Specialty analytics insurtech Concirrus has received a massive boost in the form of a US$6 million investment.
The funding comes from CommerzVentures, which specialises in helping fintechs and insurtechs grow.
“Our passion lies in helping fintech and insurtech companies to succeed,” said partner Heiko Schwender. “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. The team combines deep industry experience and technology expertise. We believe that Concirrus is on a very exciting growth journey and we’re very much looking forward to being part of it.”
One of the key reasons for the investment was the firm’s behavioural underwriting platform, Quest. It is said to deliver “highly differentiated pricing”, predictive analytics and portfolio management.
“We are really excited to have CommerzVentures join the business,” said Concirrus CEO Andrew Yeoman. “The last few months have been really busy for Concirrus as we’ve continued to sign new customers during what are clearly unprecedented times. This investment is a clear vote of confidence in our vision and the value that we’re bringing to the insurance market.”
