POS Insurance: Products, Benefits and How to Get Started with Quickinsure

Have you heard about POS insurance and wondered what it means? POS stands for Point of Sale. In the insurance industry, it refers to a way of selling certain insurance products through trained and authorised people called Point of Sales Persons (POSPs).

This model gives customers a simpler way to explore insurance plans and complete purchases. It also gives people an opportunity to start selling insurance without setting up their own insurance business.

If you're planning a career in insurance sector, becoming a POSP may be worth considering. Here's a practical guide to POS insurance, the products available, how the process works and how you can get started with Quickinsure.

What Is POS Insurance?

POS insurance refers to insurance products sold through the Point of Sale (POS) model. These products are offered through trained individuals who have completed the required registration, training and certification process.

A POSP helps customers understand available policies, share quotes, collect application details and guide them through the purchase process.

The products sold through this model are generally designed to have clear features and simpler purchase requirements. The exact products a POSP can sell depend on the applicable rules and their authorisation.

POS insurance is not a separate type of insurance policy. It describes a method of selling eligible insurance products through authorised POS persons.

What Is a POSP Insurance Agent?

A Point of Sales Person (POSP) is an individual who is authorised through an eligible insurer or insurance intermediary to sell specified insurance products.

A POSP can help customers with tasks such as:

• Understanding available insurance plans
• Checking policy features and premium quotes
• Sharing product information
• Collecting application details
• Helping customers complete policy purchases
• Providing basic support during the purchase process

A POSP must explain the policy correctly. Customers should know the cover, exclusions, limits and other conditions before buying.

Types of POS Insurance Products

The insurance products available through the POS model depend on the applicable regulatory rules, insurer partnerships and the POSP's authorisation.

Common categories include:

1. Motor Insurance

Motor insurance covers eligible two-wheelers, private cars and other vehicle categories.

A POSP can help customers compare available plans, understand third-party and own-damage cover, and check add-ons such as zero depreciation and roadside assistance.

2. Health Insurance

Health insurance helps people manage eligible medical expenses. Depending on the product, plans may cover hospitalisation, treatment and other listed medical costs.

A POSP should explain waiting periods, exclusions, room rent limits and pre-existing disease conditions before a customer buys a plan.

3. Personal Accident Insurance

Personal accident insurance provides benefits for specified accidental events, as stated in the policy.