Major Themes In Technology From CES 2023
New SMA Blog by Mark Breading, Partner, Strategy Meets Action —
The CES event in Las Vegas always provides a good window into technological advancements and innovation. The over 3200 exhibitors and hundreds of sessions once again provided all-encompassing views of the current state of tech and the future possibilities. As usual, it was also a bit overwhelming – but I have distilled the event into five major themes with a lens on what is most relevant to insurance. Given that, this blog does not focus on traditional consumer electronics, such as TVs, mobile devices, and cameras although there were certainly interesting developments in those spaces as well. Here, I highlight the themes from #CES2023 that insurance companies should watch, including some new trends and ongoing themes from years past.
Ongoing Themes:
The evolution of mobility: CES is an important venue for announcing new autonomous and electric vehicles (AV/EV) and new features. Increasing options for mobility – to move people and goods from one place to another – has been a theme for some time. At the 2023 event, there was an incredible number of announcements on electronic bikes, scooters, wheelchairs, and people movers for land-based mobility. Additionally, there were many announcements for innovative AV/EV solutions for air and water travel, and even space travel. There is so much in the mobility space that is important for insurance that we will publish two more blogs on the evolution of mobility.
Proliferation of health/wellness/fitness tech: The wearables market is mature but continues to expand and add new innovations. A wide variety of biometrics can be tracked and analyzed. Other trends include the availability of personal health diagnostic tools that were once only available through healthcare providers (for example, at-home urinalysis tests). Another trend is increasing tech capabilities for rehab and for monitoring and assisting elderly and homebound individuals.
Apps everywhere: One of the big trends in CES 2023 is the prominence of the app. Vendors have certainly exhibited apps at CES in the past, and their presence has been growing. But this year, there was an incredible range of apps, with some being device-or function-specific and others being very broad, all-encompassing apps. There are also a number of apps that are software only – not tied to any underlying hardware sensor or device.
New Themes:
Metaverse as the uber Internet future: The Metaverse began to emerge as a theme at last year’s CES. Now, the future vision of the Metaverse is starting to take shape, and the virtual reality capabilities it requires continue to advance. Those capabilities fall into two categories. First are the technologies that enable human senses to become a natural part of the virtual worlds that people inhabit in the Metaverse. Technology related to smell, touch/physical sensation, vision, hearing, and taste were all exhibited. Second is the tech platforms for content creation. These are increasing in number and sophistication, providing developers with new tools to create virtual environments. Look for a separate blog on the Metaverse and its implications for insurance.
Cybersecurity: This is not a new topic for the insurance industry, and there has been some awareness of cybersecurity at CES in the past. However, it was called out from day one as a major theme this year. There are more and more hardware and AI-based software solutions to address this issue. But as insurers already know, the issues and challenges are much broader than tech solutions to protect assets and thwart cyber theft.
It may seem odd that artificial intelligence was not mentioned as a big theme in tech. The reality is that AI is now so pervasive that it is an assumed theme across the board, with nearly every product exhibited at CES relying on AI in one way or another. The importance of 5G is another theme I’ve called out in previous years that remains relevant today. Although not a new theme, it is accepted that the evolution of the connected world and the enablement of many of the more advanced tech is dependent on 5G. The volumes of digital generated and the needs of many applications for ultra-low latency make 5G indispensable. Lastly, sustainability was also a prominent theme throughout the event, given its importance across society and business. It really is an exciting time to be alive as technology transforms our world.
Stay tuned for more blogs in this series on CES2023 that will explore some of these major themes and the implications for P&C insurance.
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About The Author
Mark Breading is known for his insights on the future of the insurance industry and innovative uses of technology. Mark consults with insurers and technology companies on forward-thinking strategies for success in the digital age. His inventive methodologies, fresh ideas, creative conceptualizations, and ability to incorporate InsurTech and transformational tech in business strategies are unparalleled. He also leads SMA’s research program, publishing 25-30 research reports per year and conducting various custom research projects for insurer and vendor clients. His thought leadership in the areas of InsurTech, transformational technologies, customer experience, and digital strategies has earned him a ranking of one of the “Top Global Influencers in InsurTech” by InsurTech News and Onalytica and a place in the ten finalists for the “Top Global IoT in Insurance Influencer Award.”
Before joining SMA in 2009, Mark spent 25 years with IBM in roles including the Global Insurance Strategist and Director of Global Financial Services Executive Conferences in addition to leadership roles in consulting and marketing. Mark co-developed IBM’s Account Based Marketing program and led the global project office to implement ABM across all industry verticals worldwide. Mark has held both technical and business roles in sales, consulting, marketing, and business strategy and has advised insurers around the world for almost 30 years.
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At Strategy Meets Action, our clients advance their strategic initiatives and accelerate their transformational journeys by leveraging our forward-thinking insights, deep vendor knowledge, and vast industry expertise. Strategy Meets Action is an advisory firm that works exclusively with insurers, MGAs, and vendors in the P&C market. For more information, visit www.strategymeetsaction.com.
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ReSource Pro brings integrated operational solutions to insurance organizations to improve growth, profitability and insurance outcomes. Headquartered in New York, ReSource Pro’s global service centers address client operational needs around the clock. Recognized as an industry thought leader and listed as one of Inc. 5000 Fastest Growing Private Companies annually since 2009, the company is renowned for its focus on innovation, service excellence and trusted partnerships, and its unique productivity platform for insurance operations. More than 5,000 ReSource Pro employees provide dedicated support to hundreds of insurance organizations, consistently achieving a +97% client retention rate over a decade. For more information, visit www.resourcepro.com.
SOURCE: Strategy Meets Action (SMA)
Tags: App, cyber security, health care, Mark Breading, mobile app, Strategy Meets Action (SMA), wearables
