The story began with a 20-year-old Manitoban saying he’d fallen asleep at the wheel in a newer model Chevy Silverado, veering off the road and crashing into a few parked cars.

2021 was a historic year for investment in insurtechs. Funding reached a record-breaking $15 billion in Q3, according to Forrester ‑ more funding than in 2019 and 2020 combined. As this booming market evolves, the value of innovation by insurtech startups is becoming clear.

The immediate aftermath of a vehicular crash is difficult for all parties involved. The drivers have to process the trauma, address injuries with medical attention, exchange information, and figure out how to get their damaged cars repaired or replaced.

Starting in March 2020, nearly every company experienced a digital transformation—whether they liked it or not. The pandemic ushered nearly all transactions and interactions online literally overnight.

That technology will be the fuel that powers the insurance industry machine is inevitable. And with exciting innovations in AI, data and cloud computing, the dreams of many insurers can become reality.

Tesla Inc (TSLA.O) will recall 53,822 U.S. vehicles with the company’s Full Self-Driving (Beta) software that may allow some models to conduct "rolling stops" and not come to a complete stop at some intersections posing a safety risk.

The nostalgia bug bit me when I heard "The Matrix Resurrections" was set to premiere at the end of December. To prepare for its release, I rewatched the prior movies. I was surprised to find that these movies captivated me in a wholly different way than when I first saw them.

Would people go to companies like Amazon, Facebook or Google for insurance? Zillow or Trulia for renters insurance? CVS for health insurance?

The insurance industry faced a wake-up call when the pandemic exposed just how unprepared insurers’ digital capabilities were in a crisis. But, in the past two years, particularly in 2021, the industry has accelerated its digital development, making significant leaps forward in technology investments, workforce evolution and strategic planning.

As we usher in a new year, insurers and risk managers alike will continue to focus on exploiting technology advances to prevent and mitigate risk.

Here are the insurance technology trends, such as automated underwriting and virtual assistants, that will shape our industry in 2022.

Insurance carriers have witnessed a dramatic increase in consumers’ acceptance of digital activity compared to the pre-pandemic levels of early 2020. We expect these accelerated levels are only going to increase.

Insurance in the U.S. goes back to the mid-1700s and Benjamin Franklin. It has become one of the most essential parts of our lives and one of our most important economic industries.

A new report from Juniper Research has found that blockchain-based insurance will transform claims administration; saving $10 billion in costs globally by 2024, up from $1.1 billion in 2021.

Root Insurance is targeting its claims and sales departments as part of an increasingly aggressive effort to improve its struggling fortunes.