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Concirrus Secures $20M to Enhance Insurance Services

By Insurance CIO Outlook | Monday, June 29, 2020

Concirrus has raised $20 million modernize insurance service with AI.

FREMONT, CA: "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," says Andrew Yeoman, CEO at Concirrus. Concirrus, an insurtech start-up has raised $20 million to revamp legacy insurance services with AI. The company, with the raised capital, plans to expand its marine and automotive insurance data business to the US and Asia. AlbionVC led this round of funding along with current investors - IQ Capital, EOS Venture Partners and several angel investors.

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."

Concirrus's technology is used by insurers to track the precise routes of ships along with the weather conditions. The company operates an automotive insurance product that car insurers can use to process policyholder data that comprises insights into the speed and time at which they drive. 

Andrew continues, "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."

Concirrus' Quest platform offers proprietary behavioural data and predictive models that significantly outperform underwriting techniques and conventional risk assessment in the insurance market. The company takes a fresh approach to solve the difficulties faced by the insurance industry.

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