An insurance advisor is an intermediary who brings together the insurance company and the customer and helps in generating a sale. Furthermore, the advisor is tasked with advising clients on the right product, assisting in filling up of forms, helping clients at the time of a claim, etc. Thus, an advisor plays multiple roles.
Life insurance agency will provide you with a license to sell life insurance policies ONLY and a general insurance agency will provide you with a license to sell general insurance policies ONLY. A composite license provides you with a license to sell both life and general insurance products.
Insurance advisors are tied to a single company and can only sell products from that one insurer in the given category, i.e. life or non-life. But customers today demand more. They want to know all their options, of different insurance plans offered by multiple companies and look for advice from advisors on choosing the best product.
A POSP (Point of Sale Person) is also a type of an insurance advisor who can sell both life and general insurance policies of multiple companies as the POSP Guidelines of the IRDAI. Mintpro is an online platform which allows individuals to enroll with it and become a POSP (Point of Sale Person) with Turtlemint.
"Insurance brokers make way too much money for the value they provide"