InsurTech Concirrus lands £5m funding
Written by Hannah McGrath
Concirrus, an EY-backed InsurTech startup supplying the marine and motor analytics market, has landed £5 million in investment, taking its total funding to £12 million so far.
The London-based startup which was founded in 2012, counts brokers, insurers, major fleets and reinsurers among its clients.
In April this year it announced a global agreement with EY which will see the two working together to drive adoption of Concirrus’ technology in the market.
Concirrus uses artificial intelligence (AI) driven software called Quest to analyse a client’s datasets in realtime before integrating them with historical claims information, in order to reveal hidden behaviour that correlate to claims, thereby improving risk analysis and reducing losses.
The company’s technology can also be used by insurers, reinsurers and brokers interested in exploring connected devices and technology to provide more accurately-priced policies.
The raise was co-led by tech venture capital firm IQ Capital and specialist InsurTech investor Eos Venture Partners.
Andrew Yeoman, chief executive of Concirrus, said the funding will be used to scale the business, alongside its growing international customer base and accelerate its AI capabilities.
Max Bautin, partner at IQ Capital, will join the Concirrus board following the funding. He said that the multi-trillion-dollar insurance market is entering the first phase of technological disruption and praised the opportunities this presents for Concirrus and its investment partners.
He added: “We have followed the Concirrus team since 2015 and have been very excited about the potential to combine deep IoT [Internet of Things] data with machine learning to deliver valuable outcomes for maritime, automotive and other types of insurance.”