It is amazing how much literature has been written about the car insurance business online. The main approach in use by the bulk of the writings is in the direction of selling car insurance, rather than offer it in the proper context of insurance product or ‘a product to protect your assets and wealth.’ That is why when searching for the phrase ‘auto insurance’ a large number of websites emerge with the ‘selling’ phrases like affordable auto insurance, or cheap auto insurance or low cost auto insurance.In the early part of 2011 and according to Google AdWords there were 8,100; 74,000; 9,900 monthly searches for the above key phrases, respectively. On the other hand, there were only 110 searches for the phrase ‘reliable auto insurance’, 170 searches for ‘quality auto insurance’, and 8,100 for ‘top auto insurance companies.’ It is rather easy to conclude that most of the searches on line are about price, not quality of insurance.A basic principle in marketing is to understand what people ‘want’ and design and package your product or service to meet what the folks want. Looking at those numbers we can tell that most people want cheap auto insurance. As a marketer, if you design any campaign without considering that analysis you may eventually flunk the marketing tests, close your website and go do something else.So what’s the difference between auto insurance polices? From a ‘financial planning viewpoint’ car insurance comparison should never be based on price only, and perhaps most people agree that cheap insurance is not necessarily the best car insurance. But what most people do not know is that an insurance policy with the best rated company may also be one of the most problematic contract. An auto insurance policy should be compared in reference with three factors:1. Price: of course the cheaper the better.2. Company Rating: Non standard companies are more flexible than their standard or preferred counterparts with regard to past violations found on the MVR activities of the drivers and the credit score of the car insurance applicants. However, non standard companies are harsher than others in customer service and paying claims. Most of complains come from non standard insurance companies. While preferred companies do not hesitate to quickly pay for smaller claims suck as seven or eight thousand dollars claim, or even little more; all companies from top to bottom will try to examine the application to see if they have to or do not have to pay a $100,000 claim.3. Liability Limits. This is the most ignored, least understood, but is the most important aspect of the policy which affect customers during time they need the insurance. It measures how much protection you have in the event you get sued. A professional financial advisor will never ever sell you an auto insurance policy at low limits if he/she has enough information that you and your spouse have enough wealth to be sued for in the event that you or a family household member cause a major auto accident and your car insurance pays the maximum on the policy which turns out not to be enough.There are many insurance policies sold with superior insurance companies at the lowest liability limits mandated by the state. In the State of Illinois these limits are 20/40/15, which means that in the event you cause an accident that is your fault and you get sued by others, then your company will pay to others on your behalf no more than $20,000 for bodily injury for one person, no more than $40,000 for bodily injury for all other people in the accident, and a maximum of $15,000 for any and all property damage you case in that accident. If you are a business owner and you cause a major accident resulting in a unbeaten lawsuit of $300,000 and your insurance company maxed the payment on the policy and paid $20,000, the difference of $280,000 will have to come from your own money!Financial Planners and Auto Insurance Marketers Are Not in HarmonyFinancial planners are not in harmony with insurance marketers about the weight that needs to be placed on limits of liability in auto insurance. Marketers like to stress the aspects of price and company rating, while financial planners like to stress the importance of liability limits first, then company rating second, and perhaps price at a later stage.Although financial planners and auto insurance marketers have the common goals of maximizing their earnings while providing their services, the scope of their operations is different. Auto insurance marketers make their money by selling as many polices as they can have. The marketer does his best to make as many sales as possible, hence making small amount of money on too many policies sold. Financial planners work differently as they try to make big money from each of the few number of customers they have. Selling an auto policy is not the primary concern of a financial planner, but for him or her auto insurance is one of the fundamental subjects of the financial planning process.Car insurance agents look at auto insurance as a way to protect the car itself in the event of theft, fire or another loss, besides the fact that it’s the law. Financial planners look at auto insurance as an integral part of their clients risk management process. To the financial planner an auto policy is not to repair the car in the event of loss, but is mainly about protecting the assets and wealth of the insured, especially against potential lawsuits.Some auto insurance marketers would even suggest to cut down on liability insurance as a way to save money. No sound financial planner will ever make such a suggestion. No way!When does height matter?How high your liability limits should be is the main issue that should prevail when you buy car insurance. You probably need only the minimum liability limits mandated by the states if /when(1) you shopped for higher limits and could not afford it, (2) your current assets or wealth is not big enough to expose you to further lawsuits in the event of at fault auto accident. (3) you are a high risk driver where no one else wants to insure you except at the minimum limits. But, if you have certain amounts of assets and wealth, or is expected to have sizable assets or wealth, then you need to worry about the height of your liability limits.What about if you are not wealthy with plenty of assets? Even for people with little or no wealth, the height of liability limits should be much of a concern to them. This is due to the fact that liability insurance contains certain coverages to pay for your bodily injuries in the event that you get hit by a vehicle that is legally uninsured, or is insured but the insurance on that vehicle was not enough to cover your bodily injuries. According to the Insurance Research Council, approximately 15% to 17% all drivers in the United States are uninsured. Coverages for Uninsured Motorist (UM) and Underinsured Motorist (UIM) vary from states to states with regard to their mandatory status and limit amounts. In Illinois UM is mandatory at the limits of $20,000 for bodily injury per person and $40,000 for bodily injury per accident. Underinsured motorists coverage is not mandatory in Illinois but insurance companies must offer it to clients for policies issued with liability over the state limits. Clients can still reject to have higher uninsured/ underinsured motorists but it must be in writing. As you can see, your liability only policy provides coverage for your bodily injuries, and making sure that you have high limits on both liability, UM and UIM can have tremendous effect on your life.
5 Ways MYOB Improves Your Business Productivity
MYOB is a powerful and versatile software package that will assist any business to improve its business productivity. There are a variety of MYOB courses available that will show you how you can not only set up your records properly, but also how to get the best out of them. Using the reports facility is one simple way you can keep on top of your business by creating a snapshot of your business as it currently stands.The more advanced features of many MYOB modules give businesses even greater capacity to maximise profit opportunities by giving accountants some powerful tools to assist their clients in planning for a profitable future.Let’s take a look at some of the things you can do with MYOB to make your business more productive and more profitable.Make Better Decisions. By utilising the information that can be generated within MYOB, business owners can discover methods of streamlining and improving their business. You can look at things like tax liabilities, projected financial data and other important performance measures to predict the effect of any business decision.
Cash Flow Projections. MYOB allows your accountant to create a scorecard of your business which is easy to read and understand. You can use this to determine emerging cash flow issues as well as profit performance. Having this information on hand at the press of a button means that you will always be on top of vital data that best describes your business.
Adding Value. You can utilise a ‘what if’ scenario query to examine the effects on cash flow or profits of any decision you are thinking of implementing. This is a great way to establish a clear picture of the impact on the overall business before a decision is actually made. This data is also vital in supporting the loan applications as many banks will be able to use the data to assess any finance application.
Meaningful Numbers. MYOB has a sophisticated analytical system in place which converts raw data into something which is easily understood by the non accountants. This places business owners into a much more powerful position by giving them a hands on knowledge of financial data that they can use much more easily and sensibly. These numbers can then be used to develop specific strategies to improve business.
Anticipate Changes. Imagine being able to predict the effect on your business in the event of a potential interest rate rise. In today’s business environment borrowings are a critical aspect of the business which need to be constantly monitored, and in an environment of rising interest rates being able to anticipate the changes well in advance can make planning a much more straightforward proposition.In a nutshell, MYOB provides you with the capacity to analyse in depth any aspect of your business. This analysis can then be further developed by strategising and exploring possibilities and make them easily understood by producing simple flowcharts of key results. Your MYOB Certified Consultant can show you how to utilise the tools contained in this extremely powerful software package.
Top MLM Software Companies to Watch Out for in 2018
MLM software is integral to any MLM business since it holds the base of the business and a right MLM software that is highly accurate, fast and perfect to fulfil your expectations is a must-have. It is essential that we select the right developer for meeting our software requirements, after all, there is no room for any mistakes in your business. Here we are listing Top MLM Software Developing Companies in the market complete with their rankings and employee strength to help you make the right choice. There are no specific criteria to rank the developers, though the features provided, options for customisation and the available add-ons can be taken into account to rank them.
I took these parameters into consideration while ranking the MLM Software Developing Companies.I prepared this list based on internet searches, magazine references and mouth to mouth information.1. Infinite MLM Software by IOSSIOSS is the pioneers of MLM software development in India with more than a decade of experience in developing such software. Their software Infinite MLM Software has the largest number of MLM plans integrated to it. The payment options are highly safe and reliable and numerous add-ons are provided which can be easily integrated with the software. This includes e-pin, e-wallet, CRM integration, Bitcoin Promotion and Cryptocurrency development. The customers also have an option to customise the software as per their needs and compensation and payout schemes. There are options to handle multiple languages and currencies.Alexa Rank: 383,3892.MLM SoftworksMLM Software developed by MLM Softworks, which is an Indian Based company claims to have a solution to manage, control and organize an MLM business. Built on Laravel, the software is highly responsive and allows the admin to configure custom pay plan and compensation rules. Necessary features like social media integration, managing distributors & downline members, handling MLM leads, processing commissions & payout, enable or disable dynamic compression, track sales volume, profitability statistics, etc have been included in the software.Alexa Rank: 3,048,0513. AIS TECHNOLABSThe company offers 100% customisable script, which is common in most of the MLM software in the market these days. The Content Management System is a highly beneficial tool for the users without much technical knowledge to easily update the contents of their business website. CRM feature helps in business promotion by generating automated responses to queries. The software offers multi-engine URL to help check purchase volume, Rank and Leg count. The price is moderate and the company offers an array of services related to MLM business like website development, Mobile application development etc. The company offers lifetime support and technical consultancy for any type of problem associated with the software.Alexa Rank: 564,3154. Awapal MLMThe developers have described Awapal MLM as ‘ Software with great features given to address diverse business needs’. In addition to the basic features mentioned above, the software has a CRM system put in place so that the distributors can send bulk emails and automated responses to their customers. The software supports multiple languages and even has a currency converter added on eyeing the possibility of overseas business as well. E-Voucher Generator has been introduced and there is an option for easy bulk import/export of data. Fund transfer to various accounts is extremely easy with a sound e-wallet system in place. There are facilities to generate different kinds of reports and inventory management is not an uphill task anymore with Awapal MLM.Alexa Rank: 700,5675. VentaForce by SankalpVentaforce claims to have incorporated more than 150 features in it. Developed by an Indian company Sankalp which has been in the business for more than 10 years, the software incorporates all the basic features expected of an MLM software along with additional features like supporting multiple languages, multi-currency, tax management, e-commerce integration, commission management, multi vendors and much more. All popularly adopted MLM plans are incorporated in the software. There are pre-integrated payment gateways to enable safe and secure transactions. Along with Admin and Member module, the multi-level marketing software provides various add-on modules with different features to run the business effortlessly.Alexa Rank: 890,6866. ARM MLMThis MLM software is highly responsive to anything from a PC to a mobile phone and has got all major business plans merged into it along with the entire set of calculations of commissions and payout schemes. An added feature is the Content Management System(CMS) which allows the user to update the product info and other contents on the website without much knowledge of HTML. Genealogy is represented in graphical form and the software supports multiple languages too. E-pin Generator is provided to reduce the chance of fraudery and e-wallet facility is added to ensure quick and easy transactions.Alexa Rank: 982,7197. Multisoft CorporationMarket Power Pro by Multisoft Corporation is third on the list of top ten MLM companies. The software is jam-packed with a lot of essential features like real-time genealogy, website management tools, auto-billing options and much more! The company is based in Nevada, USA and has been in business for more than 30 years. Competitive pricing and security features are commendable for this MLM software. Almost all types of MLM business plans and its compensation schemes have been incorporated into this software. The admin can manage all users, both Distributors and Customers, from One Central Cloud-Based System which helps in easy management of the entire business.Alexa Rank: 1,766,6968. EifaSoft TechnologiesEifaSoft MLM software by EifaSoft Technologies is based in India and has managed to fairly meet the expectations from an MLM software. Eifasoft Technologies claims EifaSoft MLM to be secure, reliable, user-friendly and Web Based MLM Software to provides easy tracking of customers, various kinds of reports regarding sales, revenue, analytical and pictorial presentation in a genealogical manner of MLM customers. The software has a responsive design so it can be used in any designs without trouble. All the basic utilities like E-Pin generator, E-commerce, SMS and E-Wallet has been integrated with the software. The only major drawback is that the company does not offer a free trial of the software.Alexa Rank: 1,976,2119. IMatrix SoftwareWith an experience of more than two decades in developing MLM software, IMatrix is an American company which has quite an impressive clientele to boast of. The software is packed with the features you would expect from a leading software provider, and allows the user to view their downline in graphical format, determine their current qualifications and current earnings. The software is practically easy to use and visually appealing. This software too can handle multiple currencies, payment options and multiple languages. Members can access their information in real-time anywhere, anytime, from any supported device.Alexa Rank:7,589,45110. AJ Matrix MLM SoftwareAJ Matrix is a PHP based MLM software that is developed by a British based company AJ Matrix. The software has all the features expected of an MLM software. The software accommodates all the MLM business plans in the market and integrates E-Pin Management along with it. There are facilities for customisation of the software as per client’s needs. The company promises their customers 24×7 support over the phone and email. The software can have been equipped to accommodate spillovers automatically and can calculate the bonus and commissions.Alexa Rank: 13,282,170The links to the websites of the top four companies are listed below. Do check them out!1. Infinite MLM Software by IOSS – https://infinitemlmsoftware.com/2.MLM Softworks – http://www.mlmsoftworks.com/3. AIS TECHNOLABS – https://www.aistechnolabs.com/mlm-software/4. Awapal MLM – https://awapal.com/There are MLM software companies mushrooming across the world every day. It is a tough choice, we agree, especially choosing something that can decide the fate of your business. Though there are endless choices in the market, we have managed to pick out some based on the overall functionality and prices as our top priority. Hope this list helps in making your final choice! Cheers to a successful MLM business career.