Concirrus moves into profitability after 204.6% revenue boost

Insurtech Concirrus has revealed that it boosted its revenue by 204.6% in 2023.

In a trading update, the firm said the growth moved it into profitability following what it claimed was a difficult year for the insurtech sector.

It said this was because the sector experienced a continuous fall in funding - figures from Gallagher Re’s Global Insurtech Report Q4 2023 showed global insurtech funding plummeted from £6.3bn in 2022 to £3.58bn in 2023.

In a LinkedIn post, Andrew Yeoman, founder and chief executive of Concirrus, noted that buying out its venture investors was a “pivotal move” in securing financial stability. 

“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,” he added in a statement about the firm’s results.

”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.”

Solutions

Yeoman added that geopolitical tensions highlighted the need for more insurtech solutions, with firms becoming busier.

“With geopolitical tensions changing almost daily, the roles of brokers, underwriters and protection and indemnity (P&I) clubs have also become overwhelmingly busy. So, there’s never been a more pressing need for solutions to help with this.”

In the insurance industry, AI and automation are beginning to take over administrative tasks, freeing up time for underwriters and claims teams to turn their attention to more complex tasks.

Yeoman said that the firms’ “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,” he added.