Continuity, a Paris-based insurtech company helps insurers improve underwriting for SMEs with AI. Today, the company has announced that it has nabbed €5 million (nearly $5.6 million) funding from Bpifrance, Elaia Partners, and Kamet Ventures.
Continuity will use the proceeds of this round to create an AI assistant targeted at insurance underwriters. It will help them deliver faster and smarter solutions to SMEs. Also, the company will use the investment to hire 30 members to its team, extend its portfolio of solutions focusing on new product lines such as Agriculture and Fleet, and launch a new offering for specialist brokers, as well as, MGAs to enable delegation of underwriting.
Disrupts insurtech industry
As per McKinsey research, 10 to 15 percent insurance contracts are not in line with the risk profile of an SME. This is said caused due to inaccurate initial underwriting declarations. It is noted that commercial underwriting excellence is significant to insurer performance in the P&C (Property and Casualty) market.
This is where Continuity that was founded in 2019 by Benoît Pastorelli, Pierre Beauhaire and Antoine Sinton comes to play. The company disrupts a €700 billion industry that was virtually untouched for over three decades by helping insurers meet the ever-increasing demands from SMEs to enable faster decision-making and seamless updates regarding their coverage.
Headquartered in Paris, the insurtech company is led by a team of experts across insurance, data science, and technology. Continuity’s clientele includes leading insurers such as AXA France, MMA, and Hiscox France.
Underwriters get two superpowers
The state-of-the-art solution offered by Continuity equips underwriters with two superpowers. The AI assistant it is creating will help insurers answer two fundamental questions – Can they insure the company or not? Do they have to update the contract?
The decision support tool meant for underwriters can identify and analyse both the primary and secondary data sources online such as published accounts, information about the company, vehicles in the fleet, details about the workforce, customer feedback, photography, public social conversation and more. These details can alert the risk profile and improve the accuracy of the underwriting process.
Helps SME insurers
Continuity helps P&C SME insurers make faster and smarter underwriting decisions by using open data and AI to analyse large volumes of data, consistently and at scale. It detects insurance contracts that are invalid or outdated across product lines such as Commercial Property, Professional Indemnity, Directors & Officers Liability, and Construction Workers Insurance. Its solution is used by leading French insurers to identify contracts that need an update.
With its algorithms, Continuity provides insurers with a 360-degree view of several hundreds of thousands of SMEs they insure with over 100 risk insights for each SME client in their portfolio. The insurtech has processed over 500,000 contracts that is worth over €1.5 billion and generate several million as additional premiums for insurers. Thereby, it can preempt large claims caused by early identification of risks.
