There has been a significant surge (62%) in the number of female salesperson (POSPs) in the Indian insurance industry during the financial year 2023-24.
A new report published by the Indian InsurTech platform Probus in December 2024 revealed that women are emerging as important players, promoting diversity and enhancing customer engagement in the industry. The report said that there has been an extraordinary rise of 120% in the total number of women added in this role since financial year 2021-22.
The report said the rise in the number of POSPs also brings to fore the potential of inclusivity, empowerment and innovation in shaping the Indian insurance sector. POSPs play a crucial role as intermediaries, simplifying insurance products for customers and guiding them in policy selection.
The report said this significant 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.
“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 financial year 2023-24.”
With their growing presence, women are not just changing the face of the workforce but are also driving sustainable growth and redefining industry benchmarks.
According to the Insurance Regulatory and Development Authority of India, the insurance market in India is expected to reach $222bn by 2026. In the next 10 years, the country is also expected to be the sixth-largest insurance market.