b'TABLE OF CONTENTSTECHNOLOGYTechnology TransactionsIntroductionIn 2021, the pandemic, and its impact on the way customers interact with businesses, remained a powerful force driving many insurers and producers to accelerate their adoption of new technology. As further discussed below, in technology transactions, we saw a focus in 2021 on digital transformation, AI, data monetization, and collaboration between incumbents and insurtechs. Increasingly, we are seeing a positive-feedback loop in these areas leading to increasing convergence of previously distinct technologies and trends.Digital Transformation Through Cloud AdoptionDigital transformation and cloud adoption continued as a top priority in 2021. While traditionally within the jurisdiction of IT departments as a mechanism to reduce cost, business executives at large insurance companies have seen the broader potential strategic benefits in deploying cloud-based services as a key pillar to their digital transformation strategies. For many such companies, this has meant using cloud products to modernize core systems, improve operational efficiency and agility, and create new digital front ends. We have also seen multi-cloud solutions adopted for resiliency and agility. Generally, the more integral that cloud services become in strategic functions, the greater the interest in ensuring that those systems have the proper redundancy, protection, and support. We are seeing insurers and producers increasingly comfortable with mitigating and managing the data security and privacy risks associated with moving core systems to cloud infrastructure. However, as cloud becomes the core of the technology stack, companies have to consider other typical cloud-based issues in a new light. For example, cloud providers usually have the right to change their service offerings from time to time, typically in their sole discretion. Insurers and producers seek to mitigate these risks either requiring including a product roadmap or schedule for future upgrades, modifications or deprecations or otherwise include guardrails in the contract that define how and when the service MAYER BROWN |127'