Pos insurance
![pos insurance pos insurance](https://www.restaurantowner.com/members/images/524b.png)
However now a POS can sell insurance products for multiple companies as long as he/she is aged 18 or above and has cleared 10th standard exams. Earlier, distributors used to be associated with just one company. 2.Multiple opportunitiesĪnother advantage is that a POS can work for more than one insurance service provider. This frees up the existing full-fledged distributors to sell more of the complex products like ULIPs and deferred annuity plans, thus providing dual advantages. So motor insurance or travel insurance, whose terms are easy to understand and explain to the buyers, comes under the ambit of an insurance POS. The new arrangement works best for simpler products that do not have a lot of underwriting efforts to sell to the consumer. Let’s check out some of the advantages of becoming a POS for insurance sector: 1.Free up existing workforce to sell more complex products With little training and qualification needed to sell the simpler insurance products, POS can augment the existing insurance distribution workforce and add value to a higher volume of sales.
![pos insurance pos insurance](https://graphicsnme.com/wp-content/uploads/2019/01/POS_mockup.png)
IRDAI, the governing body for regulating the insurance sector, has allowed a Point of Sale (POS) person to sell insurance policies. This scenario is bound to change for the better with the introduction of POS for insurance. Be it for a simple product like motor insurance or travel insurance, or for a more complex insurance solution like ULIP, the mandate is that only a registered distributor can sell policies from a particular insurance provider. And one of the key reasons for this is the lack of trained professionals who can be employed as agents or distributors. The penetration of insurance in India is quite low.