Concirrus

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.

In January 2021, Concirrus entered into an agreement with Arch Insurance, enabling them to use the behavioural analytics platform, Quest Marine.

In September 2021 Concirrus launched a new platform which will work across different classes of business by harnessing IoT technology to help insurers transition to new digital operational models.

In December 2021 international insurance broker, Howden partnered wiith Concirrus to leverage the latters' solutions Quest Marine Hull and Quest Cargo, as part of a digital transformation programme. The partnership will enable Howden to better support their clients with insights that inform better risk management. Quest Marine Hull interprets a multitude of complex datasets simply and in real-time to optimise insurance programmes.

In July 2022 SCOR partnered with Concirrus. SCOR will use Concirrus data modelling capabilities in order to improve its marine line's loss ratios. As part of the collaboration, SCOR will have access to the Hull Market Model, available on Concirrus' Quest platform, which provides real-time risk management.

In January 2023 it launched a new marine hull risk model, which ingests close to three trillion data points and over 100k historical policies and claims - derived from aggregated data from Concirrus’ clients - to provide better predictions.

Later in February 2023 global insurer and reinsurer SCOR has adopted the Marine Hull Market Model from the company.

In March 2023 Concirrus and Applied Underwriters formed a long-term strategic partnership, leveraging Applied Underwriter's patents and data processing, as well as Concirrus' analytics platform, for the development and provision of multiple product lines of technology driven-solutions to (re)insurers globally. The companies say the move will deliver a market advantage to Applied Underwriters and also allow Concirrus to expand its solutions to a wider range of clients and product lines.

During May 2023 the company partnered with Percipience Consulting. For Concirrus the deal enables it to more efficiently gather information from an insurer’s back-office platforms.

Later in June the same year the company launched new multi-line submissions solutions, which it hopes to provide a seamless end-to-end solution for the company’s customers. It claims to increase productivity by 400% and has a privacy layer that enables it to use Large Language Models such as Google Bard or ChatGPT from Open AI. This means customer’s pricing engines can be integrated, speeding up decision making from underwriters.

In August 2023 the company joined forces with insurance software company Insurity to revolutionise pricing and risk selection models in marine insurance. By integrating Concirrus' big data and machine learning capabilities with Insurity's marine cargo platform, insurers can achieve competitive pricing and optimise profitability while enhancing customer satisfaction.  Concirrus' existing clients have experienced a 7% improvement in combined ratios through intelligent risk pricing and data-driven underwriting.