Concirrus is a UK-based company which developed ‘Quest’ – a big data analytics platform designed specifically for the motor and marine insurance industry. Their proposition is based on the fact that understanding behaviour is a more effective indicator of individual risk than demographics.
The Quest platform ingests a wide range of real-time data sources including vehicle telematics, GPS, meteorological, video and traffic patterns. Using AI and Machine Learning, it combines these with historical data to provide insight into the complex combinations of behaviours that correlate to claims, which inform better actuarial assessment and underwriting.
They claim to offer the only behaviour-based analytics tool used across the entire risk transfer market, from risk to capital.
In 2019, Concirrus announced a strategic partnership with major reinsurance broker Willis Towers Watson (WTW) and achieved impressive growth – increasing its customer base by 300%.
So far in 2020, they have announced a multi-year deal with Hiscox London Market and $20m Series B raise in February 2020.
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