New Digital Business Models are Being Created for Life Sciences

The digital revolution is bringing major changes to the healthcare sector. Electronic record systems, the Internet of Medical Things and artificial intelligence are all impacting life sciences. Furthermore, even bigger changes are on the horizon, such as in-memory computing and advances in networking. Medical equipment manufacturers and pharmaceutical drug companies are experiencing opportunities in personalized healthcare and are bringing positive changes to therapeutic outcomes. With the life sciences industry poised for change, companies are working to capitalize on new technological developments to gain a critical competitive edge. Continue reading “New Digital Business Models are Being Created for Life Sciences”

New Tractor Beam Can Move Real-Life Objects

The world’s most powerful acoustic tractor beam has successfully moved a small object and enabled it to hover in space. Within a few years, scientist predict they will be able to move larger objects – and maybe even humans.

The acoustic tractor beam uses sound to vibrate things, enabling them to levitate in the air. The use of sound waves means the technology can be applied to most things, unlike magnetic waves, which can only be applied to metals.

Up until recently, scientists could only control tiny objects, but the new technology uses a fast vortex that spins like a whirlpool of sound, making it possible for larger objects to stay in place and not spin out of control. The new acoustic sound beam creates a twister-like motion around the object, causing the object to float without spinning out of control. Continue reading “New Tractor Beam Can Move Real-Life Objects”

An Evolving Risk Landscape: The Global Risks Report 2018

Today’s extraordinary pace of political and technological change obliges organizations to be better prepared for shocks and surprises.

The 13th edition of the World Economic Forum’s Global Risks Report, prepared in partnership with Marsh & McLennan Companies, examines the systemic risks that have the potential to cause such shocks and surprises.

For businesses, the report raises important questions about what risk leaders should be doing to build resilience and adaptability in the face of seemingly unmanageable risks. Appreciating the inevitability of potential shock events, being more rigorous about identifying major sources of value destruction, and developing agile responses to fast-moving, uncertain situations are a few of the key takeaways for business leaders.

Download the report now…


Renewable Energy Innovations That Could Change the World

Many utility companies and investors view widespread distribution of renewable energy with caution. But recently, traditional energy sectors have started rethinking their investment in renewable energy by considering large scale investments. Interest in future innovations is now reaching an inflection point. Utilities are considering a multitude of ideas for integrating innovative renewable power sources.

Industry leaders have begun to see renewable energy as a rapidly maturing sector. They are beginning to focus on the next innovations in energy technology and business models, such as blockchain as a financial tool for energy transactions. Developments in renewable energy ensure we make the most out of fossil fuels and other energy sources that will improve efficiency. Here are 5 technologies that promise to change the face of the energy industry in the next two decades.

Continue reading “Renewable Energy Innovations That Could Change the World”

OSHA’s Top 10 Most Cited Violations for 2017

A new entry emerged in the Top 10 list of OSHA’s most frequently cited violations for fiscal year 2017, joining the ranks of a rarely altered field.

Assessing the addition of Fall Protection – Training Requirements (1926.503) at No. 9, Patrick Kapust, deputy director of OSHA’s Directorate of Enforcement Programs, treated the matter with the same urgency reserved for the list’s usual suspects.

“Many of these violations were specifically related to training requirements and ensuring that a training program for each employee who may be exposed to fall hazards is established,” Kapust told Safety+Health. “Often, these violations occurred in the roofing, framing and residential modeling industries.

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Emerging Risks in Construction: Expert Perspectives on the Construction Industry

The world continues to change at an increasing pace, and construction, the world’s largest global industry, is under pressure.

Marsh’s report, Emerging Risks in Construction: Expert Perspectives on the Construction Industry, consists of a collection of articles examining the challenges, risks, and opportunities facing the sector as it grapples with macroeconomic, geopolitical, financial, and environmental challenges.

Each article provides a critical insight into sector risks, as well as the opportunities available to those companies that can best position themselves to take advantage of them. The topics examined include:

  • Innovation and new technology.
  • Environmental risks.
  • Economic issues.

These articles first appeared on BRINK – the digital news service of Marsh & McLennan Companies’ Global Risk Center, managed by Atlantic Media Strategies. BRINK gathers timely perspectives from experts on risk and resilience around the world to inform business and policy decisions on critical challenges.

Click here to read the full report…

Rotomolding and Your Manufacturing Business

Does your business have an idea for a product that you’d like to see designed and developed for manufacturing? You might want to consider rotational molding (rotomolding) for the job. Rotomolding is a technology that’s used to mold plastics and bring product ideas to life. Rotomolding is perfectly suited for manufacturing hollow articles; it’s used to design a wide variety of products. There is almost no limit to the size of the item the rotomolding technology can produce, making it ideal for thousands of different applications.

Molding Process

The process of rotomolding involves a plastic material (usually in powder form) that is placed into a hollow mold that is used to create many types of products for many purposes in business and the home. Once the mold has been filled with the plastic powder, it is closed and heated in a special oven. Once the mold is heated, the polymer inside it slowly melts and expands into the mold evenly. Precision measurements help to create a perfectly smooth product. When the polymer is fully melted it is then cooled to solidify the plastic form inside. Continue reading “Rotomolding and Your Manufacturing Business”

Five Revolutionary Innovations in the Construction Industry

In the past, the construction industry lagged behind other sectors when it came to innovation and new technologies. However, that is changing. Today, construction is fast advancing with countless new innovations.

The construction industry contributes greatly to the economic stability of the country. It is an investment-led sector and is quite diverse. Innovation in construction has the potential to have a major impact. Construction is defined as a creative industry and, as such, innovative problem solving will enable construction businesses to compete effectively in an increasingly competitive global environment. Continue reading “Five Revolutionary Innovations in the Construction Industry”

OSHA Delays Electronic Reporting to December 15, 2017

The Occupational Safety and Health Administration’s (OSHA) electronic reporting rule requires certain establishments to report information electronically from their OSHA Forms 300, 300A and 301. Under the rule, the first electronic reports were due on July 1, 2017.

However, on Nov. 24, 2017, OSHA issued a new final rule officially delaying the first electronic reporting deadline to Dec. 15, 2017. Affected establishments will need to submit their reports through the Injury Tracking Application (ITA) website by that time or face possible OSHA penalties.

Action Steps

  • Affected establishments must create an account on the ITA website and submit information from their 2016 OSHA 300A form by Dec. 15, 2017.
  • Other deadlines under the electronic reporting rule remain unaltered. Therefore, affected establishments should begin their preparations to submit information from all 2017 OSHA forms by July 1, 2018.

Affected Establishments

OSHA’s electronic reporting rule affects establishments that:

  • Are already required to create and maintain OSHA injury and illness records and have 250 or more employees;
  • Have between 20 and 249 employees and belong to a high-risk industry; and
  • Receive a specific request from OSHA to create, maintain and submit electronic records, even if they would otherwise be exempt from OSHA recordkeeping requirements.

The electronic reporting rule applies to establishments, not employers. An employer may have several worksites or establishments. In these situations, some establishments may be affected while others are not.

To determine whether an establishment is affected, employers must determine each establishment’s peak employment during the calendar year. During this determination, employers must count every individual that worked at that establishment, regardless of whether he or she worked full-time, part-time, or was a temporary or seasonal worker.

Finally, a firm with more than one establishment may submit establishment-specific data for multiple establishments.

Reporting Requirements

The data an employer must submit and the timeline for submitting this information to OSHA depends on the establishment size.

Establishments with 250 or more employees will be required to submit information from their OSHA Forms 300A, 300 and 301. However, in 2017, these establishments will only be required to submit data from their 300A Form. Establishments in high-risk industries with between 20 and 249 employees will be required to submit information only from their OSHA Form 300A.

For the first reporting year, the deadline has been delayed to Dec. 15, 2017. However, the final rule that delayed the first deadline did not alter subsequent deadlines, so reporting deadlines for 2018, 2019 and beyond remain as shown in the table above.

Submitting the Report

The ITA is a secure website that OSHA created specifically for the data required by the electronic reporting rule. The ITA allows employers three options to submit their reports:

  1. Manual entry;
  2. Comma-separated value (CSV) file upload; and
  3. Application programming interface (API) transmission.

The ITA offers affected establishment instructions and sample files and templates to help them complete the submission process.

OSHA-approved State Plans

The final rule required OSHA-approved State Plans to adopt the electronic rule or “substantially identical” requirements within six months of the final rule’s publication date. The final rule was published on May 12, 2016. This means that OSHA-approved State Plans have the authority to adopt reporting requirements that go above and beyond what is required by the federal rule. For this reason, establishments located in OSHA-approved State Plan jurisdictions should consult with their local OSHA offices to make sure they are satisfying all electronic reporting requirements.

However, the following OSHA-approved State Plans have not yet adopted the requirement to submit injury and illness reports electronically:

All Employers:

  • California
  • Maryland
  • Minnesota
  • South Carolina
  • Utah
  • Washington
  • Wyoming

Public Employers:

  • Illinois
  • Maine
  • New Jersey
  • New York

Similarly, state and local government establishments in IL, ME, NJ and NY are not currently required to submit their data through the reporting website.

More Information

Contact Marsh & McLennan Agency LLC or visit the OSHA tracking of workplace injuries and illnesses webpage for more information regarding electronic reporting.

Passenger Drones Present Emerging Challenges for the Insurance Industry

A recent unveiling of a manned drone by the company Passenger Drones has advanced the concept of personal aircraft from the imaginary distant future to a certain reality. Last week, Passenger Drones unveiled its version of a two-person passenger aircraft that is successfully flying passengers. The car-sized drone is powered by 16 individual motors paired with propellers for stability purposes. The company plans to start producing the manned drones commercially next year.

The company is focused on producing its lightweight drone that can fly autonomously. It can also be maneuvered or controlled remotely. The company plans to build more prototypes and log additional flight hours before moving forward with their commercial production plans.

There are other companies like EHang, Airbus and Volocopter that are working on their versions of passenger drones. Manned drones can carry 200 lbs of payload and cruise at a speed of more than 35 miles per hour. They are designed to fly at 11,500 feet above sea level, making them ideal for short or medium distance transportation. Continue reading “Passenger Drones Present Emerging Challenges for the Insurance Industry”