Concirrus, a London based marine and automotive insurtech company, has raised $20 million in a Series B funding round led by AlbionVC, the technology investment arm of Albion Capital Group.
Current investors IQ Capital, EOS Venture Partners and several angel investors also took part in the funding round.
The British insurtech company has developed Quest, a behavioral-based underwriting platform. According to the insurtech firm, Quest taps into the latest advancements in big data aggregation, artificial intelligence, and machine learning to offer portfolio management and predictive analytics.
Quest is said to enable existing and new data to be ingested, understood, and showcased in a manner to offer valuable insights to help in improving loss ratios.
Andrew Yeoman – CEO of Concirrus said: “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 has also developed another product called Quest Automotive which has been designed to alert insurers to risky events like speeding, tailgating, fast cornering, and other dangerous driving behaviours to help them to act fast.
Robert Whitby-Smith – Partner at AlbionVC said: “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.”