Insurtech Startup Alwrite Secures Rs 10 Crore in Seed Funding
- ByStartupStory | October 19, 2023
Alwrite, an innovative insurtech startup focused on commercial insurance, has successfully raised Rs 10 crore in its recent seed funding round. The funding was provided by a consortium of venture capitalists and angel investors eager to support Alwrite’s mission. The insurtech platform is designed to empower insurance giants, intermediaries, and financial institutions by streamlining and automating the quote placement process. This, in turn, allows them to offer seamless insurance services and optimize offerings for their corporate clients.
Alwrite, a B2B tech platform, aims to bridge the gap between insurance companies, brokers, agents, corporate intermediaries, and banks by providing an all-in-one solution. This includes quote procurement, placement, underwriting, user management, knowledge and risk management tools, ultimately simplifying the insurance process and boosting insurance penetration.
Recognizing the limitations of the quote procurement and placement process in the commercial insurance segment, Alwrite was conceived to eliminate the manual, time-consuming methods and replace them with more sophisticated, automated solutions.
Despite significant advancements in operational capabilities within the Indian insurance industry, the commercial insurance segment still relies heavily on manual processes. Quote placement, the step prior to policy issuance, is often managed using spreadsheets and emails, demanding an estimated 30 efforts from intermediaries and insurance companies to secure a single policy for a commercial entity. This laborious manual process takes anywhere from 14 to 21 days, introducing the potential for errors, an uncapped professional indemnity (PI) risk, and significant costs. Alwrite’s innovative platform addresses these challenges by digitizing the entire quote procurement and placement procedure, significantly improving efficiency and reducing costs.
Additionally, Alwrite eliminates the redundancy of work caused by multiple intermediaries quoting to various insurance companies for a single risk. With its advanced algorithms and secure architecture, the platform guarantees data security for all users.
Commenting on the successful seed funding, Mr. Aditya Dadia, Founder of Alwrite, expressed, “Our objective was to improve the time-consuming and manual backend quote procurement process for commercial insurance with an innovative, tech-based solution. The commercial insurance sector has been long overdue for the kind of fintech innovation that has transformed the BFSI space. We developed the Alwrite solution to reduce costs, turnaround times, and the PI risk by digitizing the entire quote procurement and placement process. We have plans to use the funds to further develop the product and expand the service across the country.”
The pioneering concept behind Alwrite, coupled with the continued growth of the commercial insurance sector, has captured the interest of a group of angel investors. Notable investors include Apurva Parekh, Executive Vice Chairman of Pidilite Group; Viral Thakker, Partner and Lead of Strategy, AI and Analytics, and M&A at Deloitte India; Amit Sheth, World Climate lead at Deloitte India; Sanjay Bhagat; Shrenik Shah; and Sumit Bohra.
Alwrite has been receiving positive responses from insurance brokers, agents, corporate agents, and banks selling insurance, including major insurance companies. The platform has already established partnerships and ongoing discussions with several leading banks and insurance organizations, all aimed at creating a quick, cost-effective, and hassle-free insurance processing experience for their corporate customers.
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