Continuity Achieves €10M for Machine Learning Risk Detection
The funding round was supported by the company’s historical investors, Elaia and Bpifrance, through Continuity’s Digital Venture fund. It follows an initial capital injection of €5m (US$5.37m) in 2021.
With this financial backing, the company seeks to continue developing its technology and artificial intelligence (AI) capabilities to address new challenges for insurers, especially in the large risks segment. This strategy includes hiring around 15 new team members to strengthen a team already composed of over 30 talents and expanding its European presence.
This news comes during a time where AI is having a transformative impact within the insurance sector. In fact, recent analysis suggested that 59% of UK and US insurers are now using generative AI (Gen AI) in their organisations.
AI-powered risk detection for P&C commercial lines
Continuity is a software provider that provides risk intelligence for professional and commercial P&C insurers. Its operations are designed to empower commercial insurers to better streamline underwriting, from portfolio entry throughout the contract lifecycle, providing actionable insights that businesses can confront immediately.
As a result, companies can enhance their profitability and free up time for other pressing tasks.
- 500+ users
- 6000 distributors
- 1 million contracts
- 2 billion in premiums
With the power of AI and machine learning, Continuity can analyse each insurance contract and new subscription request to identify risk factors, concerns and discrepancies. It then offers the best recommendations based on the individual needs of the insured company.
Using a blend of open data, AI and insurance knowledge, the company provides a comprehensive and dynamic overview of business. Its objective is to enrich data and offer tailored recommendations by identifying risk factors and highlighting discrepancies.
Currently, Continuity's tools are used by over 500 underwriters, which enables better monitoring of more than one million contracts. Its partner companies include the likes of AXA, Crédit Agricole, Entoria, Groupama, IME, Sada Assurances, Wakam and Hiscox.
AI can offer the insurance sector a range of positive use cases, specifically within underwriting. The technology can offer more precise risk monitoring, enabling insurers to provide more tailored coverage to their client bases and improve their risk management capabilities as a result.
As AI adoption continues to grow across the insurance industry, business leaders will benefit from being prepared to adapt to remain competitive.
“We are thrilled with this new funding round, secured with top-tier investors, which will accelerate our development and enhance our innovation capabilities,” comments Benoît Pastorelli, CEO and co-founder of Continuity. “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 optimise the management of large industrial and agricultural risks, solidifying our position as a technological leader in France and initiating our European expansion.”
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