8 Still, while a complex regulatory landscape, relatively high barriers to entry and some complacency within the insurance sector have so far shielded insurers somewhat from new entrants, it would be wrong to expect this to continue. The 258% increase in investment in InsurTech last year, according to CB Insights, underlines how this is a sector that is gaining momentum. Insurers themselves must recognise the need to respond. Currently, there is a disconnect between their perceptions of the disruption to come and their willingness to invest accordingly. While PwC’s Global FinTech Survey found 43% of industry players believed they had put FinTech at the heart of their corporate strategies, less than a third of insurers are exploring partnerships with start-ups and less than 14% said they were actively participating in InsurTech ventures or incubator programmes. “We have seen incumbent insurers adopt a “we can do this in-house” attitude to development. However, increasingly they recognise the value that partnering with the InsurTech community can bring, particularly in terms of accessing technology, skills and innovative ideas” says Jonathan Howe, UK Insurance Leader at PwC. As more insurers begin to engage – whether defensively or offensively – we will see investment in InsurTech grow even more dramatically. This is not to suggest the insurance industry will experience some sort of sudden ‘Uber’ moment – rather than any single tipping point, the InsurTech sector is likely to develop over the medium to long-term. “ This is the year in which InsurTech reached a tipping point into mainstream awareness. “Ori Hanani, Admiral