Investors poured a record $US985 million ($1.25 billion) into insurtech deals in the second quarter, up from $US398 million ($503.7 million) in the corresponding period last year, according to a Willis Towers Watson’s report.

There were 64 deals, a new milestone for any quarter.

About 45% of deals were struck in the US, which remains the hotbed of insurtech activity, although its share is down from 65%.

US-based technology developer Trov, in which Suncorp has a 6% interest, raised $US45 million ($56.85 million) in venture funding during the second quarter. Suncorp put in $US3.1 million ($3.9 million).

The report says claims technology is an emerging area of focus, with (re)insurers targeting strategic investments in, and partnerships with, technology start-ups.

Claims management, a $US170 billion ($215 billion) industry globally, is one of the insurance sector’s most underestimated areas.

“Claims management can be the most powerful driver of customer satisfaction and retention,” Willis Towers Watson Securities CEO Rafal Walkiewicz said. “Today it is not always a positive experience. For investors that build their thesis around disruption driven by risk mitigation, claims managers are particularly attractive.”