How Alwrite has been transforming into the commercial insurance sector?
Alwrite is a groundbreaking platform, the first of its kind in India, revolutionizing the placement process for commercial lines of business through digitization. With its low-code system, Alwrite empowers insurers to rapidly develop new products, tailor policy wordings, and adjust ratings with ease. The platform provides end-to-end solutions, covering quote procurement and placement, underwriting and user management, as well as knowledge and risk management. All of these features are designed to streamline operations and drive greater insurance penetration across the country.
Mission and vision of Alwrite in transforming India’s commercial landscape?
Alwrite strives to become the premier platform for commercial insurance, driving seamless integration and digital transformation. In alignment with IRDAI and government initiatives, we are committed to enhancing insurance penetration across India. By delivering a technology-powered solution, we not only support the country’s economic growth but also play a pivotal role in safeguarding its assets.
Growth of the Indian insurance sector with a view of the commercial segment?
The Indian insurance sector is one of the rapidly growing sectors. Yet, the commercial insurance—spanning property, liability, employee benefits, and marine—is still a vast and largely untapped market. With 10 crore policies issued in 2022 and the rapid growth of MSMEs, this sector is primed for disruption. Just as fintech has revolutionized banking, insurtech is now on the brink of transforming the insurance landscape, unlocking new opportunities and efficiencies.
Technologies has made it simple for the quote generation process?
Advanced technology is transforming every sector. Similarly, Alwrite is also using generative AI to minimize the data entry required by brokers and underwriters. Based on a low-code system Alwrite enables insurers to quickly create new products, customize policy wordings, and adjust ratings. It won’t be wrong to say that Alwrite is one stop solution for quote procurement, underwriting, user management, and risk management, all aimed at streamlining processes and increasing insurance penetration.
Why does the commercial segment need a complete digital transformation?
Through my experience collaborating with various fintech organizations, I came to realize that the commercial insurance sector has remained predominantly manual. Over the past decade, the fintech revolution has profoundly reshaped the banking and financial services industries. While insurtech innovations have made a significant impact on the retail insurance space—covering life, health, and motor insurance—the commercial insurance sector, encompassing areas like property, employee benefits, liability, and marine, has continued to rely on outdated methods such as spreadsheets and emails.
Commercial insurance is the final frontier in the BFSI sector to embrace full automation. Therefore, we conceptualized Alwrite that revolutionizes the quote placement process, cutting policy issuance time from several weeks to just minutes. It helps insurance companies, brokers, agents, and banks, providing a streamlined platform designed to meet the diverse needs of corporate insurance.