Funding in B2B startup: Insurance-technology startup Alwrite on Friday announced that it has raised Rs 10 crore in seed funding from a group of venture capitalists and angel investors including Apurva Parekh, Executive Vice Chairman, Pidilite Group, Viral Thakker, Partner and Lead, Strategy, AI and Analytics, and M&A, at Deloitte India, Amit Sheth, Sanjay Bhagat, Shrenik Shah and Sumit Bohra.
Alwrite is a B2B tech platform, that enables insurance companies, brokers, agents, corporate agents, and banks to speed up quotation placement and offer the best insurance options to the customers. It provides quote placement, underwriting, user management, and risk management solutions for businesses in the insurance industry.
As per the release, the manual process of quote placement is lethargic and takes a lot of time and effort, ranging from two to three weeks for a single policy of a commercial client, with high scope of error. The startup works to reduce the time taken in the process of creating quote slips, using algorithms and tenanted architecture to assure data security.
Aditya Dadia, Founder, Alwrite said, “Our objective was to improve the time-consuming and manual backend quote procurement process for commercial insurance line with an innovative, quick tech-based solution. 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.”
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According to the analysis platform Tracxn, there are 436 InsurTech companies in India, of which 128 are funded, including 38 Series A+ companies and 2 unicorns. The total investment in the Indian InsurTech industry in the last two years was $1.4 billion. There have been 2 IPOs and 18 acquisitions in the industry.
According to Invest India, the government’s investment promotion platform, the Indian Insurance market is expected to reach $200 BN by 2027.