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IA Capital Group, a venture capital firm focused on the new field of insurance-related technology, or insurtech, raised $150 million across three funds. With seven funds and managed accounts under its control, and one fully-exited fund, IA Capital claims to be the longest-tenured firm focused on insurtech.

The new funds are Inter-Atlantic Stonybrook Insurtech Ventures, a multi-LP fund, focusing on property and casualty insurtech; Inter-Atlantic G Fund, a single-LP fund, focusing on life insurance, annuity and retirement insurtech; and Inter-Atlantic Ivy, a single-LP fund, focusing on later-stage opportunities in insurtech and fintech.

IA Capital says it oversees venture capital investments for institutions including 13 insurers. The firm limits investments to post-revenue companies in North America, with a preference for Series A, B, and C funding rounds. On occasion, it has launched and incubated startups.

Insurers are facing increasing pressure to reinvent themselves before new technology and emerging startups hits their bottom lines, according to a report from consulting firm Accenture.

The report found that insurers are facing disruptions that could threaten their very survival and need to evolve quickly, with 87% agreeing that technology is no longer advancing in a linear fashion, but rather at an exponential rate.

Accenture urges insurers to be inspired by the way retail banks have benefited from fintech, in part by looking into new business areas beyond their traditional market space.

“Customers expect more — more convenience, more personalized services, more solutions for the changing transportation, employment and other risk landscapes,” according to the Accenture report. The way insurers interact with their customers is changing as well, driven by big tech companies like Google and Amazon that use data-driven insights to make transactions easier. Already, insurtech innovations are allowing the instant sale of life insurance policies, noted industry site Insurancenewsnet.com.

Peter Green is an award-winning business and investigative journalist based in New York.