Alwrite, a next-generation tech platform empowering insurance titans and intermediaries has raised Rs 10 crore in its seed funding round from a group of venture capitalist and angel investors. Alwrite is a B2B tech platform that enables insurance companies, brokers, agents, corporate agents and banks to accelerate the quote placement process to provide seamless insuring services and to offer the best insurance options to their corporate clients. Bridging the gap between insurers and intermediaries, Alwrite offers an all-in-one quote procurement and placement, underwriting and user management, along with knowledge and risk management solutions to ease the process and increase insurance penetration.
After closely observing several limitations in the quote procurement and placement process in the commercial insurance segment, the idea of Alwrite was conceptualised to do away with the tedious and time consuming manual methods and to create more sophisticated quote slips.
The Indian insurance industry has registered a compound annual growth rate (CAGR) of 10.3% during the last 10 years owing to a remarkable improvement in its operational capabilities and the robust growth of the private sector in the country. Despite constant upgradation of functioning efficiency, the commercial insurance segment still operates in an old manner where the internal insuring process is still manual. The quote placement (the step before policy issuance) process is done on excel sheets and emails and it takes an estimated 30 efforts by intermediaries and insurance companies for a single policy for a commercial entity. The entire manual process takes 14-21 days with a lot of scope for error, an uncapped PI risk and is very cost intensive. Further, Alwrite also eliminates the duplication of work caused by multiple intermediaries quoting to multiple insurance companies for a single risk. Alwrite’s sophisticated algorithms and tenanted architecture assure data security for each user.
Speaking about the seed fund raising, Mr. Aditya Dadia, Founder, Alwrite said, “Our objective was to improve the time consuming and manual backend quote procurement process for commercial insurance line with an innovative, quick tech based solution. The commercial insurance sector is the last sector to be revolutionised by fin-tech innovations that have taken the BFSI space by storm. Such a revolution has already been noticed in the retail insurance segment and has been long overdue in the commercial space. We came up with the Alwrite solution which helps in reducing the costs, turn-around times and the PI risk by digitising the entire quote procurement and placement procedure. We have plans to use the funds to further develop the product and expand the service across the country.”
The innovative concept of Alwrite and growth of the commercial insurance sector encouraged the group of angel investors to invest in the promising startup. The investors are Apurva Parekh, Executive Vice Chairman, Pidilite Group, Viral Thakker, Partner and Lead: Strategy, AI and Analytics, and M&A. World Climate lead at Deloitte India, Amit Sheth, Sanjay Bhagat, Shrenik Shah and Sumit Bohra.
Alwrite has been getting encouraging responses from insurance brokers, insurance agents, insurance corporate agents and banks that sell insurance including major Insurance companies. The platform has already partnered and is in talks with a number of leading banks and insurance organisations to ensure a quick, easy, cost-effective and hassle free insurance processing experience for their corporate customers.