Most of the investment dollars from the VCs are going to insurtechs related to property and casualty (P&C) insurance, however. And, according to Tom Scales, Senior Analyst at research and advisory firm Celent, the reason for the disparity is simple.

“From my perspective, the biggest reason is complexity,” he said. “And P&C products are also generally easier to sell. Everyone needs auto and homeowners’ insurance. They have to have it. Life insurance, while critical, is viewed as more optional.”