India has established itself as a prominent player in the global insurance landscape, showcasing impressive growth in the sector. In 2021, the total insurance premium across various products surged by 13.5%, significantly surpassing the global average of 9%. This remarkable progress is largely driven by economic expansion and the vital role of technology. In today’s digital age, Insurtech has emerged as a transformative force, reshaping insurance services in profound ways. The commercial insurance segment, a cornerstone of this growth, faces numerous challenges that can be addressed through digitalization. The commercial insurance landscape has experienced a seismic shift, fueled by a surge in tech-driven startups across the country. While personal insurance has seen a significant overhaul—making it easier than ever to secure health, auto, home, or accident coverage—the commercial insurance sector remains mired in outdated practices. This segment, encompassing Property, Liability, Employee Benefits, and Marine insurance, still relies heavily on manual processes.
Traditionally, obtaining a quote for a commercial policy involved tedious back-and-forth communication, often requiring around 30 interactions between intermediaries and insurers. This cumbersome method, managed through Excel sheets and emails, can stretch the quote placement process to 14-21 days, introducing risks of error, inefficiency, and excessive costs.
Here comes Alwrite, founded by Aditya Dadia, the innovative platform is revolutionizing the commercial insurance market by streamlining and digitizing the underwriting and quote procurement processes. By cutting through the confusion caused by multiple intermediaries and redundant quoting, Alwrite utilizes advanced algorithms and a secure tenanted architecture, ensuring data integrity for every client.
As a B2B platform which raised seed funding last year in November is positioned strategically between insurance intermediaries and companies. Alwrite using innovative tech-based system empowers all stakeholders—regardless of size—to harness the technological advancements that have reshaped retail insurance without the burden of hefty investments. The platform offers a comprehensive solution for quote procurement, underwriting, user management, and risk management, enhancing efficiency and boosting insurance penetration.
With recent regulatory changes like detariffication and the “Use and File” system, insurers can now adapt swiftly to new guidelines. Alwrite enhances data security through encryption and a robust architecture, with its standout feature being the automation of manual processes. This not only accelerates the servicing of quotes but also allows intermediaries and underwriters to concentrate on sales, thereby maximizing market reach.
A significant milestone for Alwrite this year was its exclusive partnership with Moody’s Risk Management Solutions (RMS), which positions Alwrite as RMS’s sole partner in India. This collaboration enhances the platform’s ability to provide clients with precise quotes by leveraging RMS’s risk assessment capabilities, eliminating guesswork and enabling accurate pricing. Furthermore, Alwrite offers a low-code solution that allows insurers to rapidly develop new products, customize policies, and adjust pricing structures.
Growing rapidly, Alwrite aspires to become synonymous with commercial insurance. While policyholders may not be directly aware of Alwrite’s role, they will benefit from faster, tailored policies. The company plans to integrate a claims and endorsement module along with a reinsurance component by the end of the financial year, positioning Alwrite as a comprehensive hub for all commercial insurance needs.
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