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Funding for insurtech companies reached $19.8 billion in 2021, up 176% from the prior year, according to a report Friday from research firm Forrester Research Inc.
Fourth-quarter funding hit a record $4.3 billion while the first quarter drew the most capital at $6.47 billion, the report said.
Most of the funding in the fourth quarter, $3.22 billion, went to the U.S., followed by France at $336 million and India at $268 million, and then Brazil, Canada and Germany.
Insurers continue to invest in insurtech and “recognize the value of innovation,” Forrester said. Property/casualty insurers are “generally further along the digital experience curve than their life counterparts” and invested in technologies that simplify business processes, Forrester said.
The pace of digital transformation has accelerated and insurers must take steps to keep up, such as determining which capabilities can be developed internally and which should be done externally, Forrester said.
In addition to the record funding, the insurtechs are also consolidating in a “market rich in digital insurers, many of which have struggled to gain traction,” the report said, noting Lemonade Inc.’s acquisition of Metromile Inc. as an example.
Private equity firm Thomas H. Lee Partners L.P. has taken a majority stake in Carpe Data, an insurtech providing data services to insurers, the companies announced Monday.