hello guys welcome to my channel find off sales person and alternative distribution channel for insurers introduction the incident regularly and Development Authority of India i n t a i permit insurance companies and intermediaries to a point individuals his point of salespersons pause PS plus PS are essentially individuals who are permitted to carry out activities pertaining to solid key station and marketing of incidence policy products and RF distribution channels for insurers or intermediaries accordance with the profession of the incident act 19 and 38 sale and silicate salication of insurance products can only be carried out by entities listens by the iftai and the insurers or intermediaries hospitals despite not being licensed person are a qualified person as discussed below and carry on the activity awesome and salutation of insurance product they are sponsored by insurers or intermediaries to carry on self and solicitation activities the i r d a i in its Emerald reports for financial year FY 20 and 20. 21 identify it that both of products like mother in syringe travel insurance personal exited incident point of sale products one are largely re-underwritten since they are started in network Italy such policies are automatically generated by the insurers system
Launch this customer provides a predetermined set of information there is little to no units intervention required in the process the irdai has analyzed the nature of such policies and it considered that the amount of training and qualification will coverage for solicitation and self of such policies is basic and does not require extensive understanding of the underwriting process chargingly for to facilitate the growth of insurance business and to enchant Insurance presentation and inference just density and the country the eye ear dii introduced the following Titans to legitimate pause PS2 utterly search for distribution of point of sale products point a cut line on point of sale products POS life insurance product two date November 7 20 and 16. date guidelines on point of sale person life in syringe 3 did November 7 2016 but collect and receive it in master secular a point of sales product and percent life incident for and B get lines and point of self person non-life and health insurance 5. let’s modify it by circular date March 16th on 20 and 17. can one qualify as a pope speak like incidents again broken for if I had two person and specific person being natural persons who will fit to Market and sell insurance product pause PS also need to undergo training to qualify as such as are broadly divided into categories of life and not life depending upon the type of training undertaken by them the art rdai prescribes model syllabus for both categories of post BS training requirements for both life and on life posbs are the same bearing the content of the syllabus any person who is at least 18 years of age and has successfully cleared his 10th grade examination is eligible for training the training in Volvos 15 hours of In-House training followed by exams conducted by insurers or intermediaries on the basis of the model syllabus successful candidates are provided a certificate and appointed as post BS in accordance with accredit terms and condition how does this help insurance and intermediaries the fundamental benefit of appointing prosperous is that it allows Market participants to diversify their distribution Network and ensure rich and accessibility to avoid the section of perspective customers with a larger pool of customers that become accessible by utilizing prosperous insurers will be able to ensure a correct crowd and stability this in turn and expected to lead to higher incident penetration in India the i-r-d-a-i annual report states that it’s orange penetration in India is severally low at 4.20 degrees as of March 31 20 and 21. given that the eligibility equipments for post fears are low and the training is not intensive any person can become a plus BS this enables insurer and intermediaries The Leverage The exiting work forged as hospice for the solocation and cell of Point of Sales products most of the existing workers force is well qualified and already well purchased with the insurance business this can be done up next to the cost a new distribution Channel with good no health and expertise it is interesting to know that this option has not been exercised by majority of Market participants analyzing recent
Market trend the i-e-i-r-d-a-i and All Rivers record that as on March 31 and 20 and 21 the total number of prospects injured by Insurance Market participant was at 27 and 901 by the breakup of fussy is appointed by each type of Market participant it provides in the infographic pillow Instagram Brooks being the most active in training and appointing prosperous with the 4 billion quantity 9.585 plus BS applied as on March 31 2021 however Islam account for digital number of SPS appointed by 106 Brokers the approximate average number of prosperous for broker being for thousand and 241 however the numbers Point towards the concentration of phospheres in intermediary categories with Brokers and corporate action of counting for a combined 5.55.452 prosperous more than half of the industries okay guys don’t don’t forget to like And subscribe and share to your family to your friend and to someone bye
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