Continuity, a Paris, France-based company using AI to help insurers improve underwriting for SMEs, raised €5m in funding.
Backers included Elaia Partners, Bpifrance and Kamet Ventures.
The company intends to use the funds to:
- create an AI assistant for insurance underwriters,
- recruit 30 additional Continuity team members,
- extend its portfolio scan solution to new product lines including Agriculture and Fleet, and
- introduce a new offering for specialist brokers and MGAs to facilitate delegation of underwriting.
Created in 2019 by Benoit Pastorelli, CEO, with renowned European venture builder Kamet Ventures, Continuity provides a SaaS platform that uses Open Data and AI to detect insurance contracts that are either outdated or invalid across four product lines, including Professional Indemnity, Commercial Property, Construction Workers Insurance, and Directors & Officers Liability.
Through its entity matching, geo-coding and data reconciliation algorithms, Continuity is able to provide insurers with a 360-degree view of the thousands of SMEs they insure by delivering more than 100 risk insights for each SME client in an insurer’s portfolio. The company has processed more than 500,000 contracts worth more than €1.5bn, helping to generate several million euros in additional premiums for insurers and preempting large claims due to early identification of risks.