Policybazaar is the undisputed industry leader in online insurance sales, with a market share of 90% plus.
According to national brokerage and research firm Edelweiss, Policybazaar (PB) has carved out a position for itself
in the fascinating sector of online financial products, with low digital sales and insurance penetration backing its
development potential in this budding industry. In 2021, the company announced its PoSP business– PBPartners. After
its success as one of the most sought-after fintech companies in India, Policybazaar now plans to kick things up a
notch by foraying into the PoSP business. Hence, the company is inviting insurance agents pan India to become PoSP
with PBPartners and embark on a journey of mutual growth.
According to Frost & Sullivan, direct selling has generally been the most prominent distribution channel and
will continue to play a significant role in the distribution of insurance products. Hence, Policybazaar has expanded
its footprint through such PoSP offline channels across India to support its digital presence. The primary reason
for launching the Point of Sales Person (PoSP) business is to scale insurance penetration in Tier-2 & Tier-3
cities, occupying 50% of consumer demand. Essentially, “Taking Insurance to Bharat”!
In 2015, the Insurance Regulatory and Development Authority of India (IRDAI) established a new form of insurance
distributor known as the PoSP. The intent was to increase insurance penetration across the country. The PoSP
full form in insurance is the Point of Sales Person. A PoSP insurance agent can sell a wider range of policies from
multiple insurance companies, across categories like health insurance, term life insurance, two-wheeler,
four-wheeler, commercial vehicle insurance, etc. These products are pre-underwritten and authorized by the Insurance
Regulatory and Development Authority of India (IRDAI). So, gone are the days when selling policies was a challenge
for insurance agents.
In many respects, the role of a PoSP is similar to that of an insurance agent. They also find leads, conduct sales
calls, develop connections with prospects and clients, and sell insurance plans according to their requirements.
However, a PoSP is an independent insurance agent, who has to spend more time studying and evaluating insurance
alternatives for their clients and prospects because they aren’t selling for just one carrier.
For example, suppose a PoSP meets a fresh lead who is searching for health insurance. After some specific
inquiries, the PoSP will go back to the portfolio of insurance carriers and policies to come up with a few solutions
to provide. He may return with multiple policy options for his prospect, each from a different carrier. This gives a
PoSP insurance agent greater flexibility in creating and offering the best policy for their customers.
A PoSP typically works as an independent contractor as well as an independent agent. That means he will need to
manage a business rather than just work for someone else. This involves more responsibility than working for one
insurance company, but it also offers more opportunities.
Let’s understand the difference between POSP and an Insurance agent in detail:
The qualification for being an insurance agent is graduation, along with the intermediate(12th standard) passing
certificate. Furthermore, agents need to pass the examination conducted by IRDAI. Candidates can only appear for the
exam after the completion of over 50 hours of training. After this training, the agent appears for the exam and upon
passing it, receives a license with a validity of three years only.
To be a PoSP, all you need is a high-school passing certificate. A PoSP undergoes a 15-hour training post which
they need to pass an examination. This 15-hour training session grants them a certificate that remains valid for
five days. PoSP agent partners need to appear for the exam within these five days. Earlier, only the National
Institute of Electronics and Information Technology (NIELIT) could certify trained PoSP. But PBPartners bring you
this facility so that you can take the next big step towards your full-time career.
An insurance agent can only sell policies offered by his affiliated company. However, insurance agents can sell and
simultaneously act as consultants to policyholders. They also sell complex products to people, companies, and
businesses. Insurance agents can help their customers tailor the policies to meet their exact requirements. Agents
may also have to advise clients on policy matters.
One of the biggest advantages of the PBPartners model is that it allows PoSP agent partners to work for more than
one insurance service provider. This business model has simpler products that don’t have many technicalities
to sell to consumers. A PoSP agent partner is also qualified to sell two-wheeler insurance, four-wheeler insurance,
life insurance, health insurance, etc. Products sold by a Partner must satisfy the three norms –
Insurance agents usually operate in tier-1 and tier-2 cities only. Their area of operation depends upon the
requirements of the associated Insurance company. Agents also usually sell products from a fixed bucket of policies
set by their company, hence focusing on selling products that are being pushed by the affiliate company. So in a
way, their area of operation is governed by their company’s bent to sell complex policies with varying
The vision of PBPartners is to act as a channel that gives last-mile connectivity to customers who can only be
tapped offline. As a PoSP, you can undergo training online at one of India’s leading fintech companies and
begin your full-fledged career. A PoSP mainly caters to first-time customers, in search of basic insurance policies,
across metros, urban, semi-urban, and rural areas. PBPartners enables a quicker onboarding procedure, thus engaging
the workforce with a bigger consumer base.
Anyone who is above 18 years of age and has passed out the 10th standard can become a PosP agent partner with us.
It is an excellent chance for young graduates and those searching for a part-time job. It is also an excellent
opportunity for college students, stay-at-home moms, retirees, and even individuals who currently have a job but
want to do more on the side.
PBPartners opens the world of insurance selling for you, in just a few simple steps. Read on below to discover how
to become a PoSP agent partner.
To become a PoSP agent partner with PBPartners click on the ‘Registration’ button on our website and
enter your contact number. This will send an OTP to your registered mobile number that you need to enter to verify
your account. This number will be your official registered mobile number.
Post verifying your OTP, you will need to fill in your basic information, share your PAN details, and a few more
Post sharing all this information you are required to undergo a mandatory 15-hour training which is followed by an
online examination. Upon successfully clearing this examination, you are given an appointment letter as our PoSP
agent partner that authorizes you to sell policies.
The insurance advisor certification course is concise. Any individual above the age of 18 who has cleared class 10
can enroll for the certification course.
Click on our website’s ‘Registration’ button and enter your contact number. Your registered mobile
number will receive an OTP that you’ll need to verify your account. You’ll have to fill in basic details
like your name, birthday, pin code, email ID, etc. After your onboarding, you will be able to scroll under the tab
“My Account” and see your basic details, banking information, professional detail, and KYC details. Now
you can opt for training and get certified with PBPartners to complete your partnership with us. Undergoing this
training and receiving certification is requisite for selling life insurance. The course involves teaching through
online tutorial videos. This course material is accessible through your computer or smartphone, anytime, anywhere.
At the end of the certification course, you will have to take an exam and pass with a minimum score of 40% to become
The course includes the following touchpoints:
PBPartners is here to harness the future of insurance and make it simple & convenient. To make insurance
selling easier for agent partners, PBPartners has introduced a Phygital (Physical+Digital) way of selling insurance.
A PoSP can choose to sell insurance either through the PBPartners’ web portal or can carry their virtual
office in their pockets by installing the newly launched PBPartners app.
At PBPartners, a partner gets the opportunity to sell different insurance products and plans from over 26+ of
India’s leading insurers. With PBPartners a PoSP can sell the below-listed PoSP-approved insurance products:
What makes PBPartners so efficient and effective is that it’s based on the Point of Sales Person (PoSP)
business model. This means that PBPartners not only offers a systematic trajectory for a professional’s career
but also helps them qualify for the required training to sell insurance products. Leveraging Policybazaar’s
expertise in the insurance business for the last 13 years, PBPartners aims to be a dominant player in the PoSP
space. PBPartners will empower its PoSP agent partner through its online selling platform and
Policybazaar.com’s innovative technology and smooth claims assistance.
PBPartners will provide a route for customers who are still inclined towards offline assistance. Simultaneously,
will provide a platform for partners to enable the customer’s end-to-end online journey through its portal,
from purchase to issuance.
One of the biggest advantages of the PBPartners model is that it allows agent partners to work for more than one
insurance service provider. As opposed to the practice of former times when distributors used to be associated
just one company, agent partners can now sell insurance products for multiple companies. The only qualifying
requisite for an individual to become an agent partner is for them to be 18 or above and to have cleared 10th
PB Partners offers a range of product lines with more than 26 insurance providers. The company is allowing its
agent partners to sell the entire bouquet of General Insurance products and Life Insurance through their web
and PBPartners app.
The most beneficial thing about being at PBPartners is that you can undergo training online and begin your
full-fledged career as a PoSP. Earlier, only the National Institute of Electronics and Information Technology
(NIELIT) could certify trained PoSP. But now PBPartners brings you this facility so that you can take the next big
step towards your full-time career. This enables a quicker onboarding procedure for agent partners. The conducted
online training takes at least 15 hours and the online test is in an objective format.
Unlike most corporations that function under a fixed work schedule, PBPartners allows its PoSP agent partners to
work from anywhere and anytime. This gives the convenience of comfort and eliminates the stress of time-bound
Signing up for PBPartners is free of cost, and therefore it requires zero investment from your end. The
registration process is simple and only requires basic information.
Our PoSP agent partners get to work even after retirement and earn attractive payouts.
PBPartners is powered by ingenious technology leveraged through Policybazaar and support from the PBPartners team
that is ready and eager to help our PoSP agent partners. So you get to be a part of a vast network and value-based
We are omnipresent, having our footprint expanded to 14,319+ Pin Codes out of 19,100 Pin Codes in India.
Providing a comprehensive solution for all insurance needs through phygital interaction, PBPartners is here to
evolve the insurance domain. Simplifying the journey from verification to registration, PBPartners takes you
a step-by-step procedure to scale offline insurance penetration in Tier-2 and Tier-3 cities. Based on the
and effective Point of Sales Person (PoSP) business model, PBPartners leverages its innovative technology to
simplify your new career path.
In a few simple steps, PBPartners opens up a world of endless opportunities for you. Earn attractive remuneration
while you go mobile. Just log on to our website or PBPartners app and register yourself with PBPartners to become a POSP Insurance agent. Whether you’re struggling with your
internship or dreading your retirement, as a partner you can turn things around whenever you want. So hurry up and
say ‘yes’ to a profession that you can choose at your convenience.
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