Paris-based Continuity, a company specialising in leveraging AI and external data for professional and commercial P&C insurers, announced on Thursday that it has secured €10M in a Series A funding round.
The funding round was led by 115K and supported by historical investors Elaia and Bpifrance through their Digital Venture fund.
The announcement comes three years after securing €5M in 2021.
The company plans to use the funds to develop its technology and AI to address new challenges for insurers, particularly in the large risks segment.
In addition, the company plans to hire around 15 new team members to strengthen its existing team of over 30 talented individuals and expand its presence in Europe.
Benoît Pastorelli, CEO and co-founder of Continuity, says “We are thrilled with this new funding round, secured with top-tier investors, which will accelerate our development and enhance our innovation capabilities. We are proud to support the transformation of the P&C sector and contribute to the success of our insurer partners. Specifically, this funding will allow us to expand our solution to optimise the management of large industrial and agricultural risks, solidifying our position as a technological leader in France and initiating our European expansion.“
What does Continuity solve?
In a rapidly evolving risk landscape, accurate risk assessment is a critical issue for insurers.
In fact, 10 to 15 per cent of professional and business P&C insurance contracts don’t match the insured’s actual conditions.
These inaccuracies can result from subscription errors or changes during the contract’s term.
Continuity: Go-to partner for professional insurers
Founded in 2019, Continuity is the go-to partner for professional insurers, specialising in data intelligence for P&C in SME and Professional segments.
The platform empowers commercial insurers to make smarter, faster underwriting decisions by utilising Data and AI.
The company analyses each insurance contract and new subscription request to identify risk factors, concerns, and discrepancies, offering the best recommendations based on the insured company’s actual situation.
To date, Continuity’s tools are used by over 500 underwriters, enabling better monitoring of one million contracts, representing €2B in premiums.
Partner companies, including AXA, Crédit Agricole, Entoria, Groupama, MACIF, IME, Sada Assurances, Wakam, and Hiscox, trust Continuity to enhance risk assessment during underwriting and optimize long-term risk monitoring.
The investor
115K, the investment fund of La Banque Postale group, invests in Seed and Series A rounds for French and European startups in FinTech, InsurTech, Cybersecurity, AI, and ESG.
Damien Launoy, Managing Director of 115K, explains, “We were impressed by the robustness of the technology, the strong expertise of the teams, and the rapid, tangible returns on investment seen among Continuity’s clients. This positions Continuity perfectly as a European leader in its market. Our fintech expertise and long-term investment capacity make 115K a natural and solid partner to support this growth, and we are excited to lead this funding round alongside the company’s long-time shareholders.“
Read the orginal article: https://siliconcanals.com/news/paris-based-continuity-bags-10m/
