The value of mergers and acquisitions (M&A) in the insurtech space soared last year to more than three times the 2016 figure, according to Willis Towers Watson research.

Total transaction volumes were more than $460 million last year, it says.

The research by Willis Towers Watson and Willis Re, in collaboration with market analyst CB Insights, found insurtech M&A continues to focus on digital distribution capability, consumer models and data analytics.

Claims management and back-end process applications have also become top priorities.

Asia was a key driver of insurtech M&A last year: China and India accounted for 73% of transactions, with Hong Kong, Singapore and other Asian markets making up 27%.

About $US2.3 billion ($2.96 billion) was invested in insurtech last year, up 36% on 2016.

In the fourth quarter insurers and reinsurers made 35 private technology investments, bringing up 120 investments for the year – setting quarterly and annual records.