Specified Person (SP)
A plain-English definition from the DeployIT insurance technology glossary.
In short: The certified employee of a corporate agent who is authorized to solicit insurance. Every banca sale must be attributable to a valid SP, a key audit point.
Related terms
- Corporate Agent
- An IRDAI-registered entity (often a bank or NBFC) licensed to distribute insurance for up to nine insurers per line of business.
- Bancassurance
- The distribution of insurance products through banks.
See it in practice
See this concept working in software
DeployIT puts quoting, issuance, renewals, claims and commissions on one platform built for Indian insurance distribution.