Concirrus, a UK-based insurtech, has reportedly secured a $6 million investment from Commerzventures. Founded in 2012, Concirrus shared its Quest platform provides proprietary behavioral data and predictive models that significantly outperform traditional risk assessment and underwriting techniques in the insurance market.
“Our Quest products access and interpret large sets of static demographic and dynamic behavior-based data sets, and combine these with historical claims information to reveal the behaviours that correlate to claims. The outcome is new insights and rating factors that simply did not exist before, the ability to better deploy risk capital, improve loss ratios and drive down operating costs.”
Speaking about the investment, Heiko Schwender, Partner at CommerzVentures, stated:
“Our passion lies in helping fintech and insurtech companies to succeed. We believe Concirrus has the best solution to manage risk in the marine insurance industry. Ultimately, it will serve insurance carriers in a variety of supply chain industries.”
Andrew Yeoman, CEO at Concirrus added:
“We are really excited to have CommerzVentures join the business. The last few months have been really busy for Concirrus as we’ve continued to sign new customers during what are clearly unprecedented times.”
The investment from CommerzVentures comes just months after Concirrus raised $20 million Series B funding round, which was led by AlbionVC with participation from IQ Capital, Eos Venture Partners, and several angel investors.