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People & Lifestyle

A post-COVID Better Future Driven by Insurance

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Adwoa Roswitha AmoakoAdwoa Roswitha Amoako
Adwoa Roswitha Amoako

The Covid-19 pandemic has set local and foreign companies’ targets and business goals behind. Service workers, especially in hospitality, arts and media, mining, and contractor spaces, have been impacted to the point of closing their businesses. Despite this, projections by the African Development Bank, McKinsey and others suggest hope for growth and expansion for Africa’s future. Yet, does this optimism help recover a covid-19 pandemic impacted economy or do we need to look to insurance as an underexplored opportunity?

Before COVID-19, numbers showed that the African insurance market would grow at compound annual growth rates of 7 percent per annum between 2020 and 2025; nearly twice as fast as North America, over three times that of Europe, and better than Asia’s 6 percent.

Closer home, though the insurance penetration rate is still below 2%, Ghana’s insurance market has become more innovative with steady progress. Insurance is becoming more visible; service levels are improving, and literacy in insurance amongst the Ghanaian public has been relatively better. If sustained and improved, we believe these strides would help create wealth and eradicate poverty in the country. Therefore, insurance should be a strategy for poverty eradication and Life sustainability.

Life insurance companies have innovative products that permit small and large businesses to grow sustainably by insuring their most valuable resources, their people. In addition, companies like Hollard Life Assurance make it possible for families to secure better futures for their children through guaranteed education and savings towards specific future needs. They are even ensuring a decent farewell to loved ones. These are critical to sustaining economic growth and eradicating poverty amongst the Ghanaian populace.

Imagine a Group life Insurance policy that ensures that organizations have adequate cover for employees, compensate employees in the events of a work-related injury, cover contingencies like Natural death, Accidental Death, Total and Permanent Disability, Critical Illness and Medical Reimbursement. Critical illnesses like stroke, cancer and others come with considerable costs that can cripple businesses and families. Group Life Insurance steps in to lift the financial burden off the Employer. In addition, this policy allows the company to retain its cash and concentrate on its core business to contribute to national development.

Most families are still dependent on a single significant breadwinner whose demise can financially ruin the entire family and end the younger ones’ dreams, especially. Likewise, brilliant children have lost out through their parents’ death or critical illness. We can mitigate this problem via a well-designed individual life insurance product that can provide financial support for loved ones even after the breadwinner’s demise.

Fires, floods, and other natural and artificial disasters consistently ravage markets, shops, private dwellings, etc. Each of these incidents affects the livelihoods of households by halting their businesses and investments. The government may occasionally provide support; however, that may not be adequate to restore the lost assets and enterprises. There are general insurance policies on the market that fit every business size, and these are the bastions of hope in restoring livelihoods after these disasters. The question remains whether business owners are taking advantage of these policies to secure their businesses.

We can learn lessons from Asian Tigers, who have significantly improved the economic conditions of their people and remarkably eradicated poverty. China, for example, has moved over 300 million people from poverty and improved the lives of the people and their incomes sustainably. Before 1949, insurance was alien to the Chinese people until its inception in their development plan. The Swiss Re Institute estimates China’s total life insurance premiums to have risen to CNY 2700 billion in 2017, representing 22.5% real growth from the previous year. An increase in life insurance penetration powerfully drove China’s development, which saw new distribution channels take prominence. The Chinese economy will move in tandem with increased growth in their life insurance premiums which are forecast to rise by an average of 9.3% per year in real terms from 2019 to 2028.

Any discussion on poverty eradication and life sustainability should not ignore how valuable insurance is. It is great to create and sustain wealth via sophisticated measures. However, government policies aimed at ensuring the economic wealth of the citizenry must include insurance. Sometimes, the relevance of insurance becomes so crucial that it must be made mandatory. Hence the need for policymaker action.

I look forward to a future where governments, policymakers, businesses, and individuals will acknowledge the relevance of insurance in eradicating poverty and sustaining lives. When this happens, I know it will positively elevate insurance penetration from its current unimpressive rate to an appreciable level. This dream of seeing insurance accessible to all keeps the staff of Hollard Ghana going. We want to enable more people to create and secure a better future because Ghanaians deserve it.

 

Written By: Roswitha Adjoa Amoako, Head, Group Business and Partnerships, Hollard Life Assurance.

 

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People & Lifestyle

5 Ways to Get More YouTube Views

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Promolta shares the 5 best ways to get more views on your YouTube videos. If you follow these tips, your videos will gain more traction. (more…)

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People & Lifestyle

Simon El-Longwell reveals his intents for PUSAG Presidency 2022

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The mantle of leadership transcends from one generation to another successive one which builds a large prospects of development in our various institutions, organizations and perhaps countries. (more…)

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People & Lifestyle

Crazy online gaming Wins: Biggest in the world!

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The online gaming and esports industry has boomed in recent years, with millions of individuals taking part in these games worldwide.

With such explosive growth, there have consequently been a number of substantial prize purses, made all the more fascinating due to their sheer magnitude. Similarly, staggering winnings are sometimes seen by online gamblers, too. For example,’BetMGM Awards Over $800K’ was recently in the news in one lucky US state.

While we can’t tell you how to get lucky when gambling or gaming online, we are going to show you some of the biggest wins from online gaming. 

How do Gamers Win Money? 

Below, we’re going to show you how gamers have made money by winning some of the most prestigious online gaming tournaments in the world. But, there are other ways these professional gamers make money

 

Some have paid sponsorships and partnerships with gaming companies, computer brands, and even global giant drinks manufacturers like Red Bull and Mountain Dew. 

 

Others are paid salaries from the teams or leagues they belong to – it really is just like any other sport in this regard. 

1. Fortnite World Cup (2019) – $30.4 million 

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It’s no secret that Fortnite is one of the most popular video games in the world right now, and the first-ever Fortnite World Cup is also one of the highest-ever online gaming wins.

In 2019, over $30 million was awarded to the winning players – the winning solo player, Kyle Giersdorf, took home $3 million, while David W and Emil Pedersen split $3 million between them as the top-ranking duo. 

 

Winning contests isn’t the only way players earn from Fortnite, though. It also has a huge following on Twitch, with many gamers making a decent amount of money from live-streaming their gameplay to their adoring fans. 

 

Fans have to pay to subscribe to their favorite channels, and there are often different tiers available for those who wish to show more support. So, for someone streaming a popular game such as Fortnite, this is a great way to make a steady income. 

2. Honor of Kings World Championship Cup (2021) – $7.7 million 

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Last year’s Honor of Kings tournament, the World Championship Cup, was hosted in Beijing. Twelve teams of the best Honor of Kings players entered the contest, with the winning team ultimately taking home a cool $7.7 million between them. 

 

The battle was closely fought between two teams, Gank Gaming and QG Happy, with the latter eventually coming in the number-one spot and claiming the colossal prize. 

 

The tournament is going to be even bigger in 2022, with a prize pool of $10 million for the winning team. It’s expected that 16 teams will take part in this year’s event. 

3. Call of Duty League Championship (2020) – $4.6 million 

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Call of Duty has been popular for almost two decades – fans were playing the series long before online gaming and esports became big. But, it’s only more recently that players have been able to make considerable sums of money from playing their favorite first-person shooter. 

 

Call of Duty is so popular it’s not just one event but an entire league dedicated to it! At the end of the League, Dallas Empire won the Championship event and netted themselves the tidy sum of $1.5 million. 

 

4. The International 10 (2020) – $40 million 

Dota 2’s annual championship event in 2020 was the biggest of its kind to date, and one of the biggest ever online gaming wins ever. With a total prize fund of $40 million, it’s no surprise that the 16 teams who entered fought so fiercely to emerge victorious. 

 

After various rounds and stages, Team Spirit from Russia netted themselves over $18 million to share between them. The tournament was held in Bucharest, Romania, at the Arena Naţională. 

Final Thoughts

Aren’t esports exciting? It’s one of the fastest-growing industries in the world, and it has only just begun to hit its stride. So, expect the prize funds given out at these tournaments to grow year on year. 

 

If you keep practicing your favorite game, maybe you too could one day join the likes of these players and teams above and become a multi-millionaire overnight. 

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People & Lifestyle

Itel Ghana Donates Library and School Items worth GHC40,000 to Ayikai Dablo M/A school

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Itel Ghana Donates Library and School Items worth GHC40000 to Ayikai Dablo MA school6

Itel Ghana this Friday 24th June 2022  embarked on yet another corporate social responsibility project themed “ itel Wandering Library Project” in the Ayikai Doblo M/A Basic School. (more…)

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African-centric video games leap forward

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The number of gamers has skyrocketed in Africa, going from 77 million in 2015 to over 185 million by the end of 2021. Driven by ever-improving Internet access and the increasing affordability of smartphones, mobile gaming is leading the way. Estimations project that nearly 95% of African gamers use mobile devices. With 650 million smartphones in circulation, the mobile gaming market is even expected to grow at an annual 12%. And as gaming booms across the continent, so thrives the demand for games made in Africa. (more…)

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People & Lifestyle

Best small business ideas to promote online

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If you have a passion for doing something but are lacking the capital you may be wondering how to start a small business with little money. Well, you are not alone. There are thousands of people just like you who are looking for the best ways to make money. The internet is a great resource for finding your clients. On the platforms like https://fee4bee.com/, you can use your skills and expertise to start your own small business and offer your services to sell a product online.

First, you must decide on your small business idea. Before choosing an idea, be sure to get some input from friends and family members. Often, they can help you come up with ideas that will help you earn money while still having a great time. And don’t forget to have fun while working! It’s very important to find a business idea that you can enjoy.

Starting a small business in Сanada

You have decided that starting a small business in Canada is the right choice for you. While it might seem like an overwhelming task, it does not have to be. You can start your own business while working your current job and still have time to devote to your new venture. Start by developing a business plan, which will outline your goals, milestones and success measures. Some of the most important parts of a business plan include the objective of the business, the market position, the competitive landscape, financials, and target market information. Before submitting your plan, you should know the differences between the various business structures that are available in Canada.

A winning business idea is essential to starting a small business. When creating your business plan, focus on the latest technologies and trends, and fill a gap in your local industry. You should also consider the needs and interests of potential customers to ensure that you have a profitable business. 

Small business ideas for little money

There are countless small business ideas for little money out there, but which one is right for you? While money is always a motivation to get started, there’s more to the idea than just making money. To find the right idea for you, bounce it off of friends and family to get their feedback. Also, don’t be afraid to have fun while you’re working! Listed below are some of the most popular small businesses:

  • Handyperson. One of the best small business ideas to start is to provide a service. Although this may not be the most passive form of self-employment, it is a viable choice if you have specific skills and time that others would be willing to pay for. Such businesses can range from home repairs to building construction. To be a handyman you don’t need a large amount of capital to get started.
  • Furniture assembling. If you know how to assemble Ikea furniture, you can start a profitable business. As the popularity of Ikea furniture grows, you can expand the service to other areas. Who knows maybe someday you grow into a full furniture factory.
  • The pet industry is also ripe for small business ideas. From grooming services to dog walking services there are countless opportunities. Dog walking is a common service, and you can set a schedule for walks and charge a flat rate. You can also offer pet boarding services if you are interested in earning extra money. 
  • Video content making. If you want to run a small business, you can opt for video production. Video content is popular across various social media platforms and on the internet. Whether you wish to produce videos for your own business or for clients, you can learn the skills of cutting, editing and shooting videos. Even if you do not have any previous experience in video production, there are many online courses that will teach you the skills.
  • If you’ve recently quit your job and still have the expertise to offer, you can turn that knowledge into a business. Consulting services, for example, are in high demand, with a $263.5 billion market expected by 2022. You can turn your knowledge and experience into a business by filling a need in the market. Many consultants are needed across different industries, and they charge for their services.

These small business ideas are a great source of extra cash, and they’ll also give you a sense of independence. So, start today. Don’t wait until your next paycheck is coming in – invest in yourself and your small business idea today.fee4bee small business ideas img2

How to promote small businesses online?

There are many cost-effective ways to promote small businesses online. Two models of promoting your business online include your own website promotion and cooperation with grand marketplaces.

Not for all the local businesses you need a business website. You have to build high-quality landing pages on your site and budget for large expenses so that the website generates income. 

If you don’t have the time or the budget to do this yourself, you can consider alternative ways to promote online. Social media presence and services marketplaces are great places to list your business for free. These sites are often well-known with high search engine rankings. Listed businesses tend to get local customers. Profiles on these marketplaces don’t take long to set up and can help you promote your business to nearby customers. 

Reviews are another way to get local customers to try your business. Word-of-mouth can be very powerful for your small business. Getting customer feedback on services platforms is the best. This way, potential customers can read what others have to say about your business and decide if it is the one for them.

Another free way to promote your business is through social media. Tik-tok, Instagram, and Pinterest are among the most popular social media sites. Make sure to include your contact information on your page, and create useful and engaging content to attract users. These platforms are great for local businesses because they can promote their products and services 24/7.

Using video on your social media is a great way to reach a wide audience for free. Also, you can use hashtags and contests to increase your exposure. Update your profile regularly. And don’t forget to follow your competitors, too. These social media sites are a great way to reach local customers.

 

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