Insurtech Concirrus Beats Expectations

Insurtech Concirrus announced today that it posted a 204.6% increase in revenue for 2023, beating a challenging environment for insurtechs last year in which funding fell below the $1 billion mark for the first time in three years. Gallagher Re’s Global Insurtech Report Q4 2023 showed global insurtech funding fell from Eur 6.3bn in 2022 to 3.58bn in 2023.

“Having bought out our venture investors in early 2023, financial stability became a priority, while at the same time creating the next generation of our technology. This has all been underpinned by the amazing support of our client base and some significant customer wins," Andrew Yeoman, Founder and CEO of Concirrus said. “What is certain is that in our customer’s markets over the last 12 months, providing insurance for global trade, the movement of goods, and the insurance of vessels has become increasingly complex,” Yeoman said.

“With geopolitical tensions changing almost daily, the roles of brokers, underwriters, and P&I clubs have also become overwhelmingly busy and so, there’s never been a more pressing need for solutions to help with this" Yeoman continued. "Our technology development continues at an ambitious pace with some exciting new announcements planned over the coming months – all of which is being guided by our desire and commitment to spending more time in the market, listening intently to the core challenges our customers are facing. Only then can we deliver solutions that pack a punch and make a real difference.”

Concirrus has previously stated its interest in leveraging AI to advance sustainability in the marine industry, and has committed to the Poseidon Principles, a global framework for integrating climate considerations to promote international shipping decarbonization.

“The introduction of the Poseidon Principles for Marine Insurance has heralded a significant step forward in addressing the issue of climate change. We recognise the important contribution the entire industry needs to make in enabling a standardised methodology for measuring decarbonisation efforts across the sector" said Brian MacInnes, Chief Analytics Officer and James Whitlam, Data Strategist, Marine at Concirrus. "At the core of ensuring the success of the Poseidon Principles for Marine Insurance will be an objective and data-driven approach to systematically assess, disclose, and ensure accountability for climate alignment. The approach of measuring and disclosing climate alignment with greater transparency strongly reflects the Concirrus ethos of leveraging data to bring complete visibility to insured assets.Technology and data-driven approaches to managing risk, which are also at the core of the capability which we deliver to the market through products such as Quest Marine, will undoubtedly continue to play a significant role in aligning with the key elements of these Principles. We will continue to engage with our clients and the wider marine insurance industry to ensure we are positively contributing to these efforts and help drive sustainable change.”

Source: Concirrus, https://www.concirrus.ai/blog/concirrus-bucks-insurtech-trend-with-record-breaking-revenue-increase