Universal Sompo embraces the PoS channel to distribute general insurance products through mobile app

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Rajiv KumarUniversal Sompo General Insurance Co. Ltd announced the launch of a Mobile Application for its PoS distribution channel to further enhance and improve penetration of its General Insurance products in India. The company has embarked its footprints in the digital market and has introduced a mobility platform & solution, which will give the benefit of policy issuance at a single instance without the need to set-up a branch infrastructure or operations. The new PoS channel will utilize mobile based application; whose users will be company appointed PoS persons; who will solicit and service new business & customers through the mobile application. The company will be extending a set of pre-underwritten & IRDAI approved products to customers for Motor, Health, and Critical Illness initially.

The PoS person is an individual who possesses minimum qualification and has undergone training and examination and is entitled to only solicit and market pre-underwritten products of a particular insurance company. A PoS person is engaged by the Insurer on passing the examination after completion of mandatory training of fifteen (15) hours.

Speaking on the occasion of the launch of the new PoS channel utilizing mobile application, Rajiv Kumar, MD & CEO, Universal Sompo General Insurance Co Ltd. said “With the mass scale adoption of mobile devices that have enabled deep penetration of communication devices, it was pivotal for us to have our insurance products being made available to our foot soldiers across India, where a physical branch presence and operations look unviable. We are confident about the success of this new distribution channel utilizing the mobile-based app and are glad that we will be able to reach out to those section of the society who remain outside the reach of insurance products and are in need of quick policy issuance for mitigating risks towards personal and material assets.”

The PoS mobile application will be available to be downloaded on the Smartphones of PoS personnel’s, which will enable them to reach out to the masses in their respective geographical locations and extend products that require minimum personal details from the customer for providing instant issuance of coverages to meet the customer needs. Also, the changing customer behavior & the increasing internet penetration rate; are fueling the growth in the insurance industry which is indirectly supported by the growing demand for digital payment platforms which would be leveraged through mobile-based application by PoS personnel.

The pre-underwritten sets of products that will be made available to solicit and market new business through m-PoS are:

  1. Motor Private Car
  2. Motor Two Wheeler Insurance
  3. Hospital Cash Insurance Policy
  4. Critical Illness Insurance Policy