According to a report by Willis Towers Watson, insurtech investment increased vastly over the past year on a global scale.
In Q4 2018, the report states that 63 insurtech deals were signed making up a total investment of $1.58bn. This marks an increase in value of 155% from Q4 2017, as well as a 24% increase in the number of deals.
This information comes from the analyst’s Quarterly InsurTech Briefing, which adds that presently the global insurance industry maintains 31 strategic partnerships with technology companies. This is the highest figure ever.
The recent brief has placed an emphasis on new industry tools which are being developed to manage cyber risk.
Dr. Andrew Johnson, Global Head of Insurtech at Willis Re, said: “Insurtechs offer our industry a huge opportunity through strategic commercial partnering to allow incumbent insurance firms the ability to become part of a broader, more resilient jigsaw puzzle.”