Concirrus, a provider of AI-powered marine insurance intelligence, recorded a 204.6% increase in revenue in 2023.

The London firm, ninth on our InsurTech 50 ranking late last year, moved into profitability in the second half of the year.

It comes against the backdrop of a difficult 2023 for the global InsurTech sector, which experienced a continuous fall in funding – pushed to below $1 billion 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,” said Andrew Yeoman, founder and CEO.

“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.”


Concirrus’s big data and machine learning platform Quest accesses and interprets wide-ranging datasets, combining them with historical claims information to reveal the behaviours that correlate to claims. The results enable insurers and brokers to more accurately quantify risk, reduce losses and boost profits.

Yeoman continued: “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.”

The firm recently described how it helped Concept Special Risks, a full service managing general agent in the yacht insurance business, reduce its application processing time by 50%.

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