AI insurtech Concirrus has revealed a 204.6% surge in revenue for the fiscal year ending in December 2023, marking a pivotal shift towards profitability in the latter half of the year.
This comes amidst a tumultuous period for the global insurtech sector, which grappled with a sustained decline in funding, plunging below $1 billion for the first time in three years, leading to the downfall of numerous enterprises.
“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,” Andrew Yeoman, Founder and CEO of Concirrus said.
In Yeoman’s words, “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.”
Against a backdrop of shifting geopolitical tensions, the demand for innovative solutions to streamline insurance processes has never been more urgent.
While advancements in AI and automation have begun streamlining administrative tasks, thereby affording underwriters and claims teams more time to leverage their expertise, this marks just the inception of a transformative journey.
Continuous innovation remains imperative to drive substantial business impact, with insurers placing paramount importance on the financial stability of their chosen vendors.
“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,” Andrew continued.
