Concirrus overview

Concirrus is a provider of intelligent insurance solutions for the marine and motor insurance industry.

Its big data and machine platform is tailored specifically to fleet management and marine coverage, allowing insurers to actively monitor the risks they underwrite, in turn reducing unnecessary claims and administrative costs.

Its product ‘Quest’ is an AI-powered platform that gathers real time data sets, risk updates and insights. It accesses and interprets wide-ranging datasets, combining them with historical claims information to reveal the behaviours that correlate to claims. The results enable insurers and brokers to more accurately quantify risk, reduce losses and boost profits.

Specifically, Quest Automotive combines multiple data sources (including telematics, local weather and video) to help insurers develop a more accurate understanding of driver behaviour and risk, and engage in proactive risk management. If there is a collision, Quest Automotive provides automated collision reports within minutes, speeding up the claims process and reducing the associated costs. Quest Automotive Fleet, which launched February 2020, is a digital platform for to manage fleet risks. It aims to reduce fleet insurance claims and claims costs, providing insurers, fleet operators and claims management companies with access to telematics and video data to benefit from automated FNOL, driver coaching, accurate premium pricing and more.

Quest Marine extracts behaviours that correlate to claims from the largest datasets, including vessel statistics, movements, weather, machinery information and traditional demographic data to segment, price and manage risk. It is currently working on the testing and launch of its predictive modelling capability.

In September 2018, Concirrus raised a £5m venture round from Eos Venture Partners and IQ Capital. It stated the money would be used to further expand Quest Motor.

In 2018, Concirrus launched the Power20, a community of marine insurance market players aiming to work in collaboration to achieve long-term success and profitability within marine insurance. Through Power20, Concirrus has since gone on to create a digital marketplace where industry leaders can assess and transfer risk efficiently.

In 2019, major reinsurance broker Willis Towers Watson (WTW) announced it had entered into a strategic partnership with Concirrus. As part of the alliance, Willis will join Concirrus' collaborative community, Power 20, and leverage IoT-based data to improve its specialty reinsurance products.

During January 2020 Concirrus announced it had entered into a multi-year deal with Hiscox London Market. As part of the partnership, Hiscox will leverage Concirrus' Quest Marine Hull.

Concirrus raised a $20m Series B in February 2020, led by AlbionVC, with participation from IQ Capital, EOS Venture Partners and angel investors. The investment follows a year of significant growth, with its client base tripling over the previous 12 months. The funding is to be used to respond to their clients evolving needs and in securing their market advantage.

In July Concirrus announced it had raised a further $6m in funding from CommerzVentures.

Map showing the location of Concirrus

London, United Kingdom

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Key people

Andrew Yeoman Chief Executive and Co-Founder
Vinod Singh Chief Technology Officer
Craig Hollingworth Business Development Officer & Co-Founder
Harriet Muir Head Of Marketing
John Colwell CFO
Mark Phillips Head Of Sales
Adrian Turner CFO