AI-powered InsurTech Concirrus closes £5 million funding to service growth in customer demand
- Artificial Intelligence , Insurtech , Investment
- 25.09.2018 11:58 am
Concirrus, the London-based InsurTech company leading the Marine and Motor Analytics market change, has raised £5 million in equity funding, bringing the total raised to £12 million. The raise was co-led by Cambridge-based deep tech venture capital firm IQ Capital and specialist InsurTech investor Eos Venture Partners.
Concirrus, who have brokers, insurers, major fleets and reinsurers as clients, announced a global agreement with EY in April this year which sees the two working together to drive adoption of Concirrus’ technology in the market. EY themselves are investing heavily in the insurance market through their Insurwave blockchain venture.
Concirrus’ software, Quest, uses the most advanced AI to interpret wide-ranging datasets in real-time. Through integrating with an insurer, reinsurer or broker’s existing system, it then combines this data with historical claims information and uses AI to reveal previously hidden behaviours that correlate to claims. With Quest, Insurers, reinsurers and brokers can now accurately quantify risk; uncovering new opportunities in their portfolios, reducing losses and boosting profits.
Concirrus has focused on developing two core products for marine and motor insurance since its last fundraise in 2016. These products - Quest Marine and Quest Motor - serve the commercial marine and motor insurance markets. However, its technology could be applied to any line of insurance and any insurers, reinsurers and brokers that are considering using connected devices and technology to provide more accurately-priced policies.
Concirrus CEO Andrew Yeoman, said, “What makes us unique is our singular focus on the insurance market and the community we’ve built around our product. This new round of investment provides us with a solid platform of capital to scale our business alongside our customers in what is a worldwide market. As demand for our solutions has increased, so has the need to continue accelerating our AI capabilities and address a rapidly growing international customer base.
“In IQ Capital and Eos Venture Partners, we have a perfect blend of insurance and deep tech expertise, and we have found true partners who are as passionate as we are about working with the industry to change the way that insurance operates. We’re delighted to be joining forces,” Andrew said.
Cambridge-based IQ Capital invests in deep-tech companies that are capable of global scale. Max Bautin, Partner at IQ Capital with over 15 years fin-tech and IoT experience will join the Concirrus Board following the funding.
Commenting on the deal, Max Bautin said: “We have followed the Concirrus team since 2015 and have been very excited about the potential to combine deep IoT data with machine learning to deliver valuable outcomes for maritime, automotive and other types of insurance.”
“The multi-trillion-dollar insurance market is just entering the first phase of technological disruption and we are thrilled about the opportunities this presents to Concirrus and its partners.”
Eos Venture Partners, a specialist InsurTech venture capital fund, have been working strategically with Concirrus since 2017. Following the deal, Eos Partner Jonathan Kalman has taken a Board position. He has 18 years of experience investing in InsurTech and fintech in the UK, US and Asia.
Commenting on the deal, Jonathan Kalman said: “What makes an investment promising for Eos is when we find a team of highly motivated, results-oriented people who have identified a very large and fragmented market where there is inevitable disruption. We have spent a great deal of time with the Concirrus team over the past 12 months and we have found all of these qualities in their business.”
“Given Eos’ investors all come from within the insurance industry, we only want to invest in businesses that have the potential to be relevant, impactful and can achieve significant scale - something that Concirrus is well on its way to achieving.”
Existing independent Board members Steve Bellamy and Barney Quinn will remain on the Concirrus Board, along with Kelsey Lynn Skinner of IP Group who remains an investor.