As the finance and accounting sector is getting transformed, there is a need for new and improved solutions to cater to the challenges of the market. Changing regulations, rising costs, growing customer demands and need for technology advancements, are some of the concern areas. Financial institutions are implementing value added services and introducing new ways to engage customers, however, there is a huge scope of improvement that can only be achieved by an expert. A professional finance and accounting service provider can help the banks, insurance and financial institutions to manage their processes well, while expanding their reach into the global market.
Firstly, it is important to understand that the financial market caters to what all business verticals. This domain caters to:
- Accounts: It includes general ledger accounting, bookkeeping, accounts payable, accounts receivable and so on.
- Mortgage: It includes pre, during and post mortgage customer support, collections process, bank reconciliation and so on.
- Customer Service Customer Service: It includes handling end-to-end customer queries and offering relevant solutions to resolve it. Also, suggesting solutions to meet the requirements of customers is a part of this segment.
- Process Improvement: It includes measures to improve the overall process. Process optimization and cost saving is also a part of this segment.
Apart from the regular accounting functions, the financial sector also involves, mortgage and collection process. Loan processing involves a lot of phases, where a loan amount is planned, sanctioned, processed and approved. To do all this in an effective manner, enterprises are implementing innovative solutions in association with their service partner so as to offer the best-in-class services to the end customers. Also, a dedicated team of financial professionals is required to manage it all, timely and efficiently.
The finance function is getting intuitive, interactive and instantaneous by nature and to keep pace with this current state of business, entrepreneurs are enhancing their capabilities.
The accounting and financial services offered by a BPO (Business Process Outsourcing) service provider brings great results to a client’s business. Their measurable and innovative solutions offer guaranteed results and best performance. The third-party vendors offer customized solutions in order to meet the specific requirements of business owners. Having years of experience in process handling and client-servicing, a service vendor brings desired business results. With a global delivery network, service vendors are empowered to cater and serve global clients, financial institutes, banks, etc.
Service vendors offer a wide range of services in the following areas:
- Market research
- Financial planning & management
- Financial research & marketing
- Banking and Mortgage
- SLA management
I recently spoke at a national convention of real estate brokers and agents. After my talk to the hundreds of real estate professionals in the room, I had a wonderful conversation with a new real estate agent, attending one of these conventions for the first time. It was clear that he got the message of my talk, but he wasn’t sure he was happy. He cornered me as I was leaving the meeting room, scratching his head murmuring, “Andre, are you saying that I just went into business?” I had to reply honestly; “Yes, That’s exactly what I’m saying.”
Each year millions of individuals decide to go into the fields of real estate sales, insurance sales, and financial service sales. You can also add travel agents, and many other professionals to this group. Attracted by the income potential, working with an established brand name, and great initial training, these new recruits assume that in a short time they’ll be “rolling in the dough.” But what many of these individuals do not know is that they’re not salespeople, but they’ve decided to become entrepreneurs. Their future will come down to how quickly they realize that they’ve started their own businesses and how quickly they can adopt the mindset and actions of an entrepreneur.
Real estate, insurance sales, and financial sales have very high turnover rates. A person will spend months, interviewing, studying to become licensed, and receiving initial training. Then the day comes when planning mode ends, and the person takes a seat in front of an empty desk and stares at the telephone. That’s when they must move with the intensity of a passionate entrepreneur nursing a start-up. And that’s where many new recruits become disillusioned and are prepared to call it quits.
During this period you have to prospect, fill your pipeline with leads, and persuasively present the benefits of your products or service repeatedly. And yes, you have to do this under pressure, often with little or no income, and in a hyper-competitive market. There are prospects just “kicking the tires,” quite indecisive, and those that ignore you entirely. As you look around, you may see your colleagues land a big deal or two, or drop like flies because the task seems so hard. Meanwhile weeks and months go by and your dreams of big earnings begin to fade, feeling like pure fantasy. If you make it through the first year, your earnings are modest at best and you’re totally exhausted. Many will walk away from their new career, determined never to go down that path again.
When I have an opportunity to give guidance to professionals in these industries, I always offer these five points:
- Realize that you’ve decided to become an entrepreneur. You must learn the elements of running a successful business, which include selling, marketing, delivering the product, servicing, and accounting.
- You must become an excellent marketer and go far beyond the typical guidance you receive as part of your licensing and corporate training. If you do not create a unique business, you might as well get out of the field.
- Next to the skill of marketing, you must develop the skill of delivering an extraordinary customer experience. That means service, service, service.
- In your first year or two, be prepared to work like mad, and despite your frenzied efforts at the end of the year, you might feel like you’ve just moved an inch, gaining only modest returns.
- If you stick it out, and really do these things, you’ll make fewer and fewer mistakes, as time progresses and success will become natural to you. If you’re committed you’ll begin to succeed beyond your initial expectations.
The best sales organizations help their recruits understand these facts. The management of these companies know that despite working with a well-established brand name with offices across the country, you must learn how to make the business your own, differentiating between your offerings and the many other individuals that have gone into your field.
The big secret in selling real estate, insurance, and financial services is that there’s no secret about what it takes to succeed. Whether you know it or not,
you have started your own business and you must bring to this endeavor the same thinking and discipline as anyone else hanging out a shingle.
Like most other things, getting the best insurance deal does not necessarily mean that it will be the cheapest option. Sure, everyone likes to get a good deal and occasionally you may come across a bargain but most of the time, when it comes to life insurance, those deals are few and far between. A cheap or bargain policy usually has so many strings attached that it seldom is the best option in the long run. To understand how to find the best policy, it is helpful to look at the different types of insurance and what makes some type of policies cheaper than others. Then when offered a cheap policy, you can evaluate the offer objectively and establish if it is really the best insurance policy for you.
What’s the Cheapest Form of Life Insurance?
The most affordable type of life insurance will be a term policy. In this type of policy, you pay the premiums and get the benefits of the life insurance for a set term. Most often, this type of insurance policy is taken out by homeowners when they acquire a mortgage. The insurance policy is there to ensure that if you die before the mortgage has been fully repaid, the policy will cover the costs of the outstanding mortgage. This will ensure that your dependents still have a home and are not burdened with the mortgage costs if you pass away. Sometimes there will be periods in your life when you have greater financial responsibilities. For example, if you have children in school and it is expected that they will attend college. You may want to take out a term life insurance policy for that particular time in your life to ensure that all your financial responsibilities can be met in the event of your death.
The reason why term insurance is cheaper is that at the end of the term, the benefits lapse. In other words, if you take a term policy for 20 years and at the end of that period you are still alive and well, you do not retain any benefits of the policy, including the money you have invested into it. Sometimes you can renew the policy by paying minor penalties which is better than losing out on the money invested. However, keep in mind that life insurance is about providing for your dependents in the event of your death and should not really be viewed as an investment policy.
Deciding on Your Insurance Needs
Before you can consider the different types of life insurance policies, you need to first establish what your insurance needs are. Think about what life stage you are in, what your financial responsibilities are and what dependents you have. As a single young person, few of these will be applicable to you. However, if you are married and plan to have a family then you will need to consider your insurance options. Even if your spouse is working, you may rely on both your incomes to meet your current lifestyle. If something happens to one of you, you will need adequate life insurance so that you or your surviving spouse can be all right financially. Insurance is particularly important if you are the main breadwinner in the family. Even though it is the more expensive option, it is sometimes worthwhile to look into whole life insurance policies as well as term life insurance policies. Because no one knows when their life will end, you need to look at all the alternatives available. Later in life, your spouse may be even more financially dependent on you as they may stop working or fall ill. In the event of your death, this would mean that they would be unable to support themselves and the payment from a insurance policy could well prove essential.
Deciding on What Type of Life Insurance Policy You Can Afford
It is also important to establish what you can afford in terms of insurance premiums. Naturally, the larger the amount paid into the policy, the greater the benefits paid out to your dependents. When considering this, be careful about thinking about the payout in today’s terms. Keep in mind that inflation has a strong influence on lifestyle and the cost of living. Even if inflation is low percentage-wise, it still adds up considerably over time. Ensure that any term or whole life policy that you take out provides sufficient benefits to your dependents well into the future.
When you’re young, insurance is not always your first concern. In fact, graduates who go straight from university and into a job are usually so caught up in earning their first salary that savings and insurance remain at the back of their mind. This is a trend that can be hard to escape, particularly if they become used to a certain amount of disposable income. Recent research seems to evidence this trend, suggesting that young people between the ages of 24 and 34 do not have enough financial protection.
According to research undertaken by Co-operative Insurance, over half of young people between the ages of 24 and 34 would be unable to afford their financial outgoings if they had to miss work for an extended period of time. So if you’re aged between 24 and 34 and you face having to miss work for due to a sudden illness or bereavement in the family, it’s likely that you won’t possess the financial insurance cover you need.
The research infers that women are more likely to protect themselves from unexpected events than men, with 35 per cent of females taking out insurance. However, the survey also reveals that only one in ten young Britons tend to review their financial cover and financial options when they’re about to get married. Head of protection at Co-operative Insurance, Fiona Jackson, commented that planning for the future is “essential”. A majority of consumers only decide to take out insurance once something dramatic has happened to them, and Jackson asserts that if consumers “don’t take time out to plan, they run the real risk of having inadequate cover in place to protect both their individual and family needs.”
When choosing life insurance, there are a variety of options available to the consumer. However, if you’re trying to obtain life insurance when you’re young, the best type of insurance is investment-type life insurance, which includes endowment policies and “whole of life policies”. As well as paying out in the event of your death, this type of insurance generally builds up in investment value over the years.
So, if you purchase investment-type life insurance when you’re young, its value will accumulate during your lifetime and can even be cashed in on before you die. Personal pension schemes, like stakeholder schemes, often count as investment-type life insurance as well. If you opt to invest in life insurance, you’ll find a variety of online resources that will help you compare life insurance policies, thus easing the decision-making process. So you have no excuses to delay – invest in life insurance today, and guarantee your future financial safety, as well as your family’s.
Without health insurance, paying for your out-of-pocket medical costs can be real tough and financially stressful. Health or medical insurance can help you and your family cushions the costs of your routine medical checkups, hospital expenses in case of accidents, and much more. When seeking for the right health insurance, asking the help professional health insurance agents would be a great way to go.
Crucial Things to Ask Health and Financial Insurance Agents
Health and financial advisor can provide you with in-depth information about different kind of health and critical illness insurance available that you can look into. There are insurance policies that are designed for individuals and for a family as a whole. Other polices provide comprehensive coverage, while still others offer coverage only for critical illness or personal injury. When talking to your health and life insurance agent, it’s important to ask about what is covered or not covered under the health plan. This will help you to evaluate the usefulness of the health insurance plan, as well as the benefits that you can gain from it in term of coverage.
Most people, especially those who are considering having a health and life insurance plan for the first time, often wonder what benefits they can get by acquiring a certain insurance policy. The immediate employee’s benefit you can enjoy with having a health insurance plan is that your regular medical exam or other qualified health care services will be covered.
Another best thing also is that with your insurance you can avail to a tax benefit, and help reduced your annual expenditure on tax. In addition, there are also some bonuses that can help cut down the premium amount.
Advantages of Consulting with Health Insurance Agents
Health and financial advisor can assist you in making smart decisions when it comes to choosing the right insurance for you. They can help assess the costs and compare various policies available, and offer you with best recommendations when selecting best terms of expense and coverage.
If you seek for the best health and critical illness insurance policy that meets your needs, it is always wise to consult with a savvy insurance and financial advisor. They will be more aware of the best options out there that are best suited to your financial situation and other important needs.
They can also explain to you better the difference among various policy types, and aid you to become more aware of specific features of a certain health or medical insurance, as well as certain things that are not covered that you have to know about.
When finding truly qualified financial advisor, it would be best to speak with your friends or colleagues for recommendations. You can also easily find them on the internet. You can do a quick search on Google using specific keywords and location of the agents. For instance, if you are seeking for a good financial advisor from Ontario, you can type in “independent financial agent in Ontario” on the search box, and you will soon have possible leads to look into. Utilizing the help of the professionals in the health insurance field can help you find the right plan you’re looking for more swiftly.
Financial Insurance company marketing firms hash out bland advertising. See how one marketing firm develops a financial marketing idea designed to knockout traditional insurance company compensation.
Look through a financial or insurance industry trade publication and focus on the ads. Insurance marketing firms compete for brokers with emphasis on financial commissions. One financial insurance company pays 75% for term life insurance. For another company, commissions hit 80% payout. Not to be outdone a third offers a financial incentive of 90% commission for selling that insurance company plan. This same practice is done for financial insurance company competition of annuities.
With the life insurance plans the marketing firm advertises, rarely are the renewals mentioned. Therefore a company pay 5% higher compensation the first year, might pay renewals at a 5% lower rate the second year. You would think that financial insurance company executives would get the idea that many brokers replace the business they wrote the first year for financial reasons. Then the broker once again receives a high first year compensation versus a lowly renewal fee.
Property Casualty insurance company compensation planners developed a plan that discourages replacing the business you wrote with another carrier when it comes up for renewal. A writing agent typically receives a commission of 15% to 20% on the car and homeowner policy they write. Next year the same insurance company again pays 15% to 20% for the second year premium. The incentive for an agent marketing a new company to this client makes no sense.
Life and financial insurance companies marketing life insurance plans have little excuse for not re-evaluating their 100 year old system of first year commissions and next year renewals. This is especially true, when you consider how many life insurance claims are paid within the first two policy years compared to car and home insurance. Greed by the insurance company causes a chain reaction to the agent or broker to also get greedy for their personal financial reasons.
Finally I reviewed an advertisement by a relatively unknown to me, insurance company marketing firm. The company had a financial rating of “A” and not “A+” which to a producer viewing recent economic turmoil is no big deal. The advertising caught my eye with two great ideas. They were doing the unusual practice of having agents financially serve the middle class market. Almost every competitor focuses on marketing to the affluent market. The bullseye however was the compensation plan.
A financial marketing idea that struck dead center was an insurance company not following the other sheep, but wanting to be innovative. Writing a competitive universal life product through this marketing firm would produce commissions like no other. The broker would receive 80% commission the first year and another 80% commission the second year. You can bet this insurance company will have very little insurance replaced by another insurer the second year. The financial reward is so enticing; I almost forgot that I am an advisor and not a licensed seller, so I put down the phone.