Insurtech deals reached $724 million in the first quarter of 2018, according to Willis Tower Watson. This is a record and a 155 percent increase from Q1 2017.
The number of transactions, at 66, also represents a record. Seven of those transactions rose to over $30 million in recent funding rounds.
There was only one developed market incumbent insurer participating in the fundraising while the remaining funding rounds were dominated by traditional VC money. Willis speculates that the stakes are becoming too high for insurers, especially if they are mostly investing in order to learn how to improve their existing processes.