London-based Concirrus has raised £5 million in an equity funding round led by Cambridge-based deep tech venture capital firm IQ Capital and specialist InsurTech investor Eos Venture Partners. The round brings the bringing the total amount raised by the company to £12 million. Max Bautin, partner at IQ Capital, will join the startup’s board following the funding.
Concirrus’s main product is a piece of software called Quest, which integrates with an insurer, reinsurer, or broker’s existing system. Using a set of AI algorithms, Quest analyses massive amounts of the customer’s data in order to uncover hidden behaviours that correlate to claims. This way, Concirrus claims, it can uncover new opportunities in the clients’ portfolios, reduce losses, and boost profits.
For the past two years, the company has been focussing on the marine and motor insurance with its respective products, Quest Marine and Quest Motor. The fresh funding would allow Concirrus to explore its product’s applicability to other parts of the insurance industry.