Insurtech has become a major part of the insurance market, with record-breaking amounts spent on technology-based innovations that can revolutionise the sector. It's an area ripe for investment – with more than $1bn (£760m) spent every month on investment into insurtech startups in 2021, according to reinsurance broker Wills Re. The momentum that carried insurtech through 2021 is forecast to continue in 2022, with plenty of areas within the sector ready for disruption. But what should you be looking out for as the next big thing? Here are five tech trends that could transform the way we buy, sell and claim on insurance.

An insurance claim is "a formal request to an insurance company for coverage or compensation for a covered loss or policy event" (source: www.investopedia.com). Once initiated, the claim often goes through a complex process with one of two possible outcomes -- the claim is either accepted, leading to a settlement, or rejected. The claims process would typically be: contact the insurance company, start of the claimant investigation, check the policy coverage, evaluate the damage and arrange compensation payment. UK insurance industry figures are staggering. On average, £33m are paid per day in motor claims, £13m in property claims, £12.5m for policy protections, and £1m for travel claims; the average bodily injury claim is close to £10k; more than 98% of motor claims have been accepted, and the yearly cost of fraudulent claims is £1.3bn.