What is iPartner by ICICI Lombard? (Simply Explained)
So, are you looking to sell insurance to your prospects but are wondering about how to get going? Well, ICICI Lombard has come up with their iPartner program. What is the ICICI iPartner program? This article will attempt to talk about the most important aspects of the iPartner program, such as:
- ICICI Lombard iPartner explained
- Features and benefits of iPartner
- How to become an iPartner with ICICI Lombard
- Eligibility criteria
- ICICI iPartner Pro Mobile App
ICICI iPartner Explained
To understand how the ICICI Lombard iPartner program works, you will first have to understand ‘what is PoSP and its workings?’ PoSP stands for Point of Salesperson. A PoSP has the ability to sell insurance and related products to their clients. He or she essentially acts as an insurance agent.
To become a PoSP, a person has to complete a 15-hour certification program as per IRDA regulation. Once this is done, a PoSP can begin selling insurance on their own. The ICICI Lombard iPartner program is essentially ICICI Lombard’s version of a PoSP program where you can sell ICICI Lombard insurance products to your customer base and get a commission from it.
Features and Benefits of iPartner
- Brand value of ICICI Lombard: Partnering up with ICICI Lombard through their iPartner program and selling ICICI Lombard insurance policies is ought to be a pleasant experience, as ICICI Lombard has a favorable brand image in the eyes of prospective customers. The sales conversion is likely to be high due to this brand value.
- Flexible timings: You are your own master after enrolling in the iPartner program. You can select your own work hours and do not have to adhere to any deadlines. Work as much as or as little as you wish.
- Commissions: As a PoSP, you will be eligible to receive a commission on insurance sales and renewals. The commission rate depends on the type of policy sold.
Type of policy sold
Data taken from: https://www.icicilombard.com/become-posp-insurance-agent
- Paperless: As a PoSP, you do not need to collect or deal with any paper work. The entire sales process is online and the customer documents need to be uploaded directly to the ICICI portal. This leads to streamlining of process and ease of management.
- Online claims: Your customers can directly initiate online claims, they do not need to come to you to initiate a claims request. This saves a lot of time and effort.
How to become an iPartner with ICICI Lombard
You can enroll in the ICICI Lombard iPartner program by following these simple steps:
Step 1: Download the ICICI Lombard iPartner Mobile App
Step 2: Upload your KYC documents
You will now need to upload the following KYC documents to the App:
- Cancelled check (to setup bank payments)
- Aadhar Card
- PAN Card
- Education certificate
Step 3: Document verification
The company will then verify your documents and accept or decline your application.
Step 4: Sell insurance
Once accepted, you can now sell ICICI Lombard insurance products through the iPartner program.
ICICI iPartner Pro Mobile App
The iPartner Pro Mobile App has the following features:
- You can generate insurance quotes through the App.
- These insurance quotes can be directly sent to your customers.
- Your customers can directly buy insurance through the sales link generated through the App.
- You can raise a pay-out request through the App.