62% more female POSPs in FY24 drive 15% surge in premium revenues: Probus

India’s insurance sector is undergoing a transformation, driven by the increasing participation of women as Point of Salespersons (POSPs). In an industry traditionally dominated by men, women are emerging as key players, promoting diversity and enhancing customer engagement. Probus, the InsurTech platform, reports a 62% rise in active female POSPs in FY24 compared to the previous year, with the total number of women added in this role surging by an 120% since FY22.

This growth is powered by the inherent flexibility of the POSP profession, allowing women to manage their work schedules while balancing family commitments. The minimal entry barriers, coupled with increasing aspirations for financial independence and empowerment, have made the role an ideal choice for women seeking meaningful careers, as per Probus.

POSPs play a crucial role as intermediaries, simplifying insurance products for customers and guiding them in policy selection. The increasing participation of women has introduced a fresh perspective to the insurance ecosystem, enhancing customer trust and engagement. Their contributions have also translated into measurable outcomes, with women POSPs driving a 15% increase in premium revenues in FY24.

Some of the initiatives at Probus have fuelled a 2,500% growth in the number of women POSPs from FY18 to FY24. “At Probus, our mission is to empower women from diverse educational backgrounds to create financial value during their free time. This approach not only fosters individual empowerment but also drives broader insurance penetration across India. The commitment to inclusivity also extends to leadership within Probus, where 55% of leadership roles are held by women, setting an example for the industry.” said Rakesh Goyal, Director, Probus.