India’s insurance coverage sector, historically dominated by males, has in FY24 witnessed a 62 per cent rise in energetic feminine Level of Salespersons (POSPs), in comparison with the earlier 12 months, in line with a report on Monday.
POSPs play a vital position as intermediaries, simplifying insurance coverage merchandise for patrons and guiding them in coverage choice.
The report by Probus, an InsurTech platform, confirmed that ladies are rising as key gamers, selling range and enhancing buyer engagement.
It famous that there was a unprecedented rise of 120 per cent within the complete variety of ladies added on this position since FY22.
This development is powered by the inherent flexibility of the POSP occupation, permitting ladies to handle their work schedules whereas balancing household commitments, mentioned the report.
The minimal entry obstacles, coupled with growing aspirations for monetary independence and empowerment, have made the position a great selection for girls in search of significant careers.
“The growing participation of ladies has launched a recent perspective to the insurance coverage ecosystem, enhancing buyer belief and engagement.
Their contributions have additionally translated into measurable outcomes, with ladies POSPs driving a 15 per cent enhance in premium revenues in FY24,” the report mentioned.
The exceptional rise of feminine POSPs additionally highlights the transformative potential of inclusivity, empowerment, and innovation in shaping India’s insurance coverage sector.
With their rising presence, ladies should not simply altering the face of the workforce, however are additionally driving sustainable development and redefining trade benchmarks.
The insurance coverage sector in India has grown considerably over the previous few many years.
Based on the Insurance coverage Regulatory and Improvement Authority of India (IRDAI), the insurance coverage market in India is predicted to achieve $222 billion by 2026.
Within the subsequent 10 years, the nation can be anticipated to be the sixth-largest insurance coverage market, leapfrogging Germany, Canada, Italy, and South Korea.