In a bid to increase penetration of insurance across India’s Tier-II and III towns and cities and in rural areas and create a tech-enabled salesforce, Pune-based Acuvisor Insurance Brokers, has launched its Point-of-Sale Person (PoSP) App that will enable aspiring insurance professionals to get trained and also sell specifically designed insurance products.
The App was launched over a virtual event today by Nitin Gadkari, Hon’ble Minister for Road Transport and Highways, Government of India.
“It is my great pleasure to launch this app. Young people in colleges are not taught how to organise themselves as new members of the workforce, especially in sales and marketing. This app besides teaching them insurance as per IRDAI will also teach them business, basic, and etiquettes that will help them throughout their lives,” said, Nitin Gadkari, Hon’ble Minister for Road Transport and Highways, Government of India.
The Acuvisor app will aim to create an army of well-trained Point of Sale Persons (PoSPs) in insurance, who would be allowed to sell only specifically designed insurance products. This could result in an increase in insurance penetration into the middle and lower middle class – a sector largely unaware or sceptical about the benefits of insurance and different insurance products.
PoSPs are like insurance agents, but the educational requirement and training of the PoSp is minimum Class-X pass and 15 hours of training. In comparison, an insurance agent requires a minimum educational qualification of Class XII pass and 50 hours of training.
With the launch of the app, Acuvisor aims to expand its geographical footprint across most Tier II and Tier III cities with tech savvy youth living in them, and the rural areas across India with a targeted PoSP salesforce of 100,000. The firm has also tied up with 34 (insurance companies) for insurance products.
Vasant Pandit, Chief Mentor, Acuvisor, said, “We hope to provide an opportunity for many youths looking for a career in sales and marketing to learn basic marketing skills for free, and provide a bridge to take them over the knowledge gap that so many of them face.”
Acuvisor App is designed to help PoSPs get training, earn certification to then sell general, health, and different insurance products. As prescribed by the regulatory authority, Insurance Regulatory and Development Authority of India (IRDAI), the app has a mandatory training course of 15 hours that is divided into multiple modules.
Candidates must pass each module of training and if they fail, they repeat each module. After successfully completing the training session, candidates would be certified by Acuvisor as a PoSP and would be permitted to sell a range of life, non-life, and health Insurance Products. The app would also help successful candidates prepare for sales and marketing and will help them identify potential clients, contact them, conduct meetings, and finally sell.
The app will also have a presentation for prospective clients and help them identify their insurance needs. This would enable PoSPs to calculate the Human Life Value and recommend suitable insurance policies for free.