Sage-Tips

Can I become PoSP for two companies?

Unlike regular insurance agent, a PoSP can sell insurance products from multiple companies, without any restrictions and across approved insurance categories too, like term life plans, motor insurance, health insurance plans and more.

Can I sell insurance for multiple companies?

Unlike captive insurance agents, independent insurance agents are not contracted to work with one single company, and they can sell policies from multiple insurance companies.

Can a person work for 2 insurance companies?

You can work for more than one Client Company at a time if accepted to the program. There are Licensed and Non-Licensed positions with the Insurance Client.

Can a broker sell on behalf of multiple insurers?

Agents also receive appointments to represent one or more insurance companies, but brokers do not. Brokers, on the other hand, can solicit price quotes from multiple insurers. When consumers are ready to buy, they must obtain a binder directly from an insurance agent or the insurance company.

Which is the best Posp in India?

Without any doubt, Square insurance is the best PoS insurance company and manufactures the best insurance PoS in India.

How do you become Posp certified?

Any individual can enrol for the certification course if he is more than 18 years old and has cleared Class 10. After the completion of the online certification course, there is an online exam. If the individual clears the exam with a minimum of 40\%, he can become a POSP (Point of Sale Person).

How many insurance companies can an agent represents?

Agents are trained and licenced individuals, and as per the rules, can only represent one insurer from a sector. This means that an agent can sell policies of only one life, one non-life and one health insurance company.

Can you be appointed to more than one insurance company?

An independent insurance agent is able to apply for appointment with multiple companies. This allows the agent access to a variety of insurance products from multiple agencies.

Can you sell insurance independently?

Becoming an independent insurance agent provides ample opportunity for those wanting a flexible lifestyle while helping people and earning a potentially high income. Independent insurance agents can work by themselves and work when they choose.

How can I become a IRDA corporate agent?

For being registered as a Corporate Agent, the applicant must be the following:

1. A company formed under the Companies Act, 2013 or the company law; or.
2. A Limited Liability Partnership under the LLP Act, 2008; or.
3. A Co-operative Society registered under Co-operative Societies Act; or.
4. A banking company; or.

What is the difference between an agent and a producer?

In most cases, producers are licensed in both Property & Casualty Insurance and Life Insurance. The difference between an insurance producer and an insurance agent is that the agent is generally the “owner” or “principal” of the agency, and the producer is an employee of the agency.

What is the POS initiative introduced by IRDAI?

The PoS (Point of Sales) initiative was introduced by IRDAI, to increase insurance penetration in India. In other words, a PoS agent can sell insurance after receiving a Certificate by IRDAI.

Can a POS insurance agent sell products of two companies?

PoS Insurance Agents can sell the product of only one company. That is the employer. Though, the same person can become an agent of a Life Insurer as well as a General Insurer. So, he or she can sell the products of 1-Life Insurer as well as 1-General Insurer and 1 Health Insurer.

Does IRDAI allow in-house training for point of sale persons?

Accordingly, Irdai has allowed in-house training by the insurer or intermediary engaging the point of sale persons. They will have to conduct an in-house training of 15 hours and an examination thereafter. The insurer or the intermediary will then issue a certificate and maintain the records for at least 5 years.

How to become a POS agent?

PoS persons can be engaged directly by insurance companies or by other intermediaries such as corporate agents and insurance brokers. Hence, if you want to get certified as a PoS agent, you need to get yourself registered with an insurance company or broker.