billion. India, as the second most populous country, has an insurance penetration rate of just 3.42%, significantly below the global average of 6.2%, as reported in the "Transformative Agenda for The Indian Insurance Industry and its Policy Framework."
Considering the growing importance of the insurance world, if you are interested in capitalizing on this lucrative opportunity, becoming an insurance Point of Sale Person (PoSP) is one of the most promising options. As a PoSP, you serve as the crucial link between insurance companies and individual investors, acting as a representative of the insurer. This role comes with numerous financial, social, and personal advantages for those who pursue it.
Here are the unique benefits of insurance PoS agent
Start earning at the early age of 18
One of the best benefits of becoming a PoSP insurance agent is the ease of entry; as a PoSP, you must be 10th pass, and have a valid Aadhaar Card and PAN card. All you need is love for the thrill of the hunt, the rush of a sale.
Get a chance to work for yourself
As a PoSP insurance agent, you get a chance to work for yourself; you can work as per your schedule. The more you invest your time and resources, the more returns you can expect to get. You only need to have the right mindset to sell insurance in a rightful manner.
Build a Stable Income and Control the Growth
The insurance industry offers huge untapped earning potential to a PoS agent, and once you become a PoS insurance agent, your income is only limited by your desire. Because of under-served insurance markets, there is always this opportunity to earn more with a little more effort. The best part about becoming a PoS insurance agent is once you sell the policy, the earnings are not restricted to the first year, you will earn on the policy renewal as well, which can easily go up to 30 years. Thus, over a period, your regular income stabilizes, and every additional effort only increases your income further.
Zero Investment Required
The only investment that you need to make is your time and effort. There is no upper cap on the income that you can generate.
Flexible Work Timings
In contrast to many other professions that require employees to be at their desks from 9am to 6pm, a career as a Point of Sale Person (PoSP) insurance agent offers the benefit of flexible working hours. As an insurance agent, you have the freedom to tailor your work schedule to your convenience. You can even establish your own office separate from your home if you prefer. This flexibility extends to homemakers, who can leverage the opportunity to become financially independent and contribute to their household income as PoSP insurance agents.
Retirees, too, can tap into this career path to create an additional income stream by assisting individuals in understanding and purchasing insurance plans. It serves as an excellent source of part-time income for those who are already engaged in other occupations.
Make a Difference in People's Lives
For a PoSP, the insurance industry offers an excellent opportunity to make a difference in people’s lives and society. The best part is that insurance agents are equally rewarded as their work helps people build assets, take care of children's education, transfer wealth from one generation to the next plan for retirement, and much more.
Learn from Industry Experts
Upon becoming a Point of Sale Person (PoSP) agent with a renowned insurance company, you gain access to a plethora of opportunities for enhancing both your personal and professional skills. These opportunities are provided through expert-led training programs, which encompass a diverse range of instructional methods, such as classroom sessions, practical field exposure, and one-on-one coaching.
Rewards & Recognition
Being an insurance Point of Sale (PoS) agent opens up exciting prospects to partake in various national and international recognition platforms as an accomplished insurance professional. Notable examples include esteemed forums like "Asia's Trusted Life Insurance Agents and Advisors" and membership in the prestigious "Million Dollar Round Table (MDRT)" for life insurance agents. While the qualifications for these accolades may be demanding, they can propel agents onto the global stage.
For instance, "Asia's Trusted Life Insurance Agents and Advisors" gathers participation from six prominent Asian countries, including China, Hong Kong, Malaysia, India, Taiwan, and Singapore (Source: Asia Trusted Life Insurance Agents and Advisors).
Bottom Line
Concisely, if you are looking for a career where you can be your own boss, define your income by yourself, and help people build a financially stable future; becoming an insurance agent could be the thing for you.
