Arjun Singh
New Delhi (India), April 24: Not many of us are really aware of commercial insurance because what commercial insurance essentially covers that a business would avail. The insurance policies that fall into this category can be classified into four broad buckets, i.e. Property, Liability, Employee Benefits and Marine. According to the latest data published by the IRDAI, about one third of the total policies issued are in the commercial insurance sector. This means that as of 2022, a whopping 10 crore policies were issued in the commercial insurance space. With the SME boom and the government creating newer and more affordable insurance products for MSMEs, the insurance sector is growing at an unprecedented rate. It won’t be wrong to say if the last decade belonged to fintech, the next decade is going to be dominated by insurtech.
But there are huge challenges as commercial insurance is the last leg of the entire BFSI ecosystem that is still manual and operates over legacy systems with intermediaries and insurance companies transacting over excel sheets and emails. The process of securing a policy is time consuming, inefficient and is open to an array of risks due to errors. Here, Alwrite comes in the picture and digitises the journey between insurance companies and insurance intermediaries for their quote placement needs, bringing the turnaround time for policy issuance to a matter of minutes, a process that would ordinarily take anywhere close to a fortnight. Conceptualized and founded by Aditya Dadia, Alwrite supports insurance companies, brokers, agents, corporate agents and banks to accelerate the quote placement process to provide seamless insuring services and to offer the best insurance options to their corporate clients.
The goal behind Alwrite was to ease the pains of the underwriting and quote placement process faced by the industry. As a B2B platform, sitting between the insurance intermediaries and the insurance companies, Alwrite aims to enable, not eliminate, and to digitise the entire ecosystem so that players big or small can ride the technological wave that has already taken the retail segments by storm without having to make mammoth investments in technology themselves. Alwrite is a one of a kind platform, the first and only platform in India that digitises the placement process for the commercial lines of business. Its system is a low code platform wherein insurers can create new products on the fly, have bespoke wordings per policy, and change their ratings. Alwrite offers an all-in-one quote procurement and placement, underwriting and user management, along with knowledge and risk management solutions to ease the process and increase insurance penetration.
With the revolutions of detariffication and “Use and File” brought about by the honourable regulator, each insurance company shall now be adept to leverage these changes and implement them overnight. It ensures data security through encryption and the tenanted architecture. The primary USP is automation of manual processes, so that both intermediaries and underwriters can service more quotes in a shorter period of time, allowing them focus their energies on sales and maximise insurance penetration.
Going forward we see Alwrite to become synonymous with commercial insurance for industry players. The policyholder may not know Alwrite exists, but they will be getting their policies tailored to their specific needs quickly, the goal is to integrate a claims and endorsement module, as well as a reinsurance module by the end of the financial year to become a one stop shop for all the users need when it comes to commercial insurance.
