Empowering Insurance Companies: How Alwrite Is Changing the Game With Its Cutting-Edge Tech Platform

Muskaan Kapoor

Jul 10, 2024 — 4 min read

Aditya Dadia, Founder of Alwrite

New Delhi (India), July 10: With the Indian economy approaching the $4 trillion GDP mark, the country has seen a significant rise in the incorporation of MSMEs and the rise of new businesses. This growth presents immense opportunities for the commercial insurance segment as employee welfare becomes a central focus for businesses, and the demand for commercial insurance to protect the workforce is set to increase significantly.

According to the latest data published by the IRDAI, approximately one-third of all issued policies are in the commercial insurance sector. This translates to an impressive 100 million policies issued in the commercial insurance space as of 2022. But the sector’s functioning is less than impressive as the commercial insurance segment continues to rely on outdated methods, with internal processes still being manual.

Aditya Dadia noticed the problem and founded Alwrite to address the challenges faced by market players in the commercial segment. Alwrite has streamlined the quote placement process (the step before policy issuance), which is managed through Excel sheets and emails and required an estimated 30 interactions between intermediaries and insurance companies for a single commercial insurance policy. Aditya Dadia, Founder of Alwrite, talked about his journey as the founder of an innovative venture.

Tell us about Alwrite and why did you decide to launch your startup in the insurance sector?

Well, Alwrite is an all-in-one platform designed to streamline commercial insurance. The idea struck me during the pandemic when I was working as a corporate lawyer at Trilegal, focusing on PE/VC and M&A deals as well as corporate advisory. I saw the immense potential for digitization in this sector while working with fintech companies. I realized commercial insurance remained heavily reliant on manual processes, lagging behind the innovation sweeping the rest of financial services. Alwrite aims to bridge that gap by offering solutions for both insurance companies and intermediaries, making the entire process faster, smoother, and more efficient.

What challenges did you face while launching Alwrite?

Of course, Launching Alwrite wasn't without its hurdles. One of the biggest challenges was developing an effective algorithm for commercial insurance, which is far more nuanced than retail insurance. Risk assessment in this space involves a lot of intricacies, and building a system that could handle that complexity was a significant undertaking.

What are some of the most significant milestones that Alwrite has achieved since its inception?

We've had some exciting milestones at Alwrite. This year, the absolute highlight was securing an exclusive partnership with Moody's Risk Management Solutions (RMS). They've chosen Alwrite as their only partner for this type of offering in India, making this collaboration a real game changer. It lets us offer clients way more accurate quotes, thanks to their risk assessment expertise. We're able to avoid location-based guesswork for pinpoint pricing, which creates a smoother experience for everyone. Plus, securing seed funding from a fantastic group of angel investors was a huge boost – it shows real confidence in our vision for a future-proof Indian insurance industry.

What do you think about the use of technology in the insurance sector how can it change the sector?

Technology has the potential to completely revolutionize the insurance sector, particularly commercial insurance, which has lagged behind in digital adoption. By leveraging technology, we're not creating problems to solve, but addressing the real pain points faced by everyone involved. Our goal is to streamline processes, improve efficiency, and make the entire insurance experience smoother for both insurance companies and intermediaries.

How is the response of the client so far?

As mentioned, the client's response so far has been encouraging. We're constantly working on refining the platform based on their needs and feedback.

How can Alwrite contribute to the bright future of the insurance industry?

Alwrite can contribute to a brighter future for the insurance industry by making it more efficient and accessible. Our platform streamlines processes reduces turnaround times, and minimizes errors. This not only benefits intermediaries to generate quotes for risks and insurance companies to underwrite those risks but also creates a smoother experience for policyholders.

What are your plans for Alwrite’s expansion?

Right now, our focus is on achieving significant penetration within the Indian market. Our product is designed to be universally applicable, so once we've established a strong presence here, we can look towards expanding to other regions.

Can you tell us about your early life and educational background? What sparked your interest in law and later, in entrepreneurship?

I studied in St. Mary’s ICSE till the 10th grade, did the IB at Aditya Birla World Academy, and read law at Government Law College, Mumbai. Law has always been a fascination for me, even as a child. That's why I moved towards logical subjects and activities in school. Debates and MUNs were a great way to sharpen my critical thinking skills, and choosing the IB program, even though I wasn't planning to study abroad, further helped it.

In law school, I interned as a corporate lawyer and decided to pursue corporate law as a career. I guess, that was the birth of entrepreneurship in me. I loved working in private equity because of the exposure to the newest groundbreaking ventures. And the bug finally bit. From facilitating those ventures through deal-making and advisory, I wanted to make the shift to being one of these ventures. Creating the impact directly rather than indirectly.