Concirrus, the leading provider of AI-powered marine insurance intelligence, has announced a landmark 204.6% increase in revenue for the year ending December 2023, moving the business into profitability in the second half of the year and marking a remarkable milestone in the company’s history. This comes in the context of a difficult 2023 for the global Insurtech sector which experienced a continuous fall in funding, pushed to below $1bn for the first time in three years, resulting in many companies failing.
Andrew Yeoman, Founder and CEO of Concirrus explains: “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.
“What is certain is that in our customer’s markets over the last 12 months, providing insurance of global trade, the movement of goods, and the insurance of vessels have become increasingly complex. With geopolitical tensions changing almost daily, the roles of brokers, underwriters, and P&I clubs have also become overwhelmingly busy and so, there’s never been a more pressing need for solutions to help with this.”
Although some foundational technology capabilities such as AI and automation are beginning to take over administrative tasks, freeing up more time for underwriters and claims teams to do what they do best - leveraging their knowledge and experience, it's only the beginning of this journey. While there is a compelling need for continuous innovation and development to drive maximum business impact, insurers can only be confident of their vendor choices when companies are on a solid financial footing.
Andrew continues: “Our technology development continues at an ambitious pace with some exciting new announcements planned over the coming months – all of which is being guided by our desire and commitment to spending more time in the market, listening intently to the core challenges our customers are facing. Only then can we deliver solutions that pack a punch and make a real difference.”
