Founded in 2019, Continuity, uses AI to help insurances improve underwriting for SME’s. The insurtech company has just bagged a funding boost of €5 million from Elaia Partners, Bpifrance, and Kamet Ventures.
Continuity’s SaaS platform uses Open Data and AI to detect insurance contracts that are either outdated or invalid across four product lines including Professional Indemnity, Commercial Property, Construction Workers Insurance, and Directors & Officers Liability.
With their pioneering technology, the insurtech innovators are disrupting a €700 billion industry of insurance underwriting that has remained virtually untouched by digital transformation, helping insurers meet increasing demands from SMEs for faster decisions and seamless updates on their coverage.
Benoit Pastorelli, Founder and CEO of Continuity, explained: “When we started looking into how P&C insurance was underwritten, we were astonished to discover how outdated and limited the tools available to underwriters were. We encountered multiple systems with unnecessary layers of complexity and very limited scope to improve or speed up processes.”
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. Continuity has processed more than 500,000 contracts worth more than €1.5 billion, helping to generate several million euros in additional premiums for insurers and preempting large claims due to early identification of risks.
Led by a team of insurance, technology and data science experts, Continuity’s clients include leading insurers like AXA France, Hiscox France and MMA. The funding will be used to develop an AI assistant to help insurers answer their two most fundamental questions: can we insure this company or not, and does the contract need updating? It will also be used to 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.
Benoit Pastorelli, Founder and CEO of Continuity, concluded: “We built Continuity knowing that AI could play a transformative role in helping insurers to underwrite faster and smarter. We are excited to have the support of Elaia and Bpifrance, two of the most knowledgeable and experienced investors in our industry and look forward to continuing to scale our offering to transform underwriting processes everywhere.”
via https://www.AiUpNow.com
November 23, 2021 at 06:33AM by contact@bcurdy.com, Khareem Sudlow
