06 I. The InsurTech landscape If the idea of the ‘FinTech’ sector is well-established, the con- 45 deals raising $650m. Notable funding rounds over the past cept of ‘InsurTech’ which it is often compared with, is less year have included Zhong An (which picked up $931m), Zenefits widely-recognised. But that is changing very rapidly as start- ($500m) and Oscar ($400m). ups, investors and the established insurance industry increas- Increasingly, these investments are coming from estab- ingly focus on the potential of InsurTech innovation. This is a lished insurers, who recognise the threat and opportunity that landscape that is evolving at pace. InsurTech businesses represent - almost three-quarters (74%) of insurers said they saw disruption by start-ups as a challenge InsurTech in the spotlight for their industry in PwC’s most recent Global FinTech Survey. Notable investors include Allianz, Aviva and XL Catlin – and “The most exciting development this year has been the massive 2016 is set to be a record year for deals featuring such units. increase in the number of innovative companies focusing their Insurers completed almost 20 investment transactions during efforts on insurance-related topics,” says Ori Hanani of Admi- the first quarter according to CB Insights, more than twice as ral. “This is the year in which InsurTech reached a tipping point many as in the same period of 2015. into mainstream awareness.” In response to the increased investment and interest, this That instinct is widely shared – Michael Juhler-Nøttrup of year saw the launch of Startupbootcamp InsurTech, the first Tryg says: “the InsurTech scene has exploded over the past global InsurTech accelerator, which is working with 14 corpo- year” – and reflects the global scale of activity in the sector. rate sponsors. The first quarter of 2016 saw more money invested than ever However, inevitably insurers are not alone in investing in before in InsurTech businesses, according to CB Insights, with InsurTech. Funding for this sector from traditional venture