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Planning for Tomorrow Made Easy: How to Use a Term Insurance Calculator Like a Pro!

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In life’s journey, planning for the future is a cornerstone of financial security, and term insurance stands out as a beacon of protection against uncertainties. The term insurance calculator is a pivotal tool in this planning process, offering a straightforward path to securing your future and that of your loved ones. This blog will guide you on using a term insurance calculator effectively, ensuring you can confidently plan for tomorrow quickly and wisely.

Understanding Term Insurance Calculators

A term insurance calculator is an online tool designed to help you determine the optimal coverage you need from your term insurance policy based on factors such as your age, income, financial responsibilities, and the standard of living you wish to ensure for your family in your absence. It simplifies the complex calculations in assessing the correct sum assured, making term insurance planning accessible to everyone.

Why Use a Term Insurance Calculator?

The primary advantage of using a term insurance calculator is its ability to provide personalized insurance solutions tailored to your specific needs. It removes the guesswork and allows you to make informed decisions about your insurance coverage. Additionally, it helps compare different term insurance plans available in the market, ensuring you get the best coverage at the most affordable rates.

Tips and Tricks to Navigate Like a Pro

  • Be Honest with Your Inputs: The accuracy of the calculator’s output heavily depends on the information you input. Be truthful about your age, income, liabilities, and expenses to get a realistic estimate of your insurance needs.
  • Consider Future Financial Obligations: While using the calculator, think about future financial obligations such as your children’s education, mortgage payments, and any other long-term financial commitments. This will help you to determine the coverage amount that will be adequate to support your family’s future needs.
  • Adjust the Inflation Rate: Many calculators offer the option to adjust the inflation rate. This feature is crucial as it allows you to see how inflation could affect the value of your sum assured over time. Planning with inflation in mind ensures that the life cover you choose will be sufficient even in the future.
  • Explore Different Scenarios: Using the calculator multiple times with different variables can be beneficial. This could involve changing the policy’s tenure, the sum assured, and other adjustable factors. Exploring various scenarios can give you a clearer picture of your ideal term insurance plan.
  • Review Riders and Add-ons: Some calculators also allow you to evaluate the cost and benefits of additional riders and add-ons, such as critical illness cover or accidental death benefits. Using the calculator to assess the impact of these extras on your premium can help you make an informed decision about which additional features, if any, you should include in your coverage.
  • Use as a Basis for Comparison: Once you have a ballpark figure of your insurance needs, use the calculator’s output to compare different policies. Look beyond just the premium rates; consider factors like the insurer’s claim settlement ratio, the terms and conditions of the policy, and customer service.
  • Talk to a Professional: Finally, while a term insurance calculator is an excellent starting point, consulting with a financial advisor can provide deeper insights and help tailor a policy that fits perfectly with your financial plan.

Conclusion

A term insurance calculator is more than just a tool; it’s your ally in planning for a secure future. Following these expert tips and tricks, you can navigate this tool like a pro, ensuring you and your loved ones are well-protected. Remember, the goal is not just to secure a financial safety net but to do so in a way aligned with your life goals and financial capabilities. Start today, and take the first step towards a confident and secure tomorrow.

Concise Guide for Business Leaders Planning to Organize an Awards Ceremony

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The forms of awards have evolved from simple praise to elaborate ceremonies and prestigious prizes. Still, the core purpose remains the same: to acknowledge and celebrate excellence.

Awards are as old as humanity. From cave paintings to Olympic laurels, the human desire to celebrate accomplishment has echoed through the ages.

From startups to global corporations, award ceremonies offer a powerful platform to recognize individuals’ and organizations’ achievements.

Awards symbolize triumphs, and it is no surprise that people associate them with career accomplishments. Business leaders place a high value on connection and quality networking opportunities. One of the places they can easily get this is during Chamber of Commerce events like Awards ceremonies.

The chamber of commerce award categories are highly sought-after by business owners and executives worldwide. They are not just individual triumphs but often shared experiences that solidify community bonds.

Organizing an Oscar-worthy awards ceremony is not business as usual for business leaders considering planning one. It requires a specific set of skills and flexibility.

Planning a successful Awards ceremony is not always straightforward, but the tips shared in this concise guide can make it easier and achievable.

Identify the Need for the Awards

It is not enough to organize an Awards ceremony because none currently exist in your area. Instead, identify why it is needed. Evaluate what the recipients stand to benefit from the recognition and what the ceremony attendees can also gain.

You should be able to convince attendees and nominees of the benefits of the Awards if you intend for it to succeed.

Some of the benefits of Awards ceremonies for organizers and attendees include:

  • New business leads and contacts
  • Improved brand visibility and reputation
  • Business partnership opportunities
  • Potential to do some good

Disclose Criteria for Selecting Nominees

For your Awards to be respected, you must make public your selection criteria and how voters are selected.

One way to start is by checking out related Awards ceremonies in your area or other parts of the world.

You can leverage new technology to make voting and nominations easier. If judges, instead of public votes, decide the award winners, ensure to disclose their qualifications and why a decision from such a panel matters.

Give the winners all the publicity you can muster. This gives your Awards ceremony more exposure and makes the winners feel more proud of their prizes. No one wants an award that carries no weight.

Pick a Theme

Throughout the planning process, it is vital to remain aware that not all attendees at the ceremony will be recipients or nominees. That is why making the event fun and interesting for everybody is crucial.

Adding a creative theme for the ceremony can help avoid splitting the audience into observers and nominees.

However, picking a theme that most will find interesting can be challenging without profoundly understanding your audience’s tastes and expectations.

A theme gives you even more ideas. From dress code to catering, you can plan the essential elements of your award ceremony based on the messages of your event theme.

Set a Budget

To effectively budget for your awards event, first decide on the sponsorship model. Two major ways to sponsor an award ceremony are selling tickets or allowing people to attend for free. It is also possible to combine this model.

The significant expenses you will need to worry about include food and beverages, venue, decoration, entertainment, and publicity.

Landing high-profile judges and inviting special guests such as celebrities can be expensive.

To avoid overspending, determine your budget from the onset. This will help you to strategize on how to plan the event effectively.

To attract sponsors, you may create award categories named after them.

Pick a Venue

Once you have an idea of your budget for the event, pick a suitable venue based on the type and number of people you intend to invite.

Historic landmarks, art galleries, museums, and theatres are fantastic venues for a corporate award ceremony.

Look for venues offering comprehensive packages that include on-site catering and AV support. This eliminates the need for additional vendors, potentially saving lots of expenses. Also, ensure the venue has excellent lighting, ambiance, and sound quality.

If you will be inviting fewer guests, do away with the traditional stage setup for a more personable and memorable experience.

Advantages of Organizing Business Awards Ceremony

  • Awards can boost an organization’s reputation and publicity.
  • It can encourage industry leaders to bond.
  • Startups can gain credibility by winning an award.
  • Mature organizations are recognized for remaining innovative and dynamic through awards.
  • Awards encourage positive competition in an industry.

6 Essential Tips for Making Smart Financial Investments in Australia

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Nestled on the southeastern coast of Australia, Melbourne is known not just for its vibrant arts scene and bustling laneways but also for its dynamic and diverse economy. In a city where innovation meets tradition, making smart financial investments is as much a part of the culture as enjoying a flat white in a quaint café.

Whether you’re a seasoned investor or just dipping your toes into the investment waters, the key to success lies in informed and strategic decisions. In the world of investing, where opportunities and risks walk hand-in-hand, understanding how to navigate the financial landscape is crucial. So, let’s break down some essential tips to help you make smart financial investments, drawing on wisdom that’s as practical in the bustling markets of Melbourne as it is globally.

1. Set Clear Investment Goals

Setting clear investment goals involves more than just defining what you’re saving for. It’s about understanding the timeframe you have to achieve these goals and the level of risk you’re comfortable taking. For instance, if you’re planning for retirement that’s decades away, you might be more inclined to invest in higher-risk, higher-reward options. Conversely, if you’re saving for a short-term goal, like buying a home in a few years, you might choose safer, more liquid investments.

Aligning your investment strategy with your goals, timeline, and risk tolerance is crucial in crafting a plan that works for you.

2. Seeking Expert Advice from a Financial Advisor

Consulting a professional is particularly beneficial for navigating local market conditions and investment opportunities unique to the area. If you’re looking for a financial advisor Melbourne has a ton of great options, such as My Wealth Solutions, that can provide personalized guidance based on your financial situation, helping you to make informed decisions.

A good advisor will consider your financial goals, risk tolerance, and timeline to offer a tailored strategy, ensuring your investment plan aligns with your broader financial objectives.

3. Diversify and Regularly Adjust Your Portfolio

“Don’t put all your eggs in one basket” holds true in investing. Diversifying your portfolio across different asset classes (stocks, bonds, real estate, etc.) can help reduce risk and improve potential returns.

As your goals and the market change, so should your investment strategy. Regularly reviewing and rebalancing your portfolio ensures that it stays aligned with your goals and risk tolerance.

person calculate cash in the office

Awareness of common investment mistakes is crucial. Avoid emotional investing; don’t let fear or excitement drive your decisions. Steer clear of high-risk investments that don’t match your risk profile, and beware of investment scams promising unrealistically high returns. By knowing these pitfalls, you can navigate more confidently through the investment landscape.

4. Start Early and Think Long-Term

The earlier you start investing, the more time your money has to grow, thanks to the power of compounding interest. Think long-term and avoid making impulsive decisions based on short-term market fluctuations.

An essential part of smart investing is planning for unforeseen events. This means having an emergency fund and insurance policies in place to protect your investments and financial well-being. Being prepared for life’s uncertainties helps ensure that unexpected events don’t derail your investment plans.

5. Educate Yourself

Stay informed about the markets and investment options. Read books, attend workshops, or follow reputable financial news sources. Knowledge is a powerful tool for making wise investment decisions.

Understanding the fees associated with your investments is also important. High fees can significantly eat into your returns over time. Look for low-cost investment options and be mindful of the fees charged by funds, advisors, and platforms. Keeping costs down maximizes your investment potential.

Smart investing is also about maximizing your after-tax returns. Look into tax-efficient investment vehicles like Individual Retirement Accounts (IRAs) or 401(k)s, especially if they come with employer matching. In Australia, superannuation funds and franking credits are also worth exploring for their tax advantages.

6. Embrace Technology for Investment Management

Leverage technology to manage your investments more effectively. Online platforms and apps can provide valuable tools for tracking your portfolio, researching investments, and staying informed about market trends. Many also offer automated investing options, like robo-advisors, which can manage your investments based on your risk tolerance and goals.

Conclusion

Investing can be a powerful tool for achieving your financial goals, but it requires a strategic and informed approach. By setting clear goals, diversifying your portfolio, understanding your risk tolerance, and seeking professional advice, you can navigate the investment waters more confidently.

Remember, smart investing isn’t about making quick wins; it’s about making calculated, informed decisions that contribute to long-term financial success. Whether you’re in the vibrant city of Melbourne or elsewhere, applying these essential tips can help you build a strong, resilient investment portfolio poised for growth.

Reasons to Get Your Six Sigma Certification Online

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Companies often endure rough times, primarily due to poor management or improper error correction. Managers are often overwhelmed with market changes that affect productivity or don’t understand how to concentrate their efforts on creating an innovative and effective business plan. Luckily, there are a few secrets that come to the help of businesses that need to grow and become more productive. Managers who are eager to improve their knowledge and keep up with the market’s demands can resort to a set of techniques that help them get a better understanding of intelligent management.

Although it’s considered an old technique, Six Sigma continues to be one of the most popular methodologies used by various companies from many industries. Developed in 1986 by Motorola, it has been of crucial help in reducing productivity defects and achieving constant performance. Its popularity is primarily due to its simplicity, making it ideal for various niches like commerce, health, public services, finance, or retail. Managers interested in discovering its benefits can get their Six Sigma certification online, making the technique more straightforward for many. If you are not convinced you need to apply the principles of Six Sigma, we will offer you some incontestable reasons to get your certification now.

A Quick Overlook of Six Sigma

As aforementioned, Six Sigma dates back to 1986, when two engineers at Motorola, Bill Smith, and Mikel Harry, developed a set of tools intended to minimize production flaws and create a typical curve of productivity. Later, Jack Welch at General Motors made it the center of its business management plan. Today, it has become Lean Six Sigma, as it adopted many features of the Lean management system. Although it’s a complex set of rules, it can be applied to almost any sector, from software development to sales, manufacturing, or delivery services.

The name comes from the Greek letter Sigma, representing one standard deviation on a bell curve measuring data and standard deviation. Hence, six Sigma symbolizes the data that falls six standard deviations on either side of the data. What falls outside of Six Sigma is considered a defect. The Six Sigma bell curve represents one million data points. If your product falls within the curve or six deviations on either side, your production only generates 3.4 defects per million items. This is the ideal level, which means your productivity line generates an error-free result 99.99966% of the time.

With the increasing interest of companies in reducing waste and controlling their environmental impact, Lean Six Sigma is gaining more and more attention nowadays. Considering its core principle of eliminating unnecessary processes and reducing costs, the methodology is highly valued.

Who Can Be a Candidate for Six Sigma Certification Online?

As a manager, you don’t have to possess a unique set of skills to apply for the Six Sigma certification. Anyone willing to enhance their knowledge of business management and who wants to learn clever ways to implement organizational techniques can become part of the Six Sigma process. Whether it’s the manager, an employee, or even an outsider, once they get their accreditation, they will master new and improved ways of increasing the business’s profitability and reducing unnecessary costs. To make sure the certification is available for anyone willing to improve their management skills, they can apply for the Six Sigma certification online, which is recognized globally.

Candidate for Six Sigma Certification Online

The methodology integrates several stages called belts, a classification similar to the one in martial arts. Each stage or belt has a specific color, namely white, yellow, green, and black, ending with the final stage called Champion. All applicants can get their Six Sigma certification online for every belt color, at the end of which they will gain a set of skills to help them tackle specific tasks inside a company.

White belt

This certification offers an entry-level summary of the history and main tools used in the structure.

Yellow belt

The second stage means you will be able to assist a particular project inside the company after having passed a demonstrating exam on understanding how the principles of Six Sigma need to be applied.

Green belt

After the third stage, the applicant will receive an award for learning and implementing the principles in real projects under the supervision of a Black Belt. This stage requires passing an exam that shows the applicant is aware of the phases of the methodology.

Black belt

As an advanced professional, you can plan and execute a project on your own after passing an exam that proves you have mastered the previous stages of the methodology.

Master Black belt

After passing a complex exam that demonstrates your knowledge of the principles and philosophies, you will be awarded for implementing complicated projects on your own.

Champion

Champion Done the work

After obtaining the final accreditation, you will be able to occupy upper-level executive positions and implement the methodology by yourself in every department of the company.

The online certification is a simple procedure, as all the tests are taken online, meaning the entire process will take a short time. You can find all the courses available on various sites, and you can take them in a few weeks, depending on the belt you apply for. The costs vary, also in connection with the type of course you want to take. If you want to make sure you will get a complete understanding of what the procedure involves, it’s recommended to get the individual module.

Getting the Six Sigma certification online brings various advantages for the awarded person and the person requesting their services. As a certified Six Sigma technician, you possess some benefits that make you a valuable asset inside any company. Firstly, you can aspire to occupy higher positions due to the enhanced abilities compatible with leadership functions. Also, you will enjoy higher job security and increased payment, which most employees want to obtain.

Company managers who resort to the help of Six Sigma-certified members will see their business grow by the hour, as the improvements are visible on many levels, starting with reduced manufacturing costs. Also, by diminishing errors, waste will be reduced to a minimum, and productivity will reach maximum levels. The profit will increase as customers will be more pleased by the services provided, and they will remain loyal to the brand, which will also gain recognition in the field.

4 Steps Quick Beginner’s Guide to Easily Sell Products Online

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Are you filled with ambition to build a business and establish connections with a vast customer base? Look no further than the remarkable world of e-commerce platforms, where your aspirations can transform into tangible success.

Embrace a realm where your creativity and entrepreneurial spirit can soar beyond limits. Whether you’re taking your first steps or have already mastered the art of selling, e-commerce platforms hold numerous opportunities. They provide extensive features to streamline the process of establishing and running your online store effortlessly.

In this guide, we’ll show you everything you need to know about how to sell products online on e-commerce platforms. Ready? Let’s dive in!

Find a Marketplace for Selling Online

Before diving into the e-commerce world, you have to decide which e-commerce platform is right for your business. Consider the products you are selling and pick a platform with features to accommodate them. Factors such as payment processing options, customer service tools, marketing capabilities, and shipping integrations should all be considered when making this decision.

Create your Account on the Site

Once you have chosen an e-commerce platform, you must create an account and register as a seller to proceed ahead. This process usually involves providing basic information like your name, address, and business details. After creating the account, make sure all your contact information is up-to-date so that customers can reach out with questions or complaints. Additionally, familiarize yourself with the policies and procedures outlined in the terms and conditions of the platform.

Showcase all your Products

After deciding what you will sell, make sure to list all of your products online. This helps customers find the items they are looking for quickly and easily. When listing items on the e-commerce platform, include as much information as possible so that customers can get a good idea about the product and its features. Each product should have accurate product descriptions, images, and pricing information. You can also use keywords in the product description page to increase your chances of being found in search engine results.

Girl selling clothes online

Supervise your Business Activities

Once you’ve listed all your products on the e-commerce site, you can manage the business from anywhere. You can also respond to customer queries and orders from home or while travelling. This makes it easy for entrepreneurs to manage production, inventory, and orders accordingly. From tracking sales to inventory management – everything is just a click away! One of the best aspects of online selling is that it doesn’t require a huge financial investment upfront.

Conclusion

Anyone can become a successful online seller with the right strategy and guidance. Flipkart Seller Hub is one of the best e-commerce platforms to list and sell products online. They provide unparalleled support and resources to guide anyone through the process, which makes it a dependable option to run a successful business online.

So, if you’re just getting started with selling on an e-commerce platform, make sure to do all your research in advance to ensure you’re well-informed about various aspects of the process.

Here are 3 Best Batteries for Inverter That You Can Choose

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If you are searching for the best home inverter battery, you need to consider your requirements first. Batteries are intended for backup, while the selection of inverters is considered according to load use. Both inverters and batteries from branded companies such as Luminous are highly suitable for regular power backup in the long run. You should also know that the choice of the faulty battery can defer your requirements.

There are mainly three types of best battery for inverter–

GEL Battery

Combining fine silica powder with battery acid inside makes these batteries use a groundbreaking technique to create a GEL. While these home inverter batteries are more expensive than the flat plate or tubular ones, they make up for it without electrolyte maintenance costs, better charging efficiency, and greater consistency.

Flat Plate Battery

For areas that face regular power outages or those where power cuts are not very long, these are the best battery for inverters. Although these home inverter batteries are relatively inexpensive, they need daily maintenance to keep them running effectively (water topping).

Tubular Plate Battery

These home inverter batteries are revolutionary and highly recommended for areas with long power outages. While these batteries are costlier than the flat plate range, they make up for it with a longer life cycle, lesser maintenance needed, and better reliability. With lower positive plate shedding, tubular batteries have up to a 30 percent longer service life than flat plate batteries. They can be further classified into Small Tubular Batteries and Tall Tubular Batteries.

Tips for Choosing the Best Battery for Inverter

Tubular vs. Flat Plate

If space is a limitation, a flat plate battery is a better option due to its small form factor. They can fit in almost any space and have a service life compared to tubular batteries due to their inherent structure. On the other hand, tubular batteries have a considerably longer service life relative to flat plate batteries. But they require more charging time after a long power break.

Construction of the flat plate or tubular plate, output & life of any lead-acid battery depends on two main aspects: purity of basic raw material & robustness of the manufacturing process. A trustworthy brand such as Luminous, which produces durable and powerful batteries, is often recommended. In India, you can purchase the best battery for inverters online from a range of retail websites.

Maintenance

Any battery you purchase would require a certain amount of maintenance at regular intervals. However, because of their construction, tubular batteries need less maintenance than flat plate batteries. They can retain plenty of distilled water, making them less likely to dry out easily, in principle.

Warranty

In the power backup, the warranty of the best battery for the inverter plays an important role. It is the time for which a brand can provide cost-free service to fix any issue.

Brands provide different forms of warranty for all inverter battery capabilities. It is done to ensure that a specific battery capacity is available at several price points. It isn’t easy to compromise on the power backup requirement for a home/office. Still, many people agree on a battery with a lower warranty based on their budget.

On a Flat + Pro-Rata basis, Luminous gives a guarantee, e.g., The LM 18075 battery model comes with a 75-month warranty, i.e., 60+15 months, which means it has a 60-month flat warranty, and a 15-month extended pro-rata warranty.

It means a cost-free service will be given to the consumer for the first 60 months from the date of purchase. If he faces some issue with the battery after 61-75 months, they will replace the faulty inverter battery with a new Luminous Battery and offer a discount (refer to the battery).

The Perks of Retaining the Services of a Professional Bookkeeper

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The biggest town in the Southern Highlands of New South Wales Territory is Bowral. This bustling town is located ninety minutes southwest of Sydney in the Land Down Under. In the past, Bowral served as the rural summer retreat with a pristine natural environment. However, over time, this quaint town has morphed into a busy city with many businesses.

If you are an entrepreneur located in this area, you might consider availing of professional services such as bookkeeping in Bowral. Actually, the decision to hire hinges on the stage of growth of your business venture. Should you feel comfortable doing your own bookkeeping, you may be reluctant to pass on the task to another company. But with your business’ expansion, keeping track of all your finances and paperwork becomes more complex.

In this scenario, you will benefit from hiring a professional bookkeeper to help you out. Consider the following perks below:

Become More Informed with Accurate Data

Knowledge is power. When you pay for a professional bookkeeper’s diligent services, you will receive a balance sheet and income statement every month. This detailed report will give you an idea of the true cash flow of your business.

This financial statement is crucial because it will help you make educated decisions to help your business grow. Moreover, you are assured of getting accurate data that you can use when you are filing taxes.

Leverage the Results to Potentially Minimise Taxes

When you rely on services such as full-time bookkeeping in Bowral, you have a professional with a wealth of experience in your industry. They have a full grasp of expenses and know which are tax-deductible.

With this additional insight, you can deduct specific items that you may not have known about from your taxes. Most of all, the cost of hiring this service is also tax-deductible.

Pay Less for Accounting Services

Accountants charge more money per hour, especially a certified public accountant. If you neglect your financial statements for long and hand this over to your accountant when tax filing season begins, it will result in a huge headache.

The task becomes more complex and would require more time to finish. As a result, you pay more money. However, if you hire a bookkeeper to document your financial statements regularly, you will save more money in the long run. Since a professional is doing the bookkeeping for you, there are fewer errors, too.

Save a Lot of Time and Effort

One of the biggest perks of outsourcing this service is you will free up a lot of time. If you are not well-versed in bookkeeping, it will take a huge chunk of your day to get this done. You are also prone to more mistakes because this is not your area of expertise.

In contrast, if you hire a professional, you unburden yourself from the stress by leveraging the skills of an expert. With more free time, you can focus your energy on growing your business, improving your products, training your staff, and attending to your clients.

Boost Business Bottom Line

Some studies indicate that companies who hire a bookkeeper increase their revenues by 16% when they have this professional service at their disposal. If you go this route, you can amplify your profits because you have more time to manage your business efficiently.

Remember, time equals money. Having the energy and the time to focus your attention on your business will result in tremendous growth.

Final Word

This list of benefits is not even an exhaustive one yet, but as you can see, hiring a bookkeeper will do your business a world of good. You may fork out a little bit of money to give retainer fees for your bookkeeper, but this provides you a great value, which can save your business money in the long run.

You have invested a lot of time, funds, effort into your entrepreneurial venture, so you must do everything in your power to ascertain that it runs smoothly. Having accurate statements will also help you make more solid decisions for your company’s future development.

Curious about Marketing through Facebook Sales Funnel?

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Facebook has over 2 billion users. Ever thought of advertising your product, course, idea through Facebook where anything can get viral with just a click away in a fraction of second? If you’ve ever thought of something like that, FB can be the most influential platform for that. Wait! Doing that right strategy to target potential audiences is very important.

All the above goals can be achieved through something called the Facebook sales funnel. It, primarily is, an intelligently designed way to capture the interest of different users and influence them to buy different products.    

If you’re a user of Facebook, you might have come across some posts appearing on the right side of its interface with the label as sponsored. Most of the time, you’ve got intrigued to click them to more about that. These posts have come up quite recently on Facebook and those are nothing but FB sales funnel.

These have become quite popular among digital marketing techniques and FB’s pivotal role in it can’t be overlooked. People generally use FB for recreational purposes and any product catching their eyes can directly push them to purchase that.

Getting Started with FB Sales Funnel

There are several stages, associated with this approach, which is listed below:

  1. The first awareness of the brand, product, or service is created so that it reaches the right audience.
  2. Now, users know about the product and consider purchasing it after collecting several pieces of information from the parent sites.
  3.  Users want to purchase it for which they’re directed to the payment options
  4. Purchase is done but still, the sales funnel wants to create a relationship with them so that they’re updated about future products, offers, gifts, discounts, etc.

Implementing the above discussed stages through following illustration

This is a general block-diagram layout of the design of a FB sales funnel.

FB sales funnel

In this layout, there are three pages. Page-1 aims to convert cold traffic to warm traffic. By cold traffic, here ignorant audiences are referred; these are those audiences who do not have any idea about the product/brand/service. So, it has to be designed in such a way that it appeals to the audience.

After gaining enough information from page-1, cold traffic is now converted into warm traffic who might consider purchasing if it appeals to them.   They may decide to purchase.

Page 3 is for shopping the product selected and transferred to the cart. It has got all shipping. Finally, the payment is made and the purchase is done.  Then exit info is provided which may appear in the form of pop-up windows as reminders or giving information about deal-offers, discounts, etc.

Sometimes targeting advertisements are provided on page -2 in case, the audiences are not directed to page-3 for purchasing. These ads may appear as reminders to purchase like “you’ve missed something in your cart”.

There are several strategies to create awareness for any product /brand/service such as developing engaging content through pictures, gifs, videos, organizing referral contests, timely responding to comments posted for a product, providing offers, etc.

After all, an efficient combination of the knowledge of needs of the market, demands of customers along with creativity in the presentation is a huge factor towards attracting the potential customers to accelerate the sales through Facebook.

Insurance Industry’s Behavior During and Post COVID-19!

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COVID-19 has made every industry rework on its strategies, be it for managing in-house/external operations, dealing with market instability/remote working logistics, or providing customer service, and the insurance industry is not an exception to it. In fact, the insurance industry has been hit hard the most since corona positive patients are requesting insurers to cover their expenses under health coverage.

This surely has made things complicated for the insurers, since, at one surface, they have unwanted expenses and, on the other, the fear of losing clients and rupturing business image. So, let us know how insurers are dealing with the current crisis and what plans they have for the future.

Insurance Market Trends during COVID19

1. Emerged Patterns during the Crisis

A lot of patterns have emerged during the corona crisis and going by the Google searches, life insurance coverage is being searched the most by consumers. Also, disability insurance’s demand has increased to quite an extent.

2. New Changes to Underwriting Process

The underwriting process has got a makeover during the crisis since no one wants to have the medical examiner in their house concerning life insurance coverage. This has made insurers look for other options such as electronic medical records, and underwriters are using the same data. Apart from this, other options like prescription drugs, self-testing kits to enable consumers to do their own blood testing are being considered for underwriting.

3. Refined Handling of Risk Consumers

During COVID-19, most of the insurers have stopped accepting older people’s applications, especially the ones aged 70 and above, along with postponing applications of people who have recently traveled abroad or have any plans for the same. Also, some insurers demand a complete good health statement before finalizing any policy.

Insurance Challenges and Opportunities

1. The New Auto Insurance Face

Due to COVID-19, fewer vehicles come on the road, lowering the chances of accidents/injuries and reducing the number of auto/health claims. Insurers are leveraging this opportunity and offering partial premium refunds to win the hearts of consumers and strengthen the relationships between customers.

2. Customer Experience

As per one of the latest Deloitte reports, customers have become the No.1 disruptive force in the insurance sector during the corona crisis more than any specific technology. Consumers are demanding personalized services from insurers through digital mediums so that every doubt concerning their claims is addressed at the earliest. Insurers who understand this and offer the same are definitely going to benefit from it in the present and the future.

3. Environmental Issues

The consumers are opting for insurance services from providers who take care of their environmental chores. This is a huge opportunity for insurers to adopt initiatives for internal sustainability like recycling plastic, paper, and organize events for community cleanup and win these consumers.

4. Telematics

Using telematics, insurers obtain real-time information for driving habits of consumers and make changes to policies accordingly. Insurers are looking to make use of this technology the most since it helps them know about the risk profiles.

5. Micro-Mobility

Due to coronavirus, people are avoiding public transports and traveling to their offices using micro-mobility. People are required to take proper safety precautions, wear helmets, etc., and most of them are also doing so. However, several other factors like insufficient vehicle maintenance, outdated ordinances, inadequate road repairs, etc., make things challenging for insurers from the liability point of view.

6. Generational Shifts

The consumers prefer those insurers who are technically more advanced in terms of digital engagement, especially during the crisis. Although it is a challenge for insurers to give up on their traditional processes and replace them with integrated insurance solutions, it is definitely worth investing owing to the demands of customers.

7. Going Mobile

With 86% of Americans having a Smartphone and 96% having a cellphone, going mobile is not an option for insurers but a necessity, especially during COVID-19 crisis. This is the reason that almost 74% of insurers are already offering their services through apps.

However, with rising competition, insurers have to not only focus on their app but make their website more mobile-friendly as well since it helps consumers to file claims, get quotes, make payments, access accounts, etc., all through the convenience of their phones.

8. Advanced/Predictive Analytics

This new technology is helping insurers with underwriting immensely since they are able to gain valuable insights into data concerning gender, driving habits, medical records, location, age, etc., of consumers.

In other ways, underwriters can easily assess the risk/fraud level within every profile and make changes to the policy accordingly. As far as COVID-19 is concerned, previous medical history is proving to be of maximum use to the underwriters.

9. Automation

Chat bots, touchless claims, predictive modeling, Telematics, and other robotic process automation (RPA) areas are changing insurance processes completely, along with becoming a great help in times of crisis where few employees are available for work.

Although, this is considered as an opportunity by some insurers, there are some who are concerned about its potential to create a negative effect on human jobs presently and in the future.  

10. Technology Threats

COVID-19 has forced everyone to shut down their physician offices and instead opt for remote working. Although this has helped insurers in ensuring smooth work operations, it has also made things complicated for them in terms of data security.

Employees who work from home do not have proper security measures in place, which is increasing the risk of data breach incidents. This is the reason most of the insurers are opting for insurance bpo services due to their technical expertise and high-end security infrastructures.

Insurers are already struggling to make consumers satisfied during corona crisis and if they experience a data breach under any circumstances, it will shatter their image in the eyes of consumers not just in the present but for the future as well.

What can Insurers Expect from the Future?

Due to COVID-19, insurers have realized the importance of using technology for remote working and serving customers digitally. While most of the insurers will continue to keep using new age processes, some will even continue with remote working as well to offer work flexibility to employees. If we talk about claims management, an aggressive approach by business owners is expected post-pandemic.

The reason being minimal injury occurrences are being witnessed like slip and fall/bodily injuries due to lockdown but as the number of cases will increase post-pandemic, medical providers and lawyers who specialize in personal injury claims will try and cover up their loses and in case of people, they will file more claims.

Also, a lot of employees moved from their offices to their homes and this will likely have an impact on their compensation claims. Apart from this, claim departments can leverage subrogation opportunities through the use of advanced analytics.

Conclusion

Surely, COVID-19 has made things complicated for insurers in the present. With lockdown, a shortage of staff, dependency on remote working, the threat of a data breach, and the growing number of unsatisfied customers, insurers have a lot to deal with.

There is no denying technology is making things sorted for insurers and most of them will continue incorporating the use of technology in their processes so that they can not only streamline their internal processes but provide enhanced customer service in the future, enabling them to achieve a higher customer retention and acquisition rate.

How Can you Help Reduce Poverty

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It is quite prevalent that the economic crisis has taken over the world badly. All the states and countries, either rich or poor, are suffering from this mess. One of the biggest countries in the world, like the USA, is among them, where the prevalence of poverty is a huge concern. When it comes to the states, people there, usually think of urban or rural areas, where the poverty rate is notable.

However, this theory does not fit anymore. According to some researches, the ratio of poor people has increased significantly in the suburban areas. Approximately 3 million people are starving in the suburbs as compared to the people living in the cities. Such conditions have become challenging for the residents of that area and also for the policymakers. For this, various governmental and human service organizations have to look into this matter to identify the root causes. 

Factors driving the Poverty

As we discussed earlier, the geographical location of poverty has shifted to suburban areas. Several factors are considerably contributing to poverty like low-wage jobs, aging, or job loss due to recessions and racism. 

Increased Population and Housing Cost

The diverse and increased population in the suburbs areas is one of the main reasons. Most of the immigrants have moved there, doubling the population. While the housing costs in urban areas are rising due to the reinvestments, that is forcing the people to look for an affordable place to live in like suburban areas, where the houses are not expensive that much. But again it is increasing the number of people in these areas.  

Economic Recessions

However, the downturn in the economy has hit harder the people of the suburbs than the urban. Increasing suburban poverty due to which a numerous amount of people living in that area are unemployed and barely able to meet their needs. However, the households where the people are not unemployed, but their income is less than the threshold, come under the definition of poverty.

Low Stipend

Low-wages work, one cannot ignore this factor as it is also intensifying poverty. Most of such low-income jobs belong to these areas like sales, cleaning, food services, and so on. Around 60%of the residents of this area, perform the before-mentioned jobs and are somehow trying to earn their bread and butter.

Ways to reduce poverty

Several programs led by the government and non-profit organizations are there to eliminate poverty from the world. But that is not enough; unemployment is the first and foremost issue that we need to resolve. Additionally, policymakers should set the wages of people in a manner that should be enough to support their families and satisfy their needs.

Increase Employment Rate

No doubt, a good and handsome salary can resolve so many financial issues. But if the opportunity of a job is not there, then how will a person earn his bread. Therefore, we need to increase the job options for low-class communities.

Though the government is doing a tremendous job, they need to provide more job opportunities. By investing in general sectors like schools, health, and childcare, this will not only benefit the public but will also provide jobs for the jobless. Also, investing in the fixation of old bridges and buildings will open many doors of employment for poor people.

Increase the Pay of Workers

Various studies have shown that the wages of several workers are not even up to their living standards. Such minimum salaries do not meet their essential living needs. Hence, now is the time to work on it. We should focus on taking the minimum wages to meet the standard requirements of life. If the authorities and unions start hauling pressure, then they can resolve this problem and reduce poverty.

Strength Existing Programs

Yes, you have heard right, such kinds of programs are especially useful and beneficial for poor people. The income of the poor can increase by the earned income tax credit program, while food stamps and cash assistance can also control the hunger of the kids of the poor community.

Organize a Group or Community to aid the Needy

It is an excellent way by which a common man can fight poverty. Instead of working all alone, make an organization or welfare that will strengthen and empower them. Find and build opportunities for them to bring a positive change in their world.

Stop Mass Imprisonment

A lot of people from different races, in the states, are not allowed to work because of their minor criminal records. That has taken away the chances of earning from people, and they are suffering because of it. It is evident that at many places, owners do not hire such people. Therefore, one should concentrate on this matter and end this incarceration.

Handle Segregation and Racism

There is no doubt that racism is increasing widely, particularly affecting the specific people and their community. Because of this, they are unable to get even the essential resources, and nobody wants to give them any job. So, it is the right time to stop the separation and racism in society to overcome poverty-related issues.

Conclusion

It is an understatement to say that nothing in this world is impossible. If you are willing and determined, then you can achieve any milestone. The economic mess has affected every country severely. Therefore, it is crucial to take serious steps that can reduce poverty. By increasing the employment rates and wages of the workers, we can restrain this issue, whereas the poverty control programs are also very serviceable in this mission.