Category Archives: Industry

Five Emerging Trends for the Insurance Industry

Five Emerging Trends for the Insurance Industry
Over the past few months, I have delivered a number of insurance oriented keynotes and, later this week, Ill be addressing a conference on Emerging Technologies for the insurance industry. While I cover a wide variety of trends in the information technology, biotechnology and nanotechnology sectors, here are five trends already impacting the insurance industry and which will only grow more prevalant over the coming years:

1. Genomics: Since 1998, the price of sequencing a base pair of genes has plummeted 100 million-fold. An individual can now have his or her genome sequenced for about $10,000. Obviosly, this still isnt practical or affordable for the average person but the price will soon decrease to $1000 and then $100and eventually even lower. The impact on human health will be profound and the implications for the insurance insurancein terms of life expectancy alonewill be immense.

2. Gaming Dynamics: The ability for smartphones to monitor everything from a persons heart rate and blood pressure to their glucose levels is impressive. To date, however, most of this data was just collected and then transferred wirelessly to healthcare providers who helped the patient make sense of it. This is about to change and gaming dynamics will lead the way by providing users new ways to engage, interact and, ultimately, control their own healthcare. Imagine, for example, receiving a lower insurance rate because you could verify that you exercised for 40 minutes and burned 400 calories. The potential for gaming dynamics to unleash new, innovative business models for the insurance industry is real.

3. Locational Intelligence & Pervasive Connectivity: Due to the exponential advancement of GPS technology and sensors, it is now possible to know a persons location to within a few feet. While this has made it easier for the “directional-challenged” to find their friends house a little quick, the technology is poised to revolutionize the insurance industry by making it feasible to monitor a persons driving habits. For instance, if a person is going too fast, braking too suddenly or driving or parking in a crime-ridden area, itll be possible to adjust that persons insurance rates accordingly. Undoubtedly this raises significant privacy concerns which might ultimately doom the technology, but it is just as feasible that cost-conscious consumers will be willing to provide access to such information in return for lower rates.

4. Computational Analytics and Data Mining: When a mild earthquake hit Washington, DC this past August, the first Twitter report reached New York 40 seconds ahead of the quakes shock waves. An impressive feat to be sure but itll pale in comparison to the type of information that will soon be delivered by data-mining Twitter and numerous other social networking sites. Officials at Southeastern Louisiana University recently reported they could track influenza outbreaks by collating the rise of Twitter texts from people complaining about flu symptoms. Other researchers have discovered there is a strong correlation between a persons physical health and the health of their friends. One future possibility is that publically-available social network data can be data-mined by insurance companies to offer discounted rates to individuals who travel in healthier social circles. (Again privacy concerns and regulations may prevent such uses but, then again, maybe not.)

5. Hyper-Personalization: The foundation of the insurance industry is based on the idea of pooling risk. This strategy has worked well for centuries but in the not-to-distant future it is entirely possible that many individuals will prefer to be insured based on their individual actionsand not the statistical average of a large group. This is especially true if the person in question is healthier, a better and safer driver, and cost-conscious to the point that they arent concerned with sharing certain data with the insurance provider in return for securing a lower premium for themselves.
This future is coming. The only question is whether you, your business, your association or your industry is ready.

His latest book is Higher Unlearning: 39 Post-Requisite Lessons for Achieving a Successful Future.

The Specialization Of The Construction Industry

Today’s Construction industry has become quite competitive. Contractors are required to me efficient, cheap, and punctual. For either a new construction project, or a remodel, contractors have the challenging task of assigning the exact price for the completed work. In addition to the obvious cost calculations for the material costs such as foundation materials, lumber, roofing, doors and windows, cabinets, carpet, paint, appliances, plumbing, electrical wiring, landscaping, and many other things, they also have to calculate the time for each task to be completed and determine the labor costs for the construction project. In the past, one contractors quote may have varied greatly from the next, simply because of the many variables involved. Construction time was usually the target that was missed the most.

Computers and software developed for contractors has enabled contractors to work more efficiently. With the use of specialized software, contractors are able to provide more accurate quotes, and determine these figures in a much shorter amount of time. The quotes provided are usually more uniform depending on the contractors own markup.

The construction industry has become so refined, that many teams of workers are assigned to their specific task. When that task is completed, their job is done, and in comes the next team. For example, once the foundation had been built, the framing team needs to come in, followed by the plumbing team and electrical team. Next is the drywall team, the carpet team, the paint team, etc. What is impressive is that each team has specific estimating software for their stage of the construction process. T

When the electrical contractor has the plans for the building, including all the square footage figures, and all the plans and electrical needs, he can simple input all that information into his electrical estimating software, including the pricing of specific electrical fixtures and the current costs of wiring, etc., and the software will calculate the final costs, including labor. Each subcontractor has a similar process and when all taken in sync, the contractor is able to provide a total estimate for the construction project.

All of this specification results in a very efficient construction industry. Of course, you can still hire a jack of all trades builder, they still exist. Just understand that it is impossible for one person to be an expert in every process, as well as being an expert in the use of all the software available. His estimates will be more variable. Either way, the numbers should make sense to you, and everything, including the time table, needs to be put into writing.

The Importance of Experience in the Construction Industry

Do you really need experience for a construction job? Several would say that experience is not really necessary, and many construction companies do hire workers with no experience for smaller jobs. But according to James Day, an experienced AECOM public health engineer, experience is vital especially for construction and engineering students. “Start looking for work experience as early as you can, even in your first year,” Day advices students. “Dont wait for your departments work placement tutors to feed opportunities to you.”

And Day isnt the only one who thinks experience is essential. Most graduate recruiters agree that construction-related experience really improves a graduates chances of landing job offers in the future. In the TARGET jobs recruiters board held last year, majority of recruiters pointed out that generally, when it came to job offers graduates who had industry work experience were better able to answer pertinent questions and tackle assessment exercises.

Benefits of Experience

The benefits of experience are not only limited to graduates, but extends to those who continue to expand their experience through the years. James Moschoyiannis, better known in the construction industry as Jim Moschoyiannis, is a director and shareholder of one of Australias leading construction companies, L.U. Simon Builders. But he didnt get to where he is now simply out of pre-graduate experience, but years of continued experience and learning. Throughout his career Jim has handled projects of every scale and from every sector, which led him to be promoted from being project manager to construction manager in just 7 years and appointed director in just 6. His long and fruitful career is evidence enough that experience is crucial not only in landing those first construction jobs but making it to well-respected positions within the industry.

Gaining Experience at the Start

For the majority of those entering the construction industry the most difficult part is finding opportunities to gain experience at the very start. Usually, recruiters wont take graduates on an unpaid basis due to minimum wage legislation, and most other companies cant afford adding paid placement students over the people they have already hired.

So what can construction students do to gain some early experience? Here are some helpful tips:
Get sponsored. Sponsorships or scholarships from construction companies will not only provide financial support to students but will guarantee work experience placements, particularly during the holidays.
Apply for paid work experience schemes. There are plenty available online for all kinds of construction-related positions from quantity surveyors to engineers to project managers.
Work-shadow. Knowing the predicament of construction students, recruiters have been very keen on giving students every possible opportunity to gain experience. One of these is work-shadowing opportunities. When students spend time observing professionals at work rather than taking on work themselves, they dont go against any legislation and still gain insights regarding the work involved. To gain this opportunity, students must write well-researched and well-written cover letters and CVs asking for permission to work shadow a professional.
Voluntary work. Its possible to do voluntary construction work during the gap year, but this may require a fee or some fundraising for certain charities.
Temp work. If possible, students should check whether they can get temp work in a related field.

Theres no doubt that experience bears a lot of weight in the field of construction. Gain it early and develop it consistently and you can achieve much success in the industry.

What Are The Main Industries In Kenya

Kenya is the most industrialised country in East and Central Africa. Other countries in this region have for a long time been looking up to Kenya because of her strong political as well as economic strength.

Agriculture has over the years been the backbone of Kenyas economy. This is the most vibrant of all industries in the country and this country has therefore been the source of many agricultural products for export. This industry is well distributed across the country with different regions favouring the growth of various agricultural products depending mostly on climatic conditions. The Rift Valley is in particular identified with the growth of cereals like maize, wheat and sorghum as well as beef farming and milk production. Other parts of this region are also famous for horticultural products like flowers and fruits which make Kenya a major exporter of these products across the world. The Central region is on the other hand identified with the production of coffee and tea as well as a variety of nuts and fruits. All of the above products are majorly for export as well as for local consumption. Other parts of the country that are largely involved in major agricultural products include the Western part of Kenya where fishing is the main agricultural activity.

Besides agriculture, tourism is the other main industry in Kenya. Over the years, Kenya has been widely known for her diverse wildlife and cultural activities. This stature was further boosted in the recent past when Kenya was put on the international spotlight for her famous Maasai Mara Game Reserve. This was as a result of the now world renown phenomenon: the wildebeest migration that is witnessed around the months of August and September every year.

This aspect of the Mara has provided a great deal of publicity of not only this reserve but also other reserves, National Parks and the rich cultural experience that keeps visitors flowing to Kenya. One of the most famous of these cultures is that of the Kenya Maasai that has been well embraced by visitors across the world. The intrigue of their high jumping morans and the way they interact with the wildlife is a major attraction.

Besides the Mara, the Kenyan Coast is another major tourist attraction. It has been identified with international celebrities who not only visit regularly but have also gone ahead to buy prestigious homes here where they reside during their visits. Other visitors have an ample variety of world-class hotels to choose from on their visits to the Coast. Most of them are fully booked during the tourism boom periods mostly during winter seasons in the US and Britain.

Having realised the importance of tourism to the economy, the Kenyan Government has been working extremely hard to further promote tourism all over the world.

Another major industry in Kenya is the manufacturing industry. The country is not only involved in the export of raw products but it also has well established processing and manufacturing plants for different products. A number of these industries are for agricultural products mainly meat processing, coffee and tea processing and milk processing among others. A couple of other manufacturing firms have received international acclamation and they include alcohol production and a number of companies that manufacture food products. All of these products are not only for local consumption, but also for export in the East and Central Africa region and beyond.

Leather Industry Of India

The leather industry in India holds a very prominent place in the Indian economy. The leather and leather products industry is one of the oldest manufacturing industries in India. The Indian leather industry provides employment to about 2.5 million people in the country and has an annual turnover of approximately US$ 5,000,000.

The industry has a massive potential for providing more employment, growth, and exports. Recently, the exports of leather and leather products have gained massive momentum. The exports of Indian leather goods have registered phenomenal growth. This is mainly because great emphasis has been placed on the planned development of the leather industry and at the optimal utilization of available raw materials.

Over the years the leather industry in India has undergone drastic change from being a mere exporter of raw materials in the early 60’s and 70’s to now becoming an exporter of finished, value-added leather products. The main reason behind the transformation is the several policy initiatives taken by the government of India. The proactive government initiatives have yielded quick and improved results. Thanks to the government efforts today, the Indian leather industry has attained a prominent place in the Indian export and has made the industry one of the top 7 industries that earns foreign exchange for the country.

Since India adopted the globalization and liberalized economic policies in 1991, the leather industry has flourished consistently in several ways and has contributed heavily to the Indian exchequer. Though the industry has developed, it still has great potential for more growth and investments. Investing in Indian leather industry is particularly advantageous because the industry is poised to grow further and achieve a major share in the global trading market.

The government of India in its Foreign Trade Policy for 20002009 has identified the leather sector as a focus sector in view of its immense potential for export growth and generation of employment generation prospects.

Investment opportunities in the leather industry lie in different segments related to the industry, which include tanning and finishing of leather products, manufacturing of leather garments, manufacturing of leather footwear and footwear parts, and manufacturing of leather goods, such as harness and saddlery amongst a host of other opportunities.

Amongst all the industries mentioned above the footwear industry in particular holds greater potential for investments in India. India produces approximately 700 million pairs of leather footwear every year and accounts for an 18% share of the total Indian leather export.

After footwear manufacturing of leather goods promise great investment opportunity. Manufacturing of leather products, such as wallets, travel wares, belts, and handbags offer great returns on investment.

India is one of the best destinations in the world for investing in the leather industry because India is endowed with abundant raw materials required for the industry to grow. India has a huge population of cattle. India accounts for 21% of the worlds cattle and buffalo and 11% of the worlds goat and sheep population. Apart from the easy availability of raw materials, investors are able to enjoy an easy and abundant supply of skilled manpower, world-class technology, competent and favorable environmental standards, and the devoted support of allied industries.

Several leading international leather goods manufacturing brand names, such as Hugo Boss, Tommy Hilfiger, Versace, Guess, and DKNY, have invested in India and are engaged in sourcing leather goods from India.