Paris-based Continuity has raised €5 million in seed funding in order to continue the development of its assistant for insurance underwriters, helping them deliver to SMEs smarter and faster. Using a combination of AI and open data, the platform detects insurance contracts that are either outdated or invalid. In order to support the continued development of the platform, Continuity intends to create 30 new positions, extend to new product lines including agriculture and fleet, and introduce a new offering for specialist brokers and MGAs to facilitate delegation of underwriting.
Created in 2019 and fostered by venture builder Kamet Ventures, Continuity currently works access four product lines, including professional indemnity, commercial property, construction workers insurance, and directors and officers liability. Since employing the service, the startup has found that 10% to 15% of contracts analysed have put SMEs at risk, namely due to an automatic renewal of a policy (a tacit renewal) or through inaccurate initial underwriting declarations.