Continuity, a trailblazer in leveraging artificial intelligence and external data for professional and commercial P&C insurers, has announced a successful €10 million Series A funding round. The financing was spearheaded by 115K and supported by long-standing investors Elaia and Bpifrance through their Digital Venture fund. This latest capital injection follows an initial investment of €5 million in 2021, bringing the total funding to €15 million.
Since its inception in 2019, Continuity has been at the forefront of developing innovative SaaS solutions that harness the power of external data and artificial intelligence to enhance risk selection and ongoing monitoring. The company's cutting-edge technology analyzes each insurance contract and new subscription request, identifying risk factors, concerns, and discrepancies, and providing optimal recommendations based on the insured company's actual situation.
In today's rapidly evolving risk landscape, accurate risk assessment has become a critical challenge for insurers. Studies have shown that 10 to 15% of professional and business P&C insurance contracts do not accurately reflect the insured's actual conditions, often due to subscription errors or changes during the contract's term. Continuity's solutions address these challenges head-on by providing insurers with a comprehensive, real-time view of the risks associated with the companies they insure, enabling them to offer tailored coverage that better aligns with their clients' needs.
The effectiveness of Continuity's tools has been proven through their adoption by over 500 underwriters, facilitating the monitoring of one million contracts, representing €2 billion in premiums. The company has garnered the trust of prominent partners, including AXA, Crédit Agricole, Entoria, Groupama, MACIF, IME, Sada Assurances, Wakam, and Hiscox, who rely on Continuity's solutions to enhance risk assessment during underwriting and optimize long-term risk monitoring.
Bolstered by these impressive results and the renewed confidence of its investors, Continuity is poised to further its mission of transforming the P&C insurance sector. The fresh infusion of funds will be directed towards the continued development of the company's technology and AI capabilities, specifically targeting new challenges faced by insurers in the large risks segment. To support this growth, Continuity plans to expand its team by hiring around 15 new members, complementing its existing roster of over 30 talented professionals. Additionally, the company aims to extend its presence across Europe, solidifying its position as a technological leader in the insurtech space.
Benoît Pastorelli, CEO and co-founder of Continuity, expressed his enthusiasm for the successful funding round, stating, "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 optimize the management of large industrial and agricultural risks, solidifying our position as a technological leader in France and initiating our European expansion."
The Series A funding round has garnered strong support from both new and existing investors. Damien Launoy, Managing Director of 115K, highlighted the robustness of Continuity's technology, the expertise of its team, and the tangible returns on investment experienced by the company's clients. Sébastien Lefebvre, Partner at Elaia, reiterated the firm's belief in Continuity's vision to simplify and improve the insurance underwriting process through advanced artificial intelligence and data analysis. Clarisse Blandin, Investment Director at Bpifrance, commended Continuity as an exemplar of how a tech company can become a game-changer in a traditional sector like insurance.
As Continuity embarks on this new chapter of growth and expansion, the company is well-positioned to redefine the landscape of professional and commercial P&C insurance. With its cutting-edge AI-driven solutions, strong investor backing, and a dedicated team of experts, Continuity is poised to become a dominant force in the European insurtech market, driving innovation and transforming the way insurers assess and manage risk.
