Continuity, a pioneer in leveraging artificial intelligence and external data for professional and commercial P&C insurers, has announced a €10m Series A funding round.
This financing round was led by 115K, with additional support from historical investors Elaia and Bpifrance through their Digital Venture fund. This follows an initial capital injection of €5m in 2021.
The fresh funding is a testament to the robustness of Continuity’s model and will enable the company to further invest in its technology, solidifying its position as a market-leading solution for insurers.
The Parisian firm, established in 2019, offers innovative SaaS solutions that utilise external data and AI to improve risk selection and ongoing monitoring. The company’s technology analyses insurance contracts and new subscription requests to identify risk factors, providing the best recommendations based on the insured company’s actual situation.
Continuity’s mission addresses a significant issue in the insurance industry: accurate risk assessment. With 10 to 15% of professional and business P&C insurance contracts not matching the insured’s actual conditions due to subscription errors or changes during the contract’s term, Continuity’s solutions provide a 360-degree, real-time view of risks.
This allows insurers to better support their clients and offer coverage that fits their needs.
Continuity’s tools are currently utilised by over 500 underwriters, monitoring one million contracts and representing €2bn in premiums. Esteemed partners such as AXA, Crédit Agricole, Entoria, Groupama, IME, Sada Assurances, Wakam, and Hiscox rely on Continuity to enhance risk assessment during underwriting and optimise long-term risk monitoring.
With the new funds, Continuity plans to continue developing its technology and AI to tackle new challenges for insurers, particularly in the large risks segment.
This includes hiring around 15 new team members to strengthen their current team of over 30 talents and expanding their presence across Europe.
Benoît Pastorelli, CEO and co-founder of Continuity, said, “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.”
Sébastien Lefebvre, partner at Elaia, added, “We believe in Continuity’s vision to simplify and improve the insurance underwriting process through advanced artificial intelligence and data analysis. Their strategic partnerships and relentless innovation are essential in a fast-changing market. As long-time investors, we’re excited to continue this journey with the Continuity team and explore new horizons in InsurTech.”
Clarisse Blandin, investment director at Bpifrance, concluded, “Continuity exemplifies how a tech company can become a game-changer for a traditional sector like insurance. The Bpifrance Digital Venture team is convinced by their solution, which allows for precise and rapid risk assessment, a must in our ever-evolving world.”
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