Mumbai, Dec 30 (NationPress) The insurance sector in India, which has long been characterized by a male majority, has experienced a striking 62% growth in the number of active female Point of Salespersons (POSPs) in FY24, relative to the previous year, according to a report published on Monday.

POSPs serve as vital intermediaries, simplifying insurance products for clients and assisting them in selecting suitable policies.

The analysis conducted by Probus, an InsurTech platform, revealed that women are increasingly taking on significant roles, fostering diversity and improving customer interactions. It highlighted an incredible 120% surge in the overall count of women entering this profession since FY22.

This growth trajectory is largely fueled by the inherent flexibility associated with the POSP role, enabling women to balance their professional responsibilities with familial obligations, as noted in the report.

The low entry barriers, along with the rising aspirations for financial independence and empowerment, have rendered this role an attractive option for women in pursuit of fulfilling career paths.

“The growing involvement of women has brought a new dimension to the insurance landscape, boosting customer trust and engagement. Their efforts have also resulted in tangible achievements, with female POSPs contributing to a 15% rise in premium revenues in FY24,” the report indicated.

The significant increase in female POSPs illustrates the transformative potential of inclusivity, empowerment, and innovation in reshaping the insurance sector of India.

As their presence expands, women are not only altering the workforce dynamics but are also catalyzing sustainable growth and setting new benchmarks in the industry.

The insurance landscape in India has expanded remarkably over the last few decades.

According to the Insurance Regulatory and Development Authority of India (IRDAI), the insurance market in India is projected to reach $222 billion by 2026. In the coming decade, the nation is anticipated to become the sixth-largest insurance market, surpassing Germany, Canada, Italy, and South Korea.