IRDAI, in a progressive step, has introduced the Point of Sales Person (PoSP) model to make it easier to sell simple insurance products and drive penetration. There's a notable shift towards crafting personalised insurance solutions that are finely tuned to cater to individuals' unique needs and lifestyles. Enhancing distribution through technology integrationTechnological integration is pivotal in the PoSP model, enabling agents to deliver efficient and transparent insurance services. Empowering agents, enriching customersCentral to the success of the PoSP model is the empowerment of agents, both financially and intellectually. The PoSP model, supported by regulatory frameworks and technological advancements, presents a unique opportunity to unlock untapped segments of the population and drive greater insurance adoption.

Source: Forbes February 24, 2024 19:41 UTC