9 months ago
POSPs to Drive ₹3.1–3.3 Trillion Insurance Premiums by FY2030
Point-of-Sale Persons (POSPs) are becoming very important in selling insurance, especially in smaller cities.
The government wants everyone to have insurance by 2047, and POSPs are helping with this goal.
By 2030, they are expected to help sell insurance worth ₹3.1–3.3 trillion.
There are now over 20.4 lakh POSPs, which is a big increase from a few years ago.
They help people buy insurance easily and provide good advice.
Companies like Turtlemint are using technology to make this even better.
POSPs are expected to drive ₹3.1–3.3 trillion in insurance premiums by FY2030.
The POSP workforce grew 2.47 times from FY2021 to FY2024, reaching over 20.4 lakh.
The total addressable market for digital retail insurance distribution is projected to reach ₹5.3–5.8 trillion by FY2030.
POSPs are seen as a powerful business opportunity for micro-entrepreneurs and a way to bridge the financial literacy gap.
Turtlemint operates the largest certified POSP network, combining technology and personalized advisory to serve customers.
- Who
- Point-of-Sale Persons (POSPs) and insurance brokers
- What
- POSPs are expected to drive ₹3.1–3.3 trillion in insurance premiums by FY2030
- Where
- Primarily in tier-II and tier-III cities across India
- When
- Projected for FY2030, with significant growth seen from FY2021 to FY2024
- Why
- To bridge the financial literacy and access gap, and to achieve the government's 'Insurance for All by 2047' vision
Key facts
- Projected Premiums by FY2030
- ₹3.1–3.3 trillion
- Total Addressable Market by FY2030
- ₹5.3–5.8 trillion
- POSP Workforce Growth (FY21-FY24)
- 2.47 times
- POSP Workforce in FY24
- 20.4 lakh
- POSP Framework Introduction
- October 2015
- Key Insurance Segments
- Motor, Health, Retail Life
- Government Vision
- Insurance for All by 2047
Quotes
Narendra Bharindwal
President, the Insurance Brokers Association of India
“POSPs are emerging as a powerful adjacent business for micro-entrepreneurs across India.”
thehindubusinessline.com
“The 15-hour training plus online certification has opened the doors for a large youth workforce to participate in the sector.”
thehindubusinessline.com
Dhirendra Mahyavanshi
Co-founder, Turtlemint
“Consumers today expect digital convenience, sound advice and hyper-personalised service at their doorstep which are fulfilled by technology-enabled POSPs.”
thehindubusinessline.com
“Many of them build strong income streams and long-term careers in insurance.”
thehindubusinessline.com
