Data Science Investment Counter —Funding raised by UK data science companies in 2018.
£ 5.640 Million

London AI start-up aims to disrupt marine insurance model

London insurance technology start-up Concirrus today closed a further £5m fundraising effort from tech investor IQ Capital and EOS Venture Partners.

Andrew Yeoman, Concirrus CEO

The investment, which takes Concirrus total amount raised to date to £12m, comes after the company signed a global deal with Big Four accountancy firm EY last April, injecting machine learning tech into the marine insurance market.

In July the firm had updated its artificial intelligence (AI) powered data analysis software, Quest Marine, to help Lloyd’s marine syndicates in managing their portfolios.

The machine learning software uses algorithms to analyse re/insurers and brokers’ historical portfolios in seconds. It combines customer information with Concirrus’ behavioural datasets to provide detailed insights regarding individual vessels, fleets, policies, or an entire book of business, thus attaining more accurately-priced policies for customers.

Talking to SHACK15, Concirrus Marketing Manager Harriet Muir said: “Concirrus takes a ‘portfolio first’ approach whereby customers can take a view of their entire portfolio of fleets and vessels to identify areas of opportunity and risk that align with their risk appetite.

“This raise will enable Concirrus to further develop Quest Marine by bringing on new data partners, investing in our data science capability and also developing an offering for cargo insurance”, she said.

Concirrus CEO, Andrew Yeoman, said in a blogpost: “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.”

This raise will enable Concirrus to further develop Quest Marine by bringing on new data partners, investing in our data science capability and also developing an offering for cargo insurance

To help the Concirrus team grow internationally,  Max Bautin, Partner at IQ Capital and fin-tech expert will join the Concirrus board after the funding.

Bautin exposed his views on the funding by saying: “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.”

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BY SHACK15

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