Insurtech investment soared 155% to $US724 million ($956.71 million) in the first quarter, compared with the corresponding period last year.

Willis Towers Watson’s quarterly market update shows a record 66 insurtech deals were made in the three months.

The report says some insurance investors are eschewing “traditional” insurtech models focusing on price and customer access.

They are combining industry expertise and venture capital investor nous to create a more aligned model offering financial and strategic returns for investors.

The number of venture capital investors in insurtech increased to 217 last year from 53 in 2012.