Alwrite Bags Funding To Digitise Backend Ops For Insurance Companies

SUMMARY

The INR 10 Cr funding round saw participation from multiple angel investors and a VC firm

Founded in 2022, Alwrite enables insurance companies, brokers, corporate agents, and banks to accelerate and digitise the quote placement process

Alwrite will deploy the funds to scale up product development and expand its footprint across the country.

B2B insurtech startup Alwrite has raised INR 10 Cr in its seed funding round from a group of angel investors and a venture capital (VC) firm.

Pidilite Group’s Apurva Parekh, Viral Thakker of Deloitte India, Amit Sheth, Sanjay Bhagat, Shrenik Shah and Sumit Bohra were among the angel investors who participated in the round.

The startup said it will deploy the capital to scale up product development and expand its footprint across the country.

Founded in 2022 by Aditya Dadiya, Alwrite enables insurance companies, brokers, corporate agents, and banks to accelerate the backend quote placement process to provide seamless insurance services to corporates. It also offers underwriting, user management, and knowledge and risk management solutions to insurance companies and intermediaries for commercial lines of insurance.

Quote placement is the step right before policy issuance and is largely a manual backend process.

Alwrite competes with the likes of Riskcovry, PolicyDock, BimaPe, and Turtlemint.

It claims to partner with a number of banks and insurance companies to ensure quick, easy, cost-effective, and hassle-free insurance processing experience for their corporate customers.

Commenting on the fundraise, Dadia said, “We came up with the Alwrite solution which helps in reducing the costs, turn-around times and the PI (professional indemnity) 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 funding announcement comes at a time when the Indian insurance industry is experiencing robust growth on the back of heavy influx of capital and increased digitisation. Overall, India continues to have low insurance penetration – a mere 4.2%, as per IRDAI data. However, rise in disposable incomes and more B2B demand has spawned off a new wave of insurtech startups.

In turn, a clutch of new-age tech companies have also emerged to ease streamline the entire lifecycle of customer acquisition for insurtech startups.

The insurtech market is expected to grow to $307 Bn by 2030, accounting for 14% of the Indian fintech market, as per an Inc42 analysis.

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