Continuity, a company that uses AI to help insurers bolster underwriting for SMEs, has secured $5m from a seed financing raise.
The seed funding round was supported by Bpifrance, Kamet Ventures and Elaia Ventures.
Continuity has developed a software-as-a-service platform that brings together open data and AI to analyse more data, more consistently, at scale and provide a 360° view of each SME.
The company claims equips underwriters with the ability to enhance the speed of underwriting while improving risk quality and the ability to detect evolution of risks in the portfolio.
It currently works across the four product lines of commercial property, construction workers insurance, directors & officers liability and professional indemnity. The firm gas processed over 500,000 contracts worth more than €1.5bn.
According to Continuity, it intends to use its new funding to create an AI assistant for insurance underwriters, recruit 30 new team members, expand 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.
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