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
FinTech BizNews Service
Mumbai, January 23, 2024: 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 adopt 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.”
