The funding enables the insurtech to respond to customers evolving needs 

Marine and automotive insurtech Concirrus has closed a $20 million Series B funding round led by AlbionVC.

Chief executive Andrew Yeoman said the investment will allow the start-up to move to the next stage of growth, enabling it to internationalise, broaden the strength of our product offering and diversify across multiple business lines.

“This investment injection provides us with the financial footing to become the class leader”, he added.

Concirrus has grown its client base threefold in the past 12 months, the company said.

“We recognised that this is a community steeped in history and tradition, therefore longevity is vital.

”Our customers need to feel confident that they are working with trusted partners that are here to stay and can respond to their evolving needs as they continue in their pursuit to securing market advantage. This funding enables us to deliver this.”

Concirrus developed a behavioural-based underwriting platform named Quest which delivers portfolio management and predictive analytics using big data aggregation – a type of data mining process, artificial intelligence and machine learning.

It claims that the adoption of the platform is changing the future of risk selection, pricing and claims throughout the value chain.

Category leader

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.

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.”

IQ Capital partner Max Bautin said it first backed Concirrus 18 months ago at Series A.

“We doubled up on our initial investment with a $7m top-up in this round and are very excited to be part of the continued journey through the growth stages,” he added.

The funding includes participation from current investors IQ Capital, EOS Venture Partners and several angel investors.

The insurtech said it grown its client base three-fold over the past year.