Increased number of women salespeople in the Indian insurance sector
New Delhi| While India’s insurance sector has always been dominated by men, according to a latest report on Monday, the Active Female Point of Salespeople (POSP) registered a 62 per cent increase over the previous year in FY2024. POSPs play an important role as mediators, simplifying insurance products for customers and helping them select policies.
Women are emerging as key-players, promoting diversity and increasing customer engagement, reports insurerTech platform ‘Probus’. The report said that the total number of women in this role has increased spectacularly by 120 percent since FY2022.
The report said this growth is driven by the flexibility present in the POSP profession, which allows women to manage their work schedules while caring for their families. Minimum entry barriers as well as rising aspirations for financial independence and empowerment have made this role an ideal choice for women seeking meaningful careers.
“The increasing participation of women has introduced a new approach to the insurance ecosystem, enhancing customer confidence and engagement”, the report said. Women POSPs have increased premium revenue by 15 percent in FY2024″
The spectacular growth of Women POSPs also highlights the transformative potential of inclusivity, empowerment and innovation in shaping India’s insurance sector. With their growing presence, women are also advancing sustainable development and redefining the norms of the industry.
The insurance sector in India has grown significantly in the last few decades. According to the Insurance Regulatory and Development Authority of India, the insurance market in India is expected to reach $222 billion by 2026. It is estimated that India will become the sixth largest insurance market in the next 10 years, surpassing Germany, Canada, Italy and South Korea.
