AI marine insurance intelligence company Concirrus has reported a 204.6% increase in revenue for the year ending December 2023 as a result of the continuing geopolitical uncertainty surrounding shipping.
The London-based firm said it moved into profit in the second half of the year, representing a new milestone.
“The situation in Ukraine and now in the Red Sea has driven a cross-market need to understand risk, and the aggregation of risk, in more granular detail,” Concirrus founder and chief executive Andrew Yeoman said.
The increase in demand comes at a difficult time for the insurance technology — known as Insurtech — sector which has experienced a fall in investment below $1bn for the first time in three years.
“Having bought out our venture investors in early 2023, financial stability became a priority, while at the same time creating the next generation of our technology. This has all been underpinned by the amazing support of our client base and some significant customer wins,” Yeoman said.
“With geopolitical tensions changing almost daily, the roles of brokers, underwriters, and P&I clubs have also become overwhelmingly busy, so there’s never been a more pressing need for solutions to help with this.”
Yeoman said that Concirrus intends to continue to invest in technology development.
Its document-to-data technology automates underwriting tasks and has helped boost its client base.
