Continuity, a Paris, France-based company using AI to help insurers improve underwriting for SMEs, raised €5 million in Seed 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.
Round: Seed Round
Funding Month: November 2021
Additional Investors: Elaia Partners, Bpifrance and Kamet Ventures
Company Website: https://www.continuity-tech.ai/
Software Category: SaaS platform that uses Open Data and AI to detect insurance contracts
About the Company: 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Ventures, Continuity provides a SaaS platform that uses Open Data and AI to detect insurance contracts that are either outdated or invalid across four product lines, including Professional Indemnity, Commercial Property, Construction Workers Insurance, and Directors & Officers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, geocoding 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.