Expense Management Tips for Entrepreneurs

As an entrepreneur, you wear many hats. From sales and marketing to product development and customer service, there’s a lot on your plate. But one thing that’s always front and center is money. After all, expenses are one of the main factors that can make or break a business. That’s why it’s so important to be proactive about managing your finances.

To help you get a handle on your expenses, we’ve put together a list of tips. By following these seven simple suggestions, you can save money and keep your business in the black.

1. Know Your Business’ Financials Inside and Out

Entrepreneurs need to have a firm understanding of their business’s finances. This means knowing your revenue streams, your expenses, and your profit margins. By having this information at your fingertips, you can make informed decisions about where to cut costs and how to boost revenue.

Though you can lean on others to help with the numbers, you must have a general understanding of your business’ financials. This way, you can make sure that your team is on track and identify any red flags early on.

2. Keep a Close Watch on Your Spending

This may seem like a no-brainer, but it’s important to keep tabs on every penny you spend. After all, it’s easy to let small expenses add up. Whether you use a spreadsheet, accounting software, or good old-fashioned pen and paper, make sure you have a system for tracking your spending.

Not all expenses are the same. Make sure to track both your one-time and recurring expenses. This will give you a better idea of where your money is going and help you plan for the future.

Prioritize expenses necessary to keep your business running, such as inventory, rent, and utilities. Then, consider which expenses can be put off or cut altogether. For example, you may be able to save money by downsizing your office space or negotiating better rates with vendors.

3. Negotiate with Vendors

Don’t be afraid to negotiate with vendors, especially if you’re a new business. Many times, vendors are willing to give discounts to businesses that they believe have potential.

Of course, you’ll need to do your research before entering into any negotiations. Know your numbers and be prepared to walk away if the vendor isn’t budging. It’s also a good idea to have multiple vendors lined up in case you can’t reach an agreement.

4. Put Together a Budget and Stick to It

Once you have a handle on your expenses, it’s time to put together a budget. When creating a budget, be realistic about what you can and cannot spend. And, don’t forget to factor in unexpected expenses, such as repairs or unexpected downturns in sales.

Sticking to your budget means saying no to new projects or cutting back on non-essential expenses, choosing instead to focus on the long-term health of your business.

For instance, if your business requires a revamping of your sales team, don’t automatically go and hire 10 new salespeople. That would be an unwise use of your resources. Instead, analyze what your ideal team looks like and what sort of budget you have to work with. From there, you can make more informed hiring decisions that won’t break the bank.

5. Review Your Finances Regularly

Reviewing your finances can help you to stay on top of your expenses and make more informed decisions about where to allocate your resources.

It will help you to identify patterns and trends in your spending, and this information can be invaluable in helping you to make adjustments to your budget. You can also catch errors and discrepancies earlier with these checks, which can save you money in the long run.

Making financial reviews a regular part of your routines will help to keep your business on track.

6. Make Use of Technology

Technology can be a powerful tool when it comes to managing your finances. Many apps and software programs can help you to track your spending, create budgets, and even negotiate better rates with vendors.

By leveraging the power of technology, you can save time and money. So, don’t be afraid to explore the options that are available to you.

Examples of helpful technology include:

An expense management app can help you track your spending and find ways to save.
Accounting software can help you stay on top of your finances and make sure your books are in order.
A budgeting app can help you create and stick to a budget.
An app to set up automatic payments can help you avoid late fees and keep on top of your bills.

7. Know When to Hire a Professional

There’s no shame in admitting that you need help managing your finances. If you’re feeling overwhelmed, consider hiring a professional to help you with your finances.

A few signs that it may be time to hire a professional include:

You’re not sure where your money is going.
You’re consistently missing deadlines or making late payments.
You’re having difficulty staying within your budget.
Your financial records are a mess.
You’re feeling stressed about your finances.

If you’re facing any of these issues, it may be time to seek professional help. By doing so, you can free up your time to focus on other aspects of your business while ensuring that your finances are in good hands.

Expense management can be a slog for many entrepreneurs. But it doesn’t have to be.

Keeping track of your spending, putting together a budget, and reviewing your finances regularly can help you to manage your expenses more effectively. Using technology and professional help can also make the process easier. By following these tips, you can take control of your finances and keep your business rolling along smoothly!

Read about:- HOW FINANCE APPS ARE REDEFINING TODAY’S MONEY MANAGEMENT

How Finance Apps Are Redefining Today’s Money Management

Finance Apps and the Future of Money Management

Finding the right finance app may be difficult and time-consuming, but it’s worth it. With so many resources at our fingertips today, finance apps can also help you review several features which are helpful during your financial journey. They allow you to track your budget, plan for upcoming expenses, pay off debt, and much more! What’s more? Not only do these apps save us time by providing valuable tools that we may need daily but they also let us reap the benefits of their features whenever we want.

But what can they really do for you and how you manage your money? There are many finance apps out there that can provide you with the solution to stay on top of your finances. To help you gain a better understanding of how they’re redefining money management today and in the future, allow us to share what we know about finance apps.

Better Money Management

Getting a handle on your finances can be difficult if you’re not using the right tools. With finance apps, you can track your spending and budget on the go while you’re making purchases. You’ll be able to know exactly what you’re spending money on in real-time and make adjustments as needed so that you won’t spend too much or too little.

But these apps don’t just help users manage their budgets — they also help you improve your financial well-being. With their features such as payment reminders, bill pay and paying your bills through the app, you’re sure to get the motivation you need to pay off your debt and save money for a rainy day.

Automated Savings

Saving money is easier than ever with finance apps. Budgeting, tracking and paying your bills are a few of the many tasks that are processed automatically. Just by signing up for a finance app, you can set up automatic daily transfers between your checking and savings account without even having to think about it. If you’re wondering which bank to choose for your checking account, consider the best national banks for checking accounts, as they often offer competitive features and benefits.

This convenient feature eliminates the need to log into your banking accounts daily and manually transfer money to your savings. In fact, if you don’t have the time to manually manage and transfer money into your savings account, you can even set up a recurring transfer. This will automatically deposit a certain amount of money into your savings account daily until you remove it or stop the process.

Automated Investments

Investing money can be a daunting task, especially if you’re new to it. But with the help of these apps, you’ll be able to receive financial advice from experienced investors and leave the process up to them.

This service enables you to set up recurring deposits into your investment portfolio and decide on the amount of risk that you’re willing to take with your money. You’ll also have access to investment portfolios recommended by professionals and get updates on how they’re performing at a glance.

Not only that, but you’ll also be able to use the app to monitor your stock prices, real-time market data and calculate your cost basis. This will help you determine if it’s a good time to sell or hold on to an investment.

Better Banking

Good quality banking apps are also incredibly beneficial for both consumers and banks. For the consumer, it gives them access to their money anytime and anywhere, especially for those who travel often. They can pay their bills and see their checking account balances right from the app. Banking apps also help banks improve their customer service and provide them with more information about their customers.

This may be one of the most important financial services that banks today provide to their customers. With the combination of convenience, security, accessibility and transparency, banking apps have had a positive impact on how well banks treat their customers.

Increased Flexibility

In today’s world of technology, finance apps can help you regain control over your finances and business. You can have a better understanding of your finances and stay on track with managing your money. They can also help you manage personal, business, investment and other financial tasks from one location.

But more than that, with the advent of mobile banking and mobile payment apps, users now have the option to pay their bills and transfer funds from their mobile devices. This is a great accomplishment that not only boosts convenience but also establishes secure ways for you to access your money wherever you are.

Redefining Money Management

The finance apps that are available today provide us with a variety of useful financial tools to empower our financial decisions and actions (like making digital payments) daily. From budgeting to investing, they accommodate us in the ways we like to manage our money so that we can achieve greater financial success.

What’s more? We don’t just use these apps to track our money alone, they also help us make important financial decisions in the long run.

Whether you’re interested in monitoring your budget or managing your investment portfolio, finance apps help you improve and take control of your overall financial well-being. We now have more options than ever before to manage our money and get the best out of it.

With the rise of finance apps and other financial technology, we can expect more from this industry in the future. For more helpful money-management tips, check out our blog!

Read about:- WHY NFTS ARE EXPENSIVE TO BUY

Why NFTs are Expensive to Buy

Without a question 2021 was the year of Crypto-currencies. Despite the high volatility, the overall sentiment towards Crypto was positive, which eventually led to skyrocketing demand for NFTs, altcoins, and meme coins.

In this article, we will talk about NFTs, how they work? What are they? And why would you even consider paying thousands of dollars for a pixelated 2D image or a piece of land on some virtual city?

Now coming to the question,

what is NFT?

To simply answer your question, NFTs are Non-Fungible Tokens.

That doesn’t make any sense. Right?

Yes! It’s my bad. Non Fungible Tokens are something that is unique and can’t be replaced with something else. The term ‘fungible’ is used, when one can exchange an asset he/she holds with another asset of the same value. Suppose you have $50 and you need to pay two bills of $25 each. As usual, you exchanged that $50 for those two bills thus exchanging the asset with a new same value asset.

However, NFTs are ‘non-fungible’, which makes them unique. As an example, Dali’s paintings are non-fungible. Yes! It is technically possible to copy them, but the original one remains unique and irreplaceable.

Now you may ask why to pay for something that is entirely virtual?

As crypto-currencies are fungible, they can be divided into various smaller units like Wei and Satoshis. However, NFTs are non-fungible and can’t be broken down into smaller units. It consists of unique data, which are rare and very limited in number.

One of the main aspects of NFT is its digital certificates of ownership, which can be bought and sold with the respective artwork that proves the authenticity.

Now you might ask, ‘what’s the big deal?’ ‘I can download the artwork from the internet for free.’

And here you are wrong my friend! You can certainly download as many copies as you like, but copies can never achieve the value and authenticity of the original one.

Are you interested to know, where to buy your first NFTs?

In order to own an NFTs, you need to have a digital wallet to store your Ethereum. Crypto exchanges like Binance, KuCoin, and Coinbase let you create a wallet, which can be connected to the marketplace from where you are planning to buy your first NFT.

Also note, NFT stores are like little auction houses, where many places bid to own a single artwork. With the massive surge in NFT’s demand, finding a marketplace is not so tough. However, we would always encourage you to buy from trustworthy and well-known sites like SuperRare, OpenSea.io, BakerySwap, Axie Marketplace, etc.

Why NFTs are Game Changers for Artists?

There’s a stark difference between art-markets and NFT markets. Most of the NFT artists take at least 10-20% cut from the secondary sales, which means every time the art piece gets sold, a part of the income will go to the artist. This idea is a real novelty and it can change the world of art permanently, and you know the best part? All the sales and transactional data from the NFT sales gets recorded on block chain allowing artists to get their cut automatically.

Can I Create an NFT?

Certainly! Anyone can create an NFT for that matter. You have to turn your own artworks into NFTs on the block chain in order to offer them for sale. This conversion process is called minting.

Once your minting is done, you can put your NFT up for sale on the available NFT marketplaces where you’ll also have to attach your commission so you can continue receiving payments every time your art gets sold. However, the Ethereum block chain is infamous for exorbitant gas fees, which you’ll have to pay as transaction fees.

Clouds of Uncertainty

You might earn a lot from NFT, it may also be very good for creators. However, one of the most worrisome controversies around non-fungible tokens is the carbon footprints that are being created.

Now you might say, how much energy gets consumed by these pixelated art. A very popular NFT named Space Cat’s carbon footprint is equal to an EU resident’s electricity usage for two months, which is quite bad for a GIF of a cat.

In order to keep all the financial records secure, the block chain system forces miners to solve very complex problems using very powerful computers. Solving the problem helps miners to get rewarded by new tokens or transaction fees as result. However, due to the competitiveness of the market, many high-powered computer rigs work for the reward, but only one ends up solving the puzzle, thus earning the reward Robo Forex.

You may ask now, what about the other participants? The answer is, even after burning a lot of energy, if a computer rig fails to solve the puzzle they can’t earn a reward. This makes the process (Proof of Work) incredibly energy inefficient, which in turn is leading to high carbon footprints.

However, with a new mechanism like Proof of Stake, organizations are trying to cut down gas fees and carbon footprints to a massive level. With the POS mechanism, the electricity consumption gets dropped to almost zero, which is beneficial for all the parties involved.

Read about:- LATEST UPDATES IN THE INSURANCE SECTOR

Latest Updates in the Insurance Sector

Bharti Airtel Payments Bank Partners with Bharti AXA Life

Airtel Payments Bank has partnered with Bharti AXA Life Insurance to provide the Bharti AXA Life POS Saral Jeevan Bima Yojana through its extensive chain of banking points in India. This insurance plan is a pure life term plan aimed at the under-insured and uninsured segments in the country. Both the partners will take care of the vast network in order to address the deep rural pockets and serve the under-insured.

This insurance plan is for individuals between the ages of 18 to 55 can enrol for this plan. It is not tough to buy this plan; interested person can purchase this Yojana through the simple and secure process at their banking points. At the initial phase, this policy is available at the 25,000 retail outlets of Airtel Payments Bank; it will soon be expanded to cover over 60,000 banking points.

The CEO of Aditya Birla Sun Life Insurance, Pankaj Razdan Resigns

The CEO of Aditya Birla Sun Life Insurance, Pankaj Razdam has announced his resignation from his current position in Aditya Birla. According the news, the present managing director of the retail arm of Kotak Securities, Kamlesh Rao will take Razdam’s position. As per the report, Pankaj is going to work in Indian Film Production. He has produced a Marathi film recently during his stint with Aditya Birla Group and now is the co-producers of an upcoming Hindi movie.

In his role in Aditya Birla, Pankaj has provided the firm strategic direction and leaded the insurance team towards achieving rapid flourishing and productivity. Although Razdam said that he is not quitting the financial services industry. Further, he said that his resignation was not triggered by differences with the management.

LIC Launches New Assurance Plan, Navjeevan

The Life Insurance Corporation launched a new assurance called Navjeevan. This Navjeevan is a non-linked “with profit” endowment assurance insurance plan. Under this plan, one will have numerous payment alternatives; he can pay premiums either a lump sum, as a single premium or under the Limited Premiums option under a five-year payment term. It is a comprehensive plan that offers financial support to the family in case of unfortunate death of the policyholder at any time.

The best part is that it is very easy to enrol in this scheme. The interested person can buy this plan easily through the online application process or can visit the nearest branch for it. This insurance is for ages 90 days to 65 years with an option to risk sum assured from age 45 years onwards. In this limited premium, there will be two options, option 1 and option 2. Option 1 is only available for the persons aged between 90 days to 60 years. And, option 2 is available only for 45 to 65 years age group. This plan will have advantages under section 80C and Section 10.

Government Launches Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana

Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana has been launched by the Indian government to offer pension coverage to the trading community. The primary benefit of this scheme is that under this plan, each subscriber of the scheme will receive a minimum assured lifelong pension of Rs 3000 every month after attaining the age of 60 years.

Under this Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana, those who are self-employed and working as shop-owners, retail traders, rice mill owners, oil mill owners, small hotel owners, restaurant owners, workshop owners and other small traders can get coverage with this insurance plan, and any unorganized sector worker whose income is less than Rs 15,000 can subscribe Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana and take benefit.

One important factor about this plan is that to be eligible, the applicants should not be covered under the National Pension Scheme, Employees’ State Insurance Scheme, and the Employees’ Provident Fund.

Airtel Partners with HDFC Life to Offers Prepaid Plan with Insurance Cover

Recently, Bharti Airtel partners with HDFC Life Insurance and announced the launch of a Rs 249 prepaid bulled plan that will come up with Rs 4 lakh life cover. This recharge is valid for 28 days, and the policy will provide the coverage until the research is active. As per the news, this plan is available for all Airtel customers.

Interested customers need to enrol for the insurance after the first recharge through My Airtel App, retailer, SMS, it said, adding that the insurance renews automatically for subsequent recharges. This policy is available for all customers aged 18 years to 54 years. There is no need for any paperwork or a medical examination. This tie-up will bring great improvement in insurance penetration in India. This deal leverages digital platforms and the distribution reach of Airtel. It will allow people to get a life cover every time they recharge their phone.

Read about:- TOP 10 TECHNOLOGY TRENDS THAT ARE REDEFINING THE INSURANCE SECTOR

Top 10 Technology Trends that are Redefining the Insurance Sector

Today, insurers are serving customers through new digital-native innovations. These dramatic changes are reshaping the insurance sectors, and companies are not just watching it happen. They are taking action and investing that will support them to be more customer-centric, enhance their pricing and create operational efficiencies.In this article, let’s look at a few instances of the impact of technology in the insurance industry is driving the progress and development of the sector.

Artificial Intelligence

Artificial Intelligence is revolutionizing the insurance industry. It offers insurers the ability to create some unique experiences, meeting the high-speed demands of modern consumers. With the help of Artificial Intelligence, insurers get the capability to improve claims turnaround cycles and fundamentally transformed the underwriting process. It also allows insurers to access data faster and cutting out the human element leads to more accurate reporting in a short time.

According to the report presented by PwC, the impact of AI will primarily relate to enhancing efficiencies and automating the customer-facing underwriting and claims processes.

Blockchain

Blockchain is making waves in the insurance technology industry. This technological development enables for the decentralized storage of data of any kind. The blockchain is a security method by which data is secured against the other data in the system. Blockchain as a distributed ledger offers use case opportunities to insurers across the value chain from verified digital customers to automated underwriting, claim management and fraud prevention.

Cyber Security

Cybersecurity is one of the most emerging trends in the insurance industry. Risk managing is a common factor in the insurance field. With the entrance of Cyber Security data is saved and protected in an advanced and cost-effective way.

Cloud Computing

Cloud computing is coming as to be a game-changer in the business world because of its amazing features such as cost-effectiveness, easy deployment, and high security. Numerous companies are now moving towards Cloud platforms to run and manage their daily business activities. Present-day, various processes such as claims processing, policy management, and premium billings are being done through Cloud, and it is saving on the server and technical support staff. The increasing adoption will support insurance providers to gain operational efficiencies at a very low price with less manual intervention.

IoT

IoT devices, sensors, and telemetric have been fast gaining adoption in the insurance sector. Some data streams and sources with advanced analytics can support insurers to bring improvement in risk assessment, price policies based on the real data in real-time and proactively encourage customers to purchase policies for loss prevention. Besides, networked devices in cars and buildings protect people and property and offer proactive preventive maintenance, thus reducing accidents and claims. By analyzing data from the sensors embedded in vehicles and other equipment, insurers get insights into customer behavior.

Machine Learning

Machine learning is playing an effective role in the insurance sector in the whole product lifecycle from marketing through underwriting and customer services to claim processing and many more. Although, machine learning has been in the insurance sector for a long, that time it processes that needed low decision-making skills like managing rule-based decision, data entry and more.

In the modern-day, it is entering in a complex process like receiving customer insights, personalized customer interactions, property assessment, etc.

Data Security

Data security effectively gives the prevalence of mandatory data branch notification regime around the world. Keeping data secure is a tough and time-consuming task, even when the data is within the confines of the environment of the organization.

Social Media

Social media and its effect on the insurance companies are outstanding. It is evolving beyond marketing strategies and clever advertisements. Mining social media data is improving the risk assessment for insurance companies, bolstering fraud detection bolstering fraud enabling new customer experiences.

Chatbots

Chatbots is the perfect way to interact with customers seamlessly, saving everyone within an organization time- and saving insurance companies money. This innovation can walk a customer through a policy application or claims process, reserve human intervention for more complex cases. Companies are understanding the importance of chatbots and investing in technology like this.

Virtual Reality

Virtual Reality technology is great for engaged customers and differentiate through experiences. The insurance industry has not been left behind. Insurance companies are taking advantages through VR technologies to bring advanced solutions that would support them project the real-life situations, find damages and potential risks.

Last Verdict

In this modern era, the latest technological innovation is bringing amazing progressive opportunities. Technology-based progress is becoming the increasingly prevalent player and driving change-both in terms of how insurers operate, and what customers expect. It supports companies not to stay ahead of their competitors, but also deliver the experiences customer expect in the modern market. With all these innovations, the market is going to touch the next level soon.

Read about:- INSURANCE INDUSTRY IN INDIA: STEPPING INTO THE NEXT DECADE OF GROWTH FROM ITS HISTORICAL JOURNEY

Insurance Industry in India: Stepping into the next decade of growth from its historical journey

The insurance industry has seen tremendous growth in India in the last few years with the evolution of advanced products and services. It has led to tough competition with a positive and healthy outcome. Insurance sector in India plays a dynamic role in the empowerment of the economy. And, like for any country and its economic progress, having a well-developed insurance sector that is flourishing is a boon also for India. Because it provides some long-terms funds to bring improvement in the country’s infrastructure and strengthen the risk-taking ability of the country. It substantially raises the saving opportunities among people, protect their future and support the insurance sector form a massive pool of funds.

Historical Journey of Insurance Industry

The journey of the insurance industry in India had begun in the early 19th century. The first insurance company of India was Oriental Life Insurance Company; it was incorporated in 1818 by Europeans in Kolkata to serve their community. In 1870, the first Indian insurance company, Bombay Mutual Assurance Society was established. And, in 1850, Triton Insurance Company was founded to offer general insurance solutions.

Slowly but steadily, the sector started getting counted into the important industry making a remarkable contribution to the Indian economy. In the early 20th century, many new companies started growing in the country. In order to regulate these companies, the Life Insurance Companies Act was passed in 1912. During this time phase, the Indian insurance sector was passing through its growing phase through three stages, Pre-Nationalisation, nationalization, and Privatisation. Nationalization of the industry happened at the time when the Life Insurance Corporation Act- 1956 was passed.

Public Sector insurance companies were making a loss, and privatization was looking the only solution. Since the insurance market was opened for private companies in 2000, the industry changed instantly. Privatization brought efficiency in the business. Many new companies entered the market with fascinating offerings like HDFC Life, Bajaj Allianz Life Insurance, Reliance Life ICICI Prudential, Kotak Life Insurance and many more. However, the sector is still under-penetrated, the scenario has completely transformed after the emergence of private players. Now, as the Insurance Bill that approves FDI limit in the insurance sector up to 49%, got approval from Parliament, huge growth is expected to see in the industry.

Contemporary Insurance Market of India

When the Insurance Regulatory and Development Authority of India or IRDAI was founded in 2000, it opens the insurance market to private enterprise and allows Indian companies to partner with foreign companies. With this establishment, insurance sector went through a great reformation, and insurance services became available at a very reasonable price for people. Strong economic factors and the government pushing the right buttons with the implementation of technological innovations have propelled the Indian industry on a glorious stage. And, the Life insurance industry has created significant contributions in putting the country on this victorious trajectory.

Presently, the Indian insurance industry has a total of 57 companies among which 24 are working in life insurance, and the rest are working in non-life insurances. Here, LIC is the only public sector company in the life insurance business sector. The non-life insurance companies include Apollo Munich Health Insurance Company, Star Health, Cigna TTK Health Insurance Company and much more work in personal accident, health, travel, etc.

Besides, there are two specialized insurer- Agriculture Insurance Company Ltd, it caters to crop insurance and Export Credit Guarantee of India, it caters to the credit insurance. The country is on the fifteenth position among the largest insurance market worldwide in terms of premium volume and has the potential to grow shortly.

Future of Insurance Sector in India

Although LIC is dominating the insurance sector in India, the emergence of new private companies in the sector will experience a vibrant expansion and progress of life as well as non-life sectors. The Indian insurance market is expected to have a huge business opportunities waiting to be harnessed. As event today, India insurance market accounts for less than 1.5% of the total insurance premium in the entire world and about 2% of total life insurance premiums of world in spite of being the second most famous nation. The future looks promising for the life insurance with multifarious changes in the regulatory framework that will lead to remarkable changes it the way the industry does its business and get connect with its customers.

Data says that in the next three to five years, the Indian insurance industry will grow by 12%-15% approx, and it is expected to reach US$ 280 billion by the end of 2020. Demographic factors like growth of the middle class, young insurable, population, and increasing awareness of the need for protection planning will the main foundation for the progress of the industry.

Read about:- BEST EMPLOYMENT OPPORTUNITIES IN THE INSURANCE SECTOR OF INDIA

Best Employment Opportunities in the Insurance Sector of India

Present-day, the insurance sector in India is booming. With the emergence of private players and multinational companies, career opportunities in the market have grown rapidly. Insurance is a trillion-dollar business; it employs a humongous number of candidates. This is a stable yet dynamic field, which provides a wealth of advancement and works. As the population ages and wealth increases, the need for insurance experts is also going high. There are 30 insurance companies in India; some of them are major like Life Insurance Corporation of India, General Insurance Corporation and Postal Life Insurance.

Many new multinational companies have entered the market like ICICI Insurance Co., Max New York Life, SBI Life Insurance in life insurances and ICICI Lambard, IFFCO Tokyo, Tata AIG, Royal Sundaram are working in the Non-life insurance. IRDA or Insurance Regulatory and Development Authority was established to regulate, promote and manage the insurance market of the country, present all insurance companies are running under its guidance.

Today, this sector not only provides a shield to the lives and assets of the nation but also generates huge jobs and career opportunities.

Some of its specialized fields are-

Life Insurance
Property Insurance
Accident, Sickness and Unemployment Insurances
Auto Insurance
Travel Insurance
Pet Insurance
Job Perspectives

Eligibility Criteria

Educational Qualification

Minimum educational qualification to join the insurance sector is 10+2 or equivalent. To obtain a license that allows you to work in this sector you need to appear in an examination conducted by the Insurance Institute of India.

Candidates having an educational background in mathematics, commerce, statistics, computers, and English can try their luck in the industry. But before this, they need to develop a good understanding of money, finance, market, and insurance business.

Required Skills

Apart from the required educational qualification, there are some basic skills that a person should have to make a bright future in the insurance industry. Like-
You should have ability to convince, presence of mind and dedication for service towards the clients.
Organization skills, logical approach, quick learning ability, good communication skills are some additional qualities that support you to reach on higher positions.
If you want to be an insurance agent, then you should be able to convince people and hold great business sense.
In case, you are planning to make your career in fieldwork, then here good communication skills coupled with the willingness to work outside the office for odd hours work great.

Work Opportunities

Work opportunities in the insurance sector are enormous. Those who fulfil the eligibility criteria can work under the following capacities in the insurance companies of India:

Insurance / Composite Agents
Insurance Surveyors
Investment Professionals
Administrative Officer
Assistant Administrative Officer
Development Officer
Actuaries
Insurance Underwriter

Salary

The pay scale in the government sector is according to the rules and varies according to the position. For each grade, apart from the basic salary, many other allowances are provided. When it comes to the private sector, here the salary scales are better. They take in management graduates to work mostly in the areas of marketing and sales with an initial salary from 15,000 to Rs 25,000. The commission is one of the important factors for insurance agents. Here, the amount of commission depends on the types of amount of insurance sold, and whether the transaction is a completely new policy or just a renewal.

Renowned Institutes Offering Insurance Courses

Institute of Insurance and Risk Management, Hyderabad
Acharya Nagarjuna University Centre for Distance Education
Annamalai University
Pondicherry University Directorate of Distance Education
Punjabi University Department of Correspondence Studies
South Arcot
Manonmaniam Sundaranar University
Institute of Actuaries of India
Insurance Institute of India

Scholarship for Study

There are no special loans available for insurance course. If you are already in the insurance sector, you may study through your company sponsorships. Additionally, education loans of up to Rs. 7.5 laces are available through banks.

Scope in Future

As said earlier, insurance professionals are on high demand. Data says that only 14% of the world population has been covered by insurance professionals. It shows that there is much potential in the 86% population that is still untouched. So, the demand is very high as compared to the supply. If you are passionate to work in the insurance sector then clearly you are going to earn a lot of money and fame in the future.

Best Tips for Getting Hired

I am going to wrap-up this article with these few effective techniques to get selected in reputed insurance companies just after studies:

Keep checking the best insurance companies for the job openings and apply for the same if you find any vacancy
Try to make a friend and contact circle to avail their references in coming days for negotiating in insurance deals
Keep yourself updated with the top-notch companies, latest happenings of the insurance market and new rules and regulations
Read books for getting a business sense, selling skills and more.

Read about:- OUTLOOK OF BANKING SECTOR IN THE USA IN 2020

OUTLOOK OF BANKING SECTOR IN THE USA IN 2020

A new wave of disruption more forceful and more pervasive than what we have witnessed in recent years will be unfolding in the coming decades. While the foundation of this disruption- economic, technological, geopolitical, environmental or demographic may remain the same. The banking sector is not an exception. Increasing demand for a digital banking experience form millennial is shifting how the whole banking industry operates.

The current state of the banking

The global banking system continues its positive streak, with profitability raising the new post-crisis levels. The US banking industry has shown modest enhancement in almost all areas and remains strong. ROC is at 18%, backed by a strong return of assets of 1.5%. The total assets were the US $ 16.5 trillion, up by 3% from the previous year. Tax cuts and higher federal funds rates were vital contributors to raised profits. Consumer borrowing has surpassed levels last seen before the financial crisis.

Expectations from 2020

In the US, unemployment has badly hit a record low and inflation is under check, but the sign of a potential downturn is looming. The yield curve inverted for the very first time in 2007. The economists from Deloitte forecast the probability of the recession in the US in the coming year at 25%, just like last year. Most other G-7 nations like Germany, Italy, Japan, and the UK, are in the same situation or worse. On the global level, the IMF has forecasted slower worldwide GDP growth of 3% in 2019 with no region unaffected.

Equally concerning is central banks’ limited repertoire of the monetary tool; rates are either at historically low levels or bordering on/in negative territory in key regions across the world. The recent move by the European Central Bank to deduct rates and reinstate quantitative easing could stir progress, but if it does not, it could bring more pain.

When it comes to the regulatory front, the world regulatory fragmentation continues to be a reality. Institutions now should contend with different needs, which are often unfinalized or under revision.

Suggestion for Banks

Anticipating the wave of disruptions over the next decade, bank leaders should reimaging the possibilities for how banking is done with big, bold ideas. By hyper scaling their transformation and actively engaging with the ecosystem, the latest partnerships and alliances may be imperatives for change.

Different powerful forces are reshaping the banking industry, bringing an imperative for transformation. Banks need to select what posture they want to adopt- to lead the change, to follow fast or to manage for the present. Whatever their selected strategy, banks need to balance execution against different priorities and have a clear sense of the posture they want to adopt. Although each of them is vital; success will come from a balanced execution across these factors and balance of important initiatives and longer-term programs, all emerging together as an integrated whole.

Read about:- TRENDING CAREER OPPORTUNITIES IN BANKING & FINANCE SECTOR

Trending Career Opportunities in Banking & Finance Sector

Banking is a conservative, tradition-bound field; now it is getting advanced day by day with multiple innovations and advancements. While a few years back, a career in banking usually implied three labels: Accounting, Finance, Taxation Finance or Banking and Finance, now it is getting broader with time. Today, the industry offers a wealth of opportunities for experienced professionals, college graduates as well as entry-level workers. Making a career in banking is a perfect way to grow financially, professionally along with socially. It is not only a secured career option but provides outstanding learning opportunities.

Here is the list of trending career opportunities in banking sector:

Financial Accountant

One of the best career opportunities in the banking sector, financial accountant manage a company’s financial accounts to ensure that they are properly managed and distributed. It basically incorporates analyzing all the different aspects of a business, evaluates vital financial perspectives and metrics, and then review and reports the results to the higher-ups, such as shareholders and executives.

Financial Analyst

If you are interested in managing people and businesses in making investments, try your career as a financial analyst. Whether it is through the stock market, bonds or other investments, financial analysts are experts. Financial analysts engaged with different companies as well as individuals, write reports and work with people and financial institutions.

Loan Officers

Banks generate money by issuing loans; here, loan officers have a key role to play in the success of a bank. Junior loan officers can write automobile loans and originate applications for unsecured products like credit cards. If you wish to start your career in this field, you can be started after passing a background check and register with the National Mortgage Licensing System.

Auditors

Auditing is a great career option here one needs to visit banking centres regularly. Auditors are tasked with detecting fraud, clerical errors and cutting the operating losses of banks. Banks employee low-level auditors who have no accounting experience but have previously worked as tellers. These individuals mainly focus on monitoring branch operations. High-level auditors are certified public accountants who audit the whole division of banking. As an auditor, you get the authority to shut down insolvent banks.

Business Analyst

The main role of the business analyst is to analyses industry and intends its methods and operations, evaluating the business model and its combination with the technology. Here, the role can also be defined as a link between business problems and technology solutions.

Tellers

Tellers are bank employees; their work is to accept deposits, cash checks and handle different uncomplicated customer service issues. There is a great scope in this field; you can start as a teller and later transition from a teller job into a head teller. On head position, you play a role also in risk management by ensuring that holds are placed on large-dollar transactions or suspicious checks.

These are the leading scopes in the finance and banking sectors where you can plan your career.

Read about:- TOP 10 NBFCS IN INDIA, LEADING THE MARKET.

Top 10 NBFCs in India, Leading the Market.

These days, Non-Banking Financial Companies are rising in India as promising institutions; they incorporate insurance companies, giant stock-broking firms, organizations that grant loans for homes, aircraft, machinery, vehicles and more. According to the data presented by Microfinance Institutions Network (MFIN), NBFCs and Microfinance institutions have reported over 50% growth in the gross loan portfolio at Rs 51,878 crore in April-June in 2018 in comparison to the same period in 2017.

The NBFC area is a significant part, and it is becoming swiftly popular and present-day, it records for more than 12% of the nation’s GDP. NBFC additionally combine to the nation’s economy by lending to framework ventures. There are various non-keeping money budgetary organizations operating in the nation, which offer monetary administrations. The purpose of this article is to portray the foremost non-saving money budgetary organizations in India. Here we are providing a list of top ten Non-banking financial companies of the country. The listing is random and does not show any rating.

HDB Financial Services

HDB Financial Services is the part of HDFC Bank. It offers a wide assortment of secured and non-secured financial loans to people. It holds a wide network of over 1,000 branches covered over 22 Indian states and three Union Territories. HDB Financial Services is recorded as the speediest developing NBFC in India.

Bajaj Finance Limited Bajaj Finance Limited

Bajaj Finance Limited is an initiative of Bajaj Holdings and investments. Since founding, the company has emerged as one of the best NBFCs in the country. Bajaj Finance offers various loans like gold loans, business loans, home loans, personal loans, and also to doctors for their career enhancement. Moreover, it incorporates general insurance, wealth advisory, and money lending.

Muthoot Finance Ltd

Muthoot Finance Ltd is the first NBFC of India; it was founded in the year 1888 as a small lender at a village in Kerala. This company allows loans only against pledge of gold ornaments and is a leading name in this field. Besides it also gives foreign exchange services, money transfers, wealth management services, travel, and tourism services. Gold coins are also sold at the braches of Muthoot Finance, where you can buy from.

Reliance Capital Ltd

Reliance Capital Ltd is one of the biggest Non-Banking Finance Companies in the country. It offers different housing and consumer finance and provides funding for Small and Medium Enterprises. Additionally, other parts of the company trade with asset management, health, life, and general insurance. As the Reliance Capital is listed on stock markets, its shares are the most sought after.

Tata Capital Financial Services Ltd

Tata Capital Financial Services Ltd is counted among the top Non-Banking Finance Companies in India; it is a one-stop financial service provider catering to the different requirements of retail, corporate and institutional customers in the business sphere. Tata Capital gives multiple products to individuals, families, and businesses. Its service portfolio combines commercial finance, wealth management, consumer loans, infrastructure finance, and distribution and marketing of Tata Cards, among others.

Aditya Birla Finance Ltd.

It may look surprising but fact that Aditya Birla Finance Limited comes in the list of top five largest private diversified NBFCs in India. It is a division of the Aditya Birla Financial Services. Aditya Birla is registered with RBI as a ‘systemically important non-deposit accepting NBFCs. It offers precise and customized solutions over a wide range, from corporate finance to commercial mortgage, and from capital markets to structured finance.

LIC Housing Finance Ltd

LIC Housing Finance Ltd was initiated by Life Insurance Corporation of India. Life Insurance Corporation of India is the government-owned and largest insurer of this country. It offers home loans and claims to have helped over two million Indians to realize the lifelong dream of owning a house. This is among the best NBFC Company in the country.

Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited is a renowned name in the list of top NBFCs in the Indian market. The company has more than 1000 branches in the country and offers various administratations related to money. Mahindra & Mahindra Financial offers vehicle advances, corporate advances, working capital advances, home credits, gold advances and so on. The organization holds two auxiliaries that are Mahindra Rural Housing Finance Limited and Mahindra Insurance Brokers Limited. These backups’ present protection administrations and lodging money related to administrations of head quality.

Shriram Transport Finance Company Limited

Shriram Transport is largely directed on funding commercial and business vehicles and few more. It allows services for Light Duty Trucks, Passenger Vehicles, Construction Vehicles, Heavy Duty Trucks, Mini Trucks, and Farm Equipments. The specialization of the company is in general insurance, mutual funds, common assets, and comprehensive protection.

10. L & T Finance

Finally, L & T Finance Limited is the last name on this list. It is a renowned player in Non-Banking services. The company offers a wide assortment of budgetary administrations for various divisions like horticulture, industry, exchange, and so forth. The major offerings from the service portfolio include Individual Vehicle Loans, Corporate Loans, Commercial Vehicle Loans; Rural Loans are a portion of the results of the organization. Furthermore, till date, L and T Finance offered monetary administrations to more than 10 lakh individuals.

Read about:- WHAT’S NEXT FOR FINANCIAL TECHNOLOGY INNOVATION