Insurtech Platform ALWRITE Secures Rs 10 Crore for Service Expansion and More
B2B insurtech platform ALWRITE has made headlines by securing Rs 10 crore in a seed funding round from a group of angel investors and venture capitalists. These include Apurva Parekh (Executive Vice Chairman of Pidilite Group) and Viral Thakker from Deloitte India, Sanjay Bhagat, Amit Sheth, and Shrenik Shah.
As per the startup, the freshly raised funds will be used to further develop the product and expand the service across the country.
ALWRITE | B2B Insurtech Startup
Founded by Aditya Dadia in 2022, ALWRITE is a B2B insurtech startup providing an all-in-one quote procurement and placement, underwriting, and user management. The startup offers a tech-based solution for the insurance industry, with a focus on accelerating the backend quote placement process.
As per Aditya Dadia, Founder of ALWRITE, the reason for starting a platform like ALWRITE was to improve the time-consuming and manual backend quote procurement process for commercial insurance with an innovative, tech-based solution.
Adding on the same, Dadia said,
“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 insurtech startup also offers insurance companies and insurance intermediaries knowledge and risk management solutions for the commercial lines of insurance.
InsurTech Ecosystem in India
In India, currently, there are 436 InsurTech companies, 128 of which are funded, including 2 unicorns and 38 Series A+ companies, as per data analysis platform Tracxn. With 2 IPOs and 18 acquisitions in the segment, the total investment made in the last two years in the Indian InsurTech industry was $1.4 billion. As per Invest India, the government’s investment promotion platform, the insurance market in India is estimated to reach $200 billion by the year 2027.
A few weeks back, insurance marketplace InsuranceDekho raised $60 million in its ongoing Series B funding round from MUFG, a Japanese financial services major), Beams Fintech and BNP Paribas Cardif for inorganic growth opportunities.
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