Part 2: The Top 5 Most Promising Recent Graduate Jobs and Industries

Top 5 Promising Recent Graduate Jobs and Industries

Hello again! I’m back with some more information on the recent graduate jobs that are exciting and promising, but this time I’ll explain how you can get involved!
So here we are, as promised:

  1. Virtual Reality

Nearly every existing industry can be disrupted and enhanced by virtual reality. To get started, first immerse yourself in the virtual reality world. Follow other entrepreneurs and industry experts, and learn from them! Because of the endless possibilities, you can really tailor your business to your own personal interests and passions, but here are some of the most promising segments:

Hardware & Software Development

There is a huge market for virtual reality hardware and software development since VR sort of relies on it (no biggie right?). In fact, by 2020 the virtual reality hardware and software segment will be a $70 billion market. In the coming months, more people will start developing virtual reality entertainment, and they will need developing tools (can you believe that!?). On the other side, customers ready to get their hands on VR equipment will need to purchase other products to support VR applications, such as powerful graphic cards. Compared with traditional applications and games, VR requires seven times the graphics processing power. With this in mind, as of last year less than 1% of PC’s used globally have the capability to support virtual reality. According to BBC News, even one of the major players in the VR industry, Oculus, recommends users to purchase powerful graphic cards.

Education

The education market is predicted to be impacted the most from virtual reality, and be one of its first successful commercial applications. Virtual reality can be implemented into every aspect and level of learning. For example, students in grade one can use VR to learn more about the animal kingdom. Students can visually see each animal, and even hear the different sounds/calls they make, without ever leaving the safety of their classroom. On the other hand, aspiring veterinary surgeons can use VR as a surgical simulation tool. Additionally, VR headsets have a wide price range, starting as low as $20, making them affordable for lower end schools. Currently, there are only a few companies that are capitalizing on this and making their own applications, meaning there is room in the market for you!

Video Games

The virtual reality video game market is expected to reach over $11.5 billion by 2025. Even though virtual reality is relatively new, the gaming community represents the closest thing to a mass market within the industry. You can ease your way into this market, by starting off small and focusing on virtual reality apps. There are numerous easy to use platforms available for newbies, such as Unity. Unity provides its users with tutorials, tools and an online community. Moreover, revenue from ads within VR apps can range from $0.03 to $0.10 per view. Meaning, you can make up to $50,000 per day on in-app ads this year.

  1. Health & Wellness

The health and wellness industry is all about community, so you should actively get involved! Focus on relationship building, customer engagement, and personal branding. You really want your customers to feel a strong connection with you and your brand. You also want your customers to establish a level of trust with you, so you may want to look into getting relevant certifications. These customers are not interested in a fad diet, and instead are committed to a complete lifestyle change. They are lifetime customers, with huge potential brand loyalty.

Products

The vast majority of revenue from the health and wellness industry comes from product sales. Within the product segment, healthy food products and digital fitness show the most promise. As people are becoming increasingly aware and concerned over their personal health, they want to fuel their body with quality food. The demand for health foods is skyrocketing, as 73% of consumers admit to switching to healthier alternatives, with 77% of consumers believing diet products are not as healthy as advertised. Additionally, digital fitness is now a $330 million market and is experiencing exponential growth. In fact, users are even starting to trust apps more than their doctors! This year, 30% of consumers will have a digital health device and 1.7 billion smartphones and tablets will have a health app installed. Since apps create the possibility for social media integration, users can easily share their achievements to their online platforms and increase your brand awareness and reach!

Blogs

Health and Wellness blogs are the most profitable niche blog market. Through blogs, you can easily create a personal brand and create a strong online presence. Sharing relevant content, and having an open line of communication with your followers, allows you to build meaningful customer relationships, and strong customer engagement. By creating a strong personal brand, and taking advantage of affiliate marketing and ad placements, you can easily make a six-figure salary!

  1. Drones

In order to commercialize drone use, you must first make sure you have the proper qualifications. For example, you may need to get your remote pilot certificate, which is basically just a fancy way of saying you’re legally allowed to fly drones for profit. You also need to be aware of the different rules and regulations, which vary by location. For the aspiring Canadian drone entrepreneurs, click here to figure out what some of those regulations are.

Aerial Inspection

Since drones can fly (duh!), you can use them for aerial inspection—which has the earning potential of $200 an hour. This drone service is scalable, and can be used for big projects (like assessing the CN tower), to smaller projects (like spying on your neighbours). Anyone who needs to view or inspect something that can be potentially dangerous or time-consuming for a worker can cut monetary and time costs by using drones instead. For example, some roofing companies have begun using drones to assess damage, without the need for any workers to put themselves in harm’s way. Learn more about how drones are also being used in the insurance industry.

Public Safety

Unfortunately, there will always be a need for disaster relief and search & rescue. Drones can give relief workers an inside view in areas that are dangerous, and not easily accessible by land. Drones can also be used to deliver necessary supplies, such as medicine, food or water. As explained by UAV Coach, surf lifesavers are currently using drones to help with their search and rescue operations. They equip their drones with rescue packs containing life-saving supplies, and even electromagnetic shark deterrents.

  1. Marijuana

Before you become a successful “potpreneur”, be sure you know all the laws and regulations of your current location, and any location you plan on doing business in. Along the same lines, pay attention to consumer trends. This is a relatively new industry (legally speaking), and customers are feeling their way and constantly changing their preferences. For example, the once popular pot flowers have drastically reduced in demand, with sales falling 54% last year.

Infused Products

The most promising product segments are edibles and topicals. In fact, both product segments have an average profit margin of over 55%. Edibles are the most exciting segment and may rake in half of the $5.4 billion industry. Topicals, on the other hand are an area of untapped promise, as these products are able to appeal to the general public. Since their application does not result in any “high”, those who do not want to be under the influence can still enjoy their many health benefits.

Retail Stores

Retail store sales are expected to hit $21.8 billion in 2020. Canada has proven to be a promising location, as last year 30% of Canadians used pot, compared to only 10% of Americans. In Canada, medical marijuana is legal in all forms—including edibles and topicals. Unsurprisingly, the Canadian domestic market is going to be huge (maybe the leaf on our flag isn’t a maple leaf after all). Considering many medical marijuana patients are unable to travel to store locations, at home delivery service is in demand. A San Francisco-based startup, Eaze, is leading the pack with at home pot delivery. In fact, this startup has already procured over $25 million in funding, which shows the extreme potential and need for pot delivery services. However, Eaze only delivers within the state of California, meaning there is a huge untapped market here in Canada and other places in the US!

  1. FinTech

Before delving into the new world of FinTech, it’s probably a good idea to give yourself a refresher on the finance industry, and the customer base. For example, almost 60% of smartphone users use their phone for online banking, so you should start thinking about mobile optimization. And this may go without saying, but you need to know all relevant rules and regulations.

P2P Lending

Peer to Peer lending has not only disrupted traditional lenders, but also the entire financial services sector. FinTech startups received more than $9 billion in capital during the first three months of last year alone. Toronto-based FinTech startup Lending Loop capitalized on the huge size of the Canadian market and became one of the first P2P lending platforms in Canada. Moreover, P2P lending has proven to be a very stable and lucrative industry. According to Cato Pastoll, Lending Loop CEO, the annual returns hover around 9%. Since P2P lending can be segmented further, you can really focus on any area that interests you (like student loans…).
Don’t forget us little people when you make it big! Well, maybe you can forget Uncle Mike. Get out there and find the perfect recent graduate jobs!
Miss Part 1? Don’t worry! You can read more about the potential of each industry and which jobs for recent graduates are promising for you!
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Part 1: The Top 5 Most Promising Industries and Jobs for Recent Graduates

The best industries and jobs for recent graduates

Do you hate that dreaded question at family get-togethers… “So, any plans after graduation?”
Do you wish you had the perfect answer to shut pompous Uncle Mike down?
Well, as a recent grad myself, I decided enough was enough. So, I rolled up my sleeves and began hunting for fresh new industries that would welcome recent grads with open arms!

Our List of Up and Coming Industries and Jobs for Recent Graduates

  1. Virtual Reality

All this talk about finding a job after graduation must just be a virtual reality – but I swear, it’s real! In fact, the virtual reality industry is expected to have a global market size of $1.7 billion this year (that’s an increase of over $1 billion!), and a revenue of $4.6 billion. This growth is expected to increase, with an expected global market size of $24.5 billion in 2020, and $80 billion by 2025 (the size of today’s desktop PC market!). Unsurprisingly, customers can’t get enough of virtual reality. The total number of active users is predicted to reach 90 million by this year, and 171 million by 2018.

  1. Health & Wellness

Today’s consumers are undoubtedly increasingly concerned over their health and overall wellness, as global industry sales are expected to amount to $1 trillion in 2017. This societal shift is present within all ages, from young to old, and it doesn’t seem to be changing anytime soon. In fact, the number of adults aged 60 is expected to double by 2050, which will increase their need for health and wellness products. Now for all the Canadian graduates, there has been strong growth in the Canadian health product sector, with an annual growth rate of 15% and economic contribution of $3.5 billion (and growing!). Looks like a promising industry, eh?
As a matter of fact, the #1 company on Fortune 100’s list of “fastest growing companies” is Natural Health Trends, a health and wellness company (surprised?). Just last year their revenue was $298 million, with a total return three-year annual growth rate of 211%.

  1. Drones

The drone industry is expected to explode in the next few years, with a predicted value of over $127 billion by 2020, and a compound annual growth rate of 17%. Drones are extremely multifaceted and diversifiable, and as such, can be used for just about anything (ie. they have huge potential!). For example, Air Shepherd has taken advantage of the many uses drones have and is using them to find wildlife poachers, in order to protect wild rhinos and elephants. Ben Marcus, CEO of AirMap, predicts there will be a 400% increase in drone usage over this year.
Drone companies even made their way onto Fortune 100’s list of fastest growing companies, with Ambarella making the top 10. Ambarella develops video compression and image processing solutions, which are crucial components of many drone cameras. Their total revenue for the past year was a jaw-dropping $303 million, with their shares increasing by 67% in the past 3 months.

  1. Marijuana

The marijuana business is definitely “smoking” hot. With over half of America’s 50 states legalizing marijuana, and Canada currently in the process of legalization, it is no surprise that legal marijuana sales will total a whopping $22.8 billion in 2020.
The pharmaceutical company INSYS therapeutics was also on Fortune 100’s list of fastest growing companies, placing in their top 5. They develop pharmaceutical cannabinoids to address the clinical shortcomings of existing commercial products. Their revenue last year alone totalled to $323 million dollars, with an earnings-per-share, three-year annual growth rate of 119%.

  1. FinTech

The FinTech industry has been taking the financial industry by storm, and there’s no sign of stopping. FinTech companies are better able to meet changing customer needs, by offering convenient, simple and online integrated services. By the year 2020, the global marketplace lending is expected to be valued at $500 billion. Moreover, by the year 2030, there will be a projected 2 billion new customers using their phone for financial services, with over 60% switching to mobile over the next five years. As such, they are leveraging traditional companies limitations and succeeding in areas where they are failing. Additionally, the number of new FinTech start-ups has created a landscape of innovation and competition, driving continued success.
Now you’ll always have an answer to that annoyingly tired question!
Show Uncle Mike exactly what you’re made of, and start focusing your efforts in industries with the most payoff.
Check out Part 2, where I segment different areas of promise within each industry, explain how you can get involved, and some awesome examples to get you started!
Interested in learning from the Pros? Check out our recent article on business experts you should look out for.   
Looking to take your business paperless? Sign-up now and get free access to Signority’s Business Plan.

The 4 Biggest Emerging Insurance Trends and Its Implications

Top 4 Emerging Insurance Trends

Emerging trends, such as driverless cars, P2P insurance and electronic signatures, have disrupted the usually steady world of insurance. But how exactly have these emerging insurance trends affected and changed the industry?

Let’s take a look at some of the emerging insurance trends!

Driverless Cars

Since the emergence of Tesla’s electric cars and the way they took the automotive market by storm, competitors and disruptors, and Tesla themselves, are looking into introducing fully autonomous cars as soon as two years time. Naturally, this changes things significantly for the insurance world. As this market continues to develop, insurers will need to consider potential risks to drivers, passengers and cars, as well as who (or what) is ultimately held responsible.

Driverless Cars Explained

Driverless cars sense their surroundings through integrated circuits and advanced technology, without the help of human input. As such, they provide users with a safer and more convenient means of transportation. Their way of operation includes different levels of autonomy:

  1.     Driver only – self-explanatory
  2.     Driver assistance – automated only for steering, acceleration and braking
  3.     Full autonomy – the car can travel on its own without a human present in the vehicle
  4.     High autonomy – requires human control only periodically during the trip, but are otherwise automated
  5.     Partial autonomy – drivers can interfere only in the event of an emergency

Implications for the Insurance Industry

The whole point of auto insurance is to protect people from human or mechanical error, but what happens when human error is eliminated? The main issues the insurance industry needs to tackle are as follows:

  1. Personal Insurance – Since the drivers essentially become passengers, who will be held accountable in case of an accident? The driver, car manufacturer, or both?
  2. Commercial Insurance – With companies such as Uber or Lyft using driverless cars to take their passengers’ places, how will these vehicles be insured if an accident occurs while on duty?

Driverless cars transitioned quickly from a radical idea to a very real product, with a very fast adoption rate. The insurance industry needs to adapt to these new changes just as quickly.

P2P Insurance

When Lemonade entered the insurance market this past fall, everyone with at least minimal knowledge in insurance knew things were about to change. The implications for the insurance industry were very deep, even though they only operated in New York. Unsurprisingly, requests for expansion into other states were made as soon as it launched. What will this mean for the insurance industry long-term?

P2P Insurance Explained

Peer-to-peer insurance is simpler than it sounds. It’s when a group of people with a mutual cause gather their money in one place, which is then used to pay the claims of any of the members in case of an accident. Usually, companies offering this type of insurance have a backup top-insurer supporting them in case the sum is too big for them to cover. Lemonade uses unpaid claims to support causes close to the heart of the insured. As such, customer trust in their company is bigger, and the tendency to find ways to circumvent the system is considerably lower. Since the company’s profits do not depend on what claims they can and can’t deny you.

Implications for the Insurance Industry

Even though the insurance industry has started to shift, P2P companies have not yet completely and irrevocably disrupted the market. P2P insurance exploits one of the biggest flaws of traditional insurance companies, by inspiring trust and a sense of community with their customers. However, when P2P companies go to traditional insurance companies for help in controversial cases, this newly placed trust in P2P companies will wear off. With that being said, the fact that this new model emerged at all, and has the success it has had so far, existing companies will rethink their stance on insurance going forward.

Drones

As the number of private drone enthusiasts increases and a growing number of commercial drones take flight, so do the risks associated with them. Aside from providing insurance to drones or unmanned vehicles, they hold large potential for changing the insurance game, from fighting fraud to increasing accuracy in risk-management and tailored pricing.
According to Dean Anderson, National Aviation Practice Leader, Wells Fargo Insurance, The Federal Aviation Administration (FAA) estimates that approximately 2.5 million drones/unmanned aircraft systems (UAS) will be sold this year, with almost 600,000 used for commercial purposes. The trend leaves a vast unknown in the aviation insurance sector, one that presents excitement, new product development, and a changing underwriting mentality. With widespread US-potential, industries such as industrial inspection, agriculture, real estate, aerial photography, government, and others are investing considerable amounts of money into this emerging industry.”

Drone insurance explained

Drone insurance acts like any other insurance policy. If a drone is damaged in an accident or lost, the loss is covered to an extent by the insurance company. 
There are primarily two types of insurance coverages, UAV (Unmanned Aerial Vehicle) UAS (Unmanned Aircraft Systems) insurance provided to the all:  Manufacturer, Owner and Operator Coverage.
And non-owned UAV / UAS Liability Coverage: coverage to companies or individuals that use or hire UAVs that they do not own and that are operated by third parties.
Some of the pre-requisites for these type of insurance are:

  • Buyer or operator’s proof of training
  • Maintenance of drone operational logs
  • Parts or add-ons purchased so far

Implications for the Insurance Industry

Increasing accuracy during catastrophes
During catastrophes, drones can play a critical role in surveying the damage of the insured property. The flexibility of drones allows for immediate surveying and reporting, allowing for a speedy insurance process.
Risk-management
According to PWC’s recent report “Clarity from Above”, drones could be used for instantaneous data collection and risk monitoring. With immediate access and improved quality of data. Insurance companies could easily assess high-risk areas and notify customers of those high-risk areas, ultimately helping them avoid those risks.
Tailored pricing
By often performing hazardous work, drones access and collect critical data sets that effectively allow for insurance companies to provide their customers custom pricing.

eSignatures

Initially frowned upon by lawmakers for its perceived poor cyber security and the consequences of having important legal information stolen, eSignatures are the new norm. The advancement of technology pushed insurers and the laws governing insurance companies to catch up with the times and start using eSignatures as part of their daily work.

eSignatures Explained

Like we mentioned in our previous post “Quick Reference Guide: Electronic Signatures & the ESIGN Act. According to the eSign Act, an eSignature is “any sound, symbol, or process, attached to or logically associated with a contract or other record and executed or adopted by a person with the intent to sign the record.” If that definition sounds vague or unclear, don’t worry. That’s sort of the idea; it is, after all, “legal-ese”. In plain English, however, the above definition simply “states” an eSignature as a legal concept. That is, its legal definition simply means that it is possible for an electronic signature to carry the same sort of legal “weight” as its pen-and-paper equivalent.
Let’s take a quick look at the basic components of an electronic signature:
Consent:
Basically, any individual who signs an electronic document must explicitly consent to do so in the first place. Should an individual choose not to consent to an electronically signed agreement, a non-electronic option must be made available.
Intent:
In the simplest terms, this means that the signer clearly understands his or her intent to sign the document, and the process by which the individual signed the document was clear and understood from beginning to end.
Verification:
For an electronic document to be considered legally binding it must be signed by the same person whose signature appears on the dotted line. In turn, most electronic signature solutions have built-in verification methods.
Auditability:
This is the electronic equivalent of a “paper trail,” (popularly know in the electronic signature industry as an ‘Audit Trail’) whereby each party involved in an electronic agreement (or a legal entity, for instance) can if necessary, easily access each step of the electronic signature process. You can read more about the anatomy and importance of an audit trail in our post titled “The Anatomy of an Audit Trail: Electronic Signature Simplified”.
While the most known type of an eSignature is the drawn signature, there are other types as well:

  1. Click to sign – these include tick boxes, e-squiggles, scanned images, and typed names. However, they are not considered as a functioning signature. As such, they are commonly used in addition to other types of eSignatures
  2. eSignatures – These typically involve the signer applying their hand-signature mark on the document, which is then protected with a cryptographic digital signature
  3. Advanced and Qualified eSignatures – AES and QES use unique signing keys for every signer, as such, they provide the highest level of trust and assurance. These unique signing keys directly link the user’s identity to the signed document, so anyone is able to verify the signature using an industry standard PDF reader

Implications for Insurance Industry

eSignatures makes life much easier for insurance brokers. eSignature companies like Signority revolutionize document signing and management by creating seamless digital transactions for your customers. Experts agree eSignatures close sales quicker, are more secure and traceable than paper and can be easily integrated into already existing business processes. You are able to securely maintain legal electronic copies of every document, keeping your documents safe from any harm. Communication is also simplified, so much so that it only takes a few minutes to set up, draft, sign and file any necessary documents… no more long days waiting for documents to arrive by mail! Everything is automated and digitalized and at your disposal. To learn more about the habits of highly effective insurance brokers, click here.
While driverless cars and P2P insurance have both positive and negative effects on the insurance market, eSignatures and drones impact looks to be solely positive. We will see in later years how each one of these trends will change the way insurance works, but for now, we can safely say things are looking up!
Disclaimer:
This post focuses on technology and its impact on the North American insurance sector, specifically. It’s important to point out that Signority is not an insurance company, nor are we the expert authority on the subject. However, we have referenced experts often in this post. It would be equally wise (and perhaps a bit obvious) to point out that the insurance industry is incredibly complex. Admittedly, this post is a brief, simplified look at a complex topic.
 
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