Alwrite Bags Funding To Digitise Backend Ops For Insurance Companies

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.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Alwrite Bags Funding To Digitise Backend Ops For Insurance Companies-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Alwrite Bags Funding To Digitise Backend Ops For Insurance Companies-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Alwrite Bags Funding To Digitise Backend Ops For Insurance Companies-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Alwrite Bags Funding To Digitise Backend Ops For Insurance Companies-Inc42 Media
Alwrite Bags Funding To Digitise Backend Ops For Insurance Companies-Inc42 Media
You’re in Good company