Funding

Continuity funding news – Paris-based Continuity Secures €10Million in Series A Round Funding

Jun 10, 2024 | By Startup Rise EU

Continuity, a pioneer in leveraging artificial intelligence and external data for professional and commercial P&C insurers, secures €10million in series A round funding.

Continuity, a pioneer in leveraging artificial intelligence and external data for professional and commercial P&C insurers, secures €10million in series A round funding.

SUMMARY

  • Continuity, a pioneer in leveraging artificial intelligence and external data for professional and commercial P&C insurers, secures €10million in series A round funding.
  • Continuity is the go-to partner for professional insurers, specializing in data intelligence for P&C in SME and Professional segments.

This financing, led by 115K and supported by historical investors Elaia and Bpifrance through their Digital Venture fund, follows an initial capital injection of €5 million in 2021.

Damien Launoy, Managing Director of 115K said, “This new milestone confirms the robustness of our model and will enable Continuity to continue its technological investments to establish itself as a market-leading solution benefiting insurers,”.

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Continuity offers innovative SaaS solutions that utilize external data and artificial intelligence to improve risk selection and ongoing monitoring. Established in 2019, the company has been at the forefront of enhancing these processes over time. Continuity analyzes 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.

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In a rapidly evolving risk landscape, accurate risk assessment is a critical issue for insurers. In fact, 10 to 15% 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’s solutions help its partners tackle these challenges by providing a 360-degree, real-time view of the risks linked to the companies they insure. This insight allows insurers to better support their clients and offer coverage that fits their needs.

Benoît Pastorelli, CEO and co-founder of Continuity, highlights: “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.“

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.“

Sébastien Lefebvre, Partner at Elaia, adds: “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, concludes: “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.“

About Continuity

Continuity is the go-to partner for professional insurers, specializing in data intelligence for P&C in SME and Professional segments. They empower commercial insurers to make smarter, faster underwriting decisions by leveraging the power of Data and AI.

Their platform is trusted by leading insurers to streamline underwriting, enabling swift and precise risk assessments, whether for new contracts or to accurately identify and update contracts that have evolved over time.

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