The digital revolution in the insurance industry of India refers to the use of technology to transform various aspects of the insurance sector, including customer engagement, underwriting, claims processing, and distribution. At present, with the rise of digital channels such as social media, insurance agents can interact with their customers more frequently and in a more personalised manner.

As an independent insurance agent, it may not be easy for you to fully embrace the digital transformation of the insurance industry. At the same time, sticking to traditional and conservative methods could leave you behind in the race as competing with technology is not an easy feat. Hence, it would be wise to join a programme offered by a top insurtech company like PolicyBoss to make the most out of the digital revolution in insurance.

How have insurers in India adapted to the digital revolution?

To keep up with the digital age, insurance companies in India have taken various steps to modernise their operations. They have digitised their insurance distribution processes, introduced mobile apps for customers, and started using big-data analytics to evaluate risk and design policies. Additionally, several companies have partnered with fintech startups to create inventive solutions that address the evolving demands of their customers.

Another significant change brought about by the digital revolution is the shift towards online insurance sales. Companies have started offering policies online, making it easier for customers to purchase and renew policies without visiting a physical branch. It has also led to the emergence of online aggregators that allow customers to compare policies from different companies and make informed decisions.

Why should insurance agents in India consider joining the digital-selling revolution?

For insurance advisors, joining the digital-selling revolution can be a smart move for several reasons. Here are the top five reasons:

1. The Convenience Factor:
   With digital selling, insurance agents can reach their customers from anywhere, at any time. You no longer have to rely on face-to-face meetings or phone calls. You can reach them through various digital channels, like social media, email, etc. It not only saves time but also makes it easier for customers to get in touch with insurance agents. In today's fast-paced world, convenience is king, and selling insurance online offers just that.
2. Increased Efficiency:
   Digital selling allows insurance agents to streamline their sales process. You can automate tasks like lead generation, follow-ups, and even closing deals. It enables you to focus more on selling and building relationships with customers. With digital selling, insurance advisors can also track customer behaviour and preferences, making it easier to provide personalised service.
3. Competitive Edge:
   The internet has enabled businesses to reach customers nationwide. And it's true for the insurance industry, where agents can sell insurance online.

   By joining the digital selling revolution, you can tap into a larger market and expand your customer base. You can also target specific demographics and customise your marketing efforts accordingly.

   For instance, health insurance is one of the most needed insurance products in remote areas of India. Health insurance coverage helps people in these areas get access to quality healthcare without worrying about the cost.

   Digital selling is no longer a luxury but a necessity. Joining the digital selling revolution is essential for insurance agents to keep up with the competition. By embracing digital selling, you can stay relevant and offer your customers a modern, seamless experience.

   Digital selling platforms generate a lot of data that can be used to better comprehend customer behaviour and preferences. Insurance agents can leverage this data to reach potential customers, develop marketing strategies, and provide better customer service, leading to more personalised and compelling offerings.

4. Cost-effectiveness:
   One of the most significant advantages of digital selling is its cost-effectiveness. It eliminates the need for expensive office space, travel, paperwork, etc.

   Additionally, using digital tools like email, social media, and video conferencing further reduces the operational costs. Insurance companies pass these cost savings to customers. As a result, insurance agents can offer products to customers with competitive premiums or enhanced coverage options.

How the PoSP programme can help you become a part of the digital selling revolution

PoSP or Point-of-Sales Person is the term used for insurance agents who partner with insurtech firms. Insurance PoSPs can sell insurance online directly to customers. As a PoSP, you can sell different types of policies, such as health insurance, motor insurance, travel insurance, etc.

To become an insurance PoSP, you must join the PoSP programme of any insurer or insurtech firm. The IRDAI approves PoSP programmes, and it takes only a few hours to complete this self-learning course. Immediately after the certification, you can start selling insurance online. The PolicyBoss PoSP programme is a commission-based business opportunity that suits people looking for a side income while working from anywhere.

To join a PoSP programme, you don't need any high educational qualifications or a significant investment. The minimum qualification to become a PolicyBoss PoSP agent is grade 12.

To join a PoSP programme, you don't need any high educational qualifications or a significant investment. The minimum qualification to become a PolicyBoss PoSP agent is grade 12.

1. You can work from anywhere, anytime. You can access the PolicyBoss agent platform through different devices with a stable internet connection and seamlessly connect with your customers.
2. A transparent payment system is another significant advantage of the PolicyBoss PoSP programme. You can see case-wise details of your business in the Dashboard of the digital platform.
3. You will get a dedicated Relationship Manager who will support you in various business situations. This will aid you in growing your business fast and earning more.
4. Assistance in back-office management.
5. A dedicated team to provide claim advisory and support.
6. The PolicyBoss agent platform is 100% digital. It means no paperwork in sign-up, training, certification, sales, etc.
7. PolicyBoss invests heavily in technology. Hence, as an insurance PoSP with PolicyBoss, you get access to these technological innovations that help you in improving your productivity and earning more commission.
8. Flexibility in working hours is another important feature; you can select your working hours according to your lifestyle. It enables you to maintain a better work-life balance.
9. PolicyBoss is associated with all major insurers in the country, providing you access to a diverse range of products.

Summary

The insurance industry in India is growing tremendously, and insurance agents who join the digital selling revolution are likely to reap the benefits. The advantages of digital selling are numerous, from increased efficiency and convenience to a wider reach and cost-effectiveness.

So, what are you waiting for? It's time to embrace the digital age and take your insurance business to new heights. Join the PolicyBoss PoSP programme and take full advantage of the digital selling revolution in the insurance industry.