Marine insurance technology company Concirrus has won an additional $6m of funding from specialist investment company CommerzVentures.
CommerzVentures is a part of Germany’s Commerzbank AG that invests in up-and-coming finance and insurance technology companies.
Heiko Schwender, a partner at CommerzVentures, said: “We believe Concirrus has the best solution to manage risk in the marine insurance industry.”
Concirrus recently celebrated its eighth birthday.
The company's product Quest Marine product, a behavioural-based underwriting platform which offers pricing, portfolio management and predictive analytics, has made inroads into the marine market.
The London-based company has won a series of significant contracts and attracted significant investment over recent months.
Among the investors earlier putting their money into the UK company are AlbionVC, IQ Capital and Eos Venture Partners.
Concirrus has also won major clients for its products such as the largest marine broker Marsh, leading marine insurers Beazley and Hiscox, as well as protection and indemnity mutuals Skuld and North P&I Club.
The company has also developed marine cargo and sanctions compliance products.
Concirrus chief executive Andrew Yeoman said: “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.”
The investment comes as marine insurance technology companies have been given an unexpected boost from the coronavirus pandemic.
The digitalisation and automation of the insurance business is being encouraged at the major insurance trading platforms such as the Lloyd’s of London market.
But, the coronavirus pandemic has accelerated the digitalisation process at a time when underwriters and brokers have been unable to meet for the more traditional face to face way of doing business.
