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New Delhi [India], January 30: Insurtech Alwrite, India's only quote placement and underwriting platform for the commercial lines of business, has become the first local Indian based company to integrate Moody's RMS® Location Intelligence API application.
Helping to deliver risk insights that support informed and consistent decisions, the 'Location Intelligence API' brings hazard, exposure, geospatial, and loss data benefiting from the extensive risk modeling science and expertise of Moody's RMS directly into the innovative Alwrite platform.
The commercial insurance sector which waited for long to be revolutionised by fin-tech innovations now will be able to provide a quick quote procurement and placement procedure. The integration of Moody's Risk Management Solutions with Alwrite's innovative platform will play a critical role in improving the precision and accuracy of technical pricing.
Aditya Dadia, Founder, Alwrite, said, "At Alwrite we believe that there is a better way to underwrite than by using traditional methods; methods that often rely on guesswork and assumptions. By speeding up underwriting and decision-making processes, insurers can seamlessly place quotes based on their rates, as well as receive multiple quotes from multiple brokers in a standardized format. Utilizing the Moody's RMS Location Intelligence API will further help our users to upscale their growth and efficiency. The collaboration will enable both, efficient quote procurement as well as accurate risk assessment for intermediaries and underwriters."
Alok Kumar, Managing Director, India, Moody's RMS, said, "Insurers must have confidence in the analytics they are using to make these split-second decisions on pricing, to operate at the speed their customers increasingly demand. Offering simplified and efficient integration, Moody's RMS Location Intelligence API solution combines our strength in catastrophe modeling with the latest technology, to deliver risk data into the heart of the innovative Alwrite platform. By incorporating Location Intelligence businesses use trusted Moody's RMS insights to unlock new opportunities for revenue growth and gain a competitive advantage in the dynamic insurance landscape."
Alwrite - a startup with experience is a B2B insurtech providing an all-in-one quote procurement and placement, underwriting and user management, along with knowledge and risk management solutions to insurance companies and insurance intermediaries for the commercial lines of insurance.
Despite constant upgradation of functioning efficiency in the insurance sector, the commercial insurance segment still operates on legacy systems where the internal insuring process is still manual. The quote placement (the step before policy issuance) process is done on excel sheets and emails and it takes an estimated 30 efforts by intermediaries and insurance companies for a single policy for a commercial entity. The entire manual process takes 14-21 days with a lot of scope for error, an uncapped PI risk and is very cost intensive. Alwrite enables 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. Alwrite also eliminates the duplication of work caused by multiple intermediaries quoting to multiple insurance companies for a single risk. Alwrite's sophisticated algorithms and tenanted architecture assure data security for each user.
Moody's RMS shapes the world's view of risk for insurers, reinsurers, financial services organizations, and the public sector, with Moody's RMS models underlying the nearly US$2 trillion property and casualty insurance industry. Moody's RMS empowers organizations to evaluate and manage global risk from natural and man-made catastrophes, including hurricanes, earthquakes, floods, climate change, cyber, and pandemics.
Moody's RMS helped pioneer the catastrophe risk industry and continues to lead in innovation, unmatched science, technology, and 300+ catastrophe risk models. Organizations can address the risks of tomorrow with the Intelligent Risk Platform™, the only open cloud with collaborative applications and unified analytics that can power risk management excellence.
Further supporting the industry's transition to modern risk management, in 2020, Moody's RMS spearheaded the Risk Data Open Standard (RDOS), a modern, open-standard data schema designed to be an extensible and flexible asset within modeling/analysis systems.
In 2021, Moody's Corporation acquired Risk Management Solutions, Inc. and as part of Moody's Analytics, Moody's RMS serves the P & C insurance industry as the leading provider of expertise, science, and technology in integrated risk. A trusted solutions partner, Moody's RMS enables effective risk management for better business decision-making across risk identification and selection, mitigation, underwriting, and portfolio management.
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Risk Management Solutions, Inc. is a subsidiary of Moody's Corporation (NYSE: MCO) and operates as part of the Moody's Analytics business segment. Moody's Analytics is operationally and legally separate from the Moody's Investors Service credit rating agency.
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