With a record amount of money invested in a record number of rounds, the first quarter of 2021 indicates that the insurtech wave may be heading to new highs.

Insurtechs raised $2.55 billion in 146 deals, increases of 22% on the money side and 42% on the total deals side, from January through March 2021, according to CB Insights' quarterly Insurtech Briefing. The previous record for money raised was $2.53 billion in the third quarter of 2020, which was largely chalked up to pent-up demand after the COVID-19 pandemic put a damper on the previous quarter's activity. However, the new record indicates there may be more demand at work.