Dhruv Sarin Unveils Revolutionary Training Techniques for PoSPs, Fueling Insurance Penetration and Financial Inclusion
India’s insurance sector is witnessing an unprecedented transformation, with penetration rates soaring from 2.7% in 2000 to 4.2% in 2021. This surge is largely attributed to innovative strategies and training excellence in preparing Point of Sale Persons (PoSPs), especially in the underserved Tier-2 and Tier-3 regions. Dhruv Sarin, Chief Business Officer at PB Partners, shares insights into the game-changing approaches that are equipping PoSPs with the skills to navigate the complexities of India’s diverse insurance landscape.
Besides expanding the reach of insurance services to underserved areas, these agent partners have also contributed to enhancing financial inclusion across diverse socio-economic segments. PoSPs engage with customers from various cultural, socio-economic, and demographic backgrounds – and hence require a nuanced understanding of local market dynamics and customer needs. Therefore, comprehensive and tailored training programs are essential to equip them with the skillet necessary to navigate these complexities and effectively promote protection tools within their communities.
Personalised training programs
PoSPs come from diverse backgrounds, with their own set of strengths and experiences. They also interact with customers from all walks of life, spanning various cultural, socioeconomic, and demographic backgrounds. Therefore, a one-size-fits-all training approach falls short in meeting their individual needs.
To address this, personalized training programs tailored to the unique strengths and areas for improvement of each PoSP are organised. These training programs include a mix of classroom sessions, practical simulations, and on-the-job training to provide a comprehensive learning experience. By embracing this approach, we can empower PoSPs to excel in their roles and better serve their diverse customer base.
A hybrid approach
PoSP agent partners are spread across the length and breadth of India – from metro cities to the remotest parts of the country, and to train such a large group who are geographically dispersed, the industry has adopted a hybrid model. By seamlessly blending on-ground training with online sessions, this innovative approach capitalizes on the unique strengths of both traditional and digital learning methods, fostering a comprehensive and flexible training experience.
On-ground sessions provide invaluable opportunities for hands-on learning, role-playing scenarios, and real-time feedback, nurturing practical skills and bolstering confidence. Meanwhile, online sessions offer the convenience of anytime, anywhere access to educational resources, empowering agents to reinforce their learning at their own pace. By harmonizing these methodologies, PoSP partners are equipped with a well-rounded training experience that optimizes engagement, retention, and ultimately, their effectiveness in serving customers and driving business growth.
Programs like PB Saksham, an exclusive Virtual Training Program for agent partners, include two sessions every week, covering essential topics such as ‘Art of Selling Insurance’, ‘Basics of Insurance’ and ‘Life and General Insurance Products.’ With over 1200 registrations and more than 500 partners participating in these sessions, the initiative aims to maximize partner engagement and contribute to increased sales.
PB Pathshala is another impactful initiative designed to enhance brand awareness and strengthen our presence among agent partners. Conducted in various cities pan-India, this program has reached approximately 10,000 agent partners so far.
Proficiency in tech advancement
In the past decade, technology-driven solutions have significantly improved insurance accessibility in underserved areas of India. The PoSP (Point of Sale Person) model utilizes these advanced tools to streamline processes like issuing policies and settling claims. Through specialized portals and apps, PoSP agents can access a variety of insurance products, empowering them to educate customers about their options.
However, using these tools effectively requires rigorous technological training for agents to understand how they work. From opening the portal on their mobile devices to processing claims, agents undergo comprehensive training to ensure proficiency. They also learn to use tools like PB Inspect, an AI-powered feature that helps assess vehicle damage by uploading images onto the app. This simplifies the claim process for both agents and customers.
Mastering the art of soft skills
While technical expertise for PoSPs is unquestionably important, it’s often the soft skills that differentiate a good agent from an exceptional one. Workshops to cultivate soft skills in the PoSP agent partners are conducted industry-wide. These sessions help the agents improve their communication skills, empathy, adaptability, and resilience – all of which are indispensable qualities in fostering meaningful relationships with customers.
These workshops also enable the agent partners to articulate complex concepts in a clear and compelling manner, thereby fostering trust and rapport with clients. Moreover, by honing their empathy and active listening skills, agents can better understand clients’ needs and concerns, enabling them to tailor their solutions accordingly and provide personalized assistance.
By empowering PoSP agent partners with the knowledge and tools they need to serve customers better, the industry is inching one step closer to its dream of insuring all Indian households.
As we delve into the future of India’s insurance sector, it’s clear that PB Partners’ innovative training models for PoSPs are setting a new standard. Dhruv Sarin’s leadership in crafting tailored, technology-driven, and skill-based training programs is not just enhancing the capabilities of individual agents but is pivotal in realizing the dream of insuring every Indian household. With each trained PoSP, PB Partners moves closer to bridging the gap in insurance penetration, fostering a financially inclusive India.
