A company's tangible and intangible assets are subject to several hazards, it is vital to protect them with an insurance policy. A Corporate Insurance Agent is a qualified professional who caters to the insurance needs of a company or a group of companies while a POS Insurance Agent is a professional who caters to the insurance needs of the individuals. Because insurance companies are unable to contact every individual from a company, a corporate agent in insurance serves as a liaison between the two sides.
Despite many similarities, in many ways, a Corporate Insurance Agent functions differently compared to an Individual Insurance agent. In this article, we would focus on the key differences between a corporate insurance agent and a traditional insurance agent.
What Is Corporate Insurance?
To understand the differences between a Corporate Insurance Agent and a POS Insurance agent, we must first understand what Corporate Insurance is. In order to sell insurance policies, a corporate insurance agent operates as a trustworthy source representing the insurance business for corporate companies, businesses, and firms. Before providing services, the corporate insurance POS agent must determine the company's needs. He must also consider the number of insurers available as well as the services they provide.
Corporate entities that provide these services adhere to an open architecture proforma, which allows them to sell numerous policies. A corporate agent in insurance is limited to one life, one non-life, and one health insurance carrier. Factors affecting Corporate Insurance are the Average Age of the Employees, The Size of the Group, Medical History of the Employees, Plan Categories, and Coverage of Dependents.
Corporate Insurance Agent Vs. POS Insurance Agent
The traditional Insurance Agents were unable to expand insurance penetration. As a result, an alternative channel for Corporate Agents has been established. Under the new paradigms, even banks act as Corporate Agents. The IRDAI offers detailed requirements for Corporate Agents. A Corporate POS Agent can handle only activities like - Soliciting Business, Prospecting, Business Logging, Quality Check, Grievance Management, and Customer Feedback. Following are the key differences between a Corporate Insurance Agent and a POS Insurance Agent.
| DIFFERENTIATING POINTS | CORPORATE INSURANCE AGENT | INSURANCE POS AGENT |
|---|---|---|
| Difference In Activities | Corporate Agent is an insurance agency license issued by IRDAI and a Corporate Agent sells insurance on behalf of an insurance company to the corporate companies, businesses, and firms. | Insurance POS Agent is an insurance license, issued by IRADA and a POS Insurance Agent sells insurance on behalf of an insurance company to individual customers. |
| Tie Up with Companies | Corporate Insurance agents can tie up with a limited set of insurance companies (Maximum 9 Insurance Companies.) | There is no such limit for the POS Insurance Agents and they can tie up with as many insurance companies as they wish to tie up with. |
| Options of Insurance Types and Profiles | A Corporate Insurance Agent can sell only limited options of insurance types and profiles. | A POS Insurance Agent can sell any insurance type and profile. There is no such limit for insurance types and profiles for a POS Insurance Agent. |
| Types | Corporate Agents are of 4 Types -
1. Life Insurance Corporate Agent (They can Tie-Up with a maximum of up to 3 Life Insurance Companies and sell only Life Insurance.) 2. General Insurance Corporate Agent (They can Tie-Up with a maximum of up to 3 General Insurance Companies and sell only General Insurance.) 3. Health Insurance Corporate Agent (They can Tie-Up with a maximum of up to 3 Health Insurance Companies and sell only Health Insurance.) 4. Composite Insurance Corporate Agent (They can Tie-Up with a maximum of up to 9 Insurance Companies:
|
POS insurance agents are of the two types - 1. Life Insurance Agents Life insurance covers all facets of a person's finances during their lifetime. Term life insurance, endowment plans, money-back policies, and unit-linked insurance plans are some of the options available. 2. General Insurance Agents General insurance covers health, auto, travel, and house, among other things. |
| Rigorous Criteria | Corporate Agents must follow rigorous criteria and be supervised by professional and skilled Principal Officers and Specified persons. | There are no such rigorous criteria required to be a POS Insurance Agent. |
How to Become an Online Corporate Insurance Agent?
Despite differences, the Procedure to become a Corporate Insurance Agent is similar to that of becoming a POS Insurance Agent. In following easy steps, you can get a brief information on how to become a corporate insurance agent -
- Log in to the Insurance Company's Website for your Corporate Insurance Account.
- Sign-Up for a Corporate Insurance Agent by filling up your Personal Details
- Upload the required documents along with the following necessary documents - ● PAN Card ● Address Proof
- After the verification of your documents, you would become a Corporate Insurance Agent for your Insurance Company
- Begin your journey as a corporate insurance agent of the Insurance Company
- You can use the Company’s Dashboard to add Inquiries
- You can now enter information about Potential clients and Receive Quotes
Eligibility to work as a Corporate Insurance Agent
The eligibility for working as a Corporate Insurance Agent is more or less similar to the eligibility to work as a POS Insurance Agent. To work for us as a corporate agent in insurance the applicant must be -
- 18+ in Age
- Passed the S.S.C.
- Obtained an IRDAI certification
The firm with whom you work as a corporate agent in insurance generally provides all essential training and marketing collateral, as well as full-fledged sales support and help to the broker. A Corporate Insurance POS Agent has the opportunity to serve a wide range of clients and deliver services.
Conclusion
A licensed professional who specializes in and provides insurance solutions to corporates or a group of firms is known as a Corporate Insurance Agent. As compared to the traditional insurance agent, a Corporate Agent differs in Difference In Activities, Tie-Up with Companies, Options of Insurance Types and Profiles, Types, and Rigorous Criteria. You can become a corporate insurance POS agent by following a few simple steps. Becoming a Corporate Insurance Agent helps in elevating your career and provides an excellent entrepreneurial opportunity for gainful earnings.
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