Indian insurance sector sees 62pc surge in female salespersons in FY24: Report

India’s insurance sector, traditionally dominated by men, has in FY24 witnessed a 62 per cent rise in active female Point of Salespersons (POSPs), compared to the previous year, according to a report on Monday.

POSPs play a crucial role as intermediaries, simplifying insurance products for customers and guiding them in policy selection.

The report by Probus, an InsurTech platform, showed that women are emerging as key players, promoting diversity and enhancing customer engagement. It noted that there has been an extraordinary rise of 120 per cent in the total number of women added in this role 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, said the report.

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.

“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 per cent increase in premium revenues in FY24,” the report said.

The remarkable rise of female POSPs also highlights the transformative potential of inclusivity, empowerment, and innovation in shaping India’s insurance sector.

With their growing presence, women are not just changing the face of the workforce, but are also driving sustainable growth and redefining industry benchmarks.

The insurance sector in India has grown significantly over the past few decades.

According to the Insurance Regulatory and Development Authority of India (IRDAI), the insurance market in India is expected to reach $222 billion by 2026. In the next 10 years. The country is also expected to be the sixth-largest insurance market, leapfrogging Germany, Canada, Italy, and South Korea.

(With inputs from IANS)