Leading marine and automotive insurtech Concirrus has announced that it has closed a $20 million Series B funding round led by AlbionVC. The funding also includes participation from current investors IQ Capital, EOS Venture Partners and several angel investors.
The company has developed a behavioural-based underwriting platform called Quest which delivers portfolio management and predictive analytics using the latest advancements in big data aggregation, AI and machine learning. Adoption of the platform is changing the future of risk selection, pricing and claims throughout the value chain. In the last 12 months the technology has moved from nice-to-have to must-have and the company is capitalising on this market change and is the acknowledged category leader.
Andrew Yeoman, CEO at Concirrus says: “According to Willis Towers Watson, insurtech investment reached an all-time high in 2019 and this year will be very much characterised by companies that are able to break through. This investment injection provides us with the financial footing to become the class leader. It also takes us on to the next stage of growth enabling us to internationalise, broaden the strength of our product offering and diversify across multiple business lines.”
This latest announcement comes hot on the heels of exceptional growth for the UK insurtech which has increased its client base three-fold over the last 12 months. Client announcements made by Concirrus include some of the most respected market leaders such as Hiscox, Marsh, Willis Re, Skuld, Sedgwick and North P&I.
Andrew continues: “We recognised that this is a community steeped in history and tradition, therefore longevity is vital. Our customers need to feel confident that they are working with trusted partners that are here to stay and can respond to their evolving needs as they continue in their pursuit to securing market advantage. This funding enables us to deliver this.”
Robert Whitby-Smith, Partner at AlbionVC, says: “Concirrus has established itself as the category leader in the application of predictive analytics powering a behavioural underwriting platform, and is providing the global ecosystem (including asset owners, brokers, insurers and capital providers) with the information and the tools to transform a fundamental aspect of their businesses – the way they understand, price and manage risk. We believe Concirrus, led by Andrew, is poised to become a significant global software company.”
Max Bautin, Partner at IQ Capital, says: “We first backed Concirrus 18 months ago at Series A and have been delighted to see the rapid transition from a start-up to a scale-up, with some of the largest names in the insurance industry joining as clients. We doubled up on our initial investment with a $7m top-up in this round and are very excited to be part of the continued journey through the growth stages.”