Acko General Insurance

Acko General Insurance is a private sector general insurance company in India.[1][2] Founded in November 2016, the company received its license from the Insurance Regulatory and Development Authority of India (IRDAI) in September 2017.[3][4] Acko follows an online-led model and hence all operations for the company are offered through the digital platform.[5][6]

Acko General Insurance
IndustryInsurance
Founded2016
HeadquartersMumbai, Maharashtra, India
Area served
India
Key people
Varun Dua
ParentAcko Technology and Services Private Limited
Websitewww.acko.com

History

Acko General Insurance was founded by Varun Dua, who serves as the Chief Executive Officer.[7] As of 2018, Acko has raised ₹274 crore ($42 million) in funding from investors such as Amazon, Accel Partners, SAIF Partners, Catamaran Ventures.[8][9] The retail products offered by Acko General Insurance include motor insurance,[10] in-trip domestic insurance [11][12] and mobile insurance.

Funding

October 2021, the company secured its position as India's 34th unicorn by raising $255 million through a Series D funding round.[13][14]

Partnerships
  • Acko General Insurance partnered with Ola cabs and launched an in-trip insurance program in more than 110 cities in India.[15][16]
  • Acko General Insurance partnered with Amazon India to provide mobile insurance plans on the retailer's website.[17]
  • Acko General Insurance partnered with HDB Financial Services and offer HDBFS customers insurance covers at no additional cost with EMI cards.[18]
  • In July 2020, Amazon Pay partnered with Acko to provide its customers auto insurance policy.[19][20]

References
  1. Thomas, Anu (6 September 2017). "Why investors gave Varun Dua $30 million even before he launched his startup". The Economic Times.
  2. Bhakta, Pratik (11 July 2023). "Acko gears up to disrupt the life insurance space". The Economic Times. ISSN 0013-0389. Retrieved 21 August 2023.
  3. "Non-life Insurers". www.irdai.gov.in.
  4. Sinha, Shilpy (21 September 2017). "Acko gets final Irda license; to start operations by December". The Economic Times.
  5. "Online Insurance firms like Acko, Digit aims to disrupt sector with innovative policies - ETtech". ETtech.com.
  6. "Acko General Insurance named top firm on LinkedIn's Top Startups List 2018". Business Standard India. 19 September 2018.
  7. "Board Of Directors - Acko Insurance". Acko Insurance.
  8. "Deal Street: Amazon Backs Digital Insurance Startup Acko". BloombergQuint.
  9. "Acko General Insurance to develop products for Amazon, in talks with e-commerce giant for investment". Moneycontrol.
  10. "Online insurer Acko General promises 3-day claim guarantee". @businessline.
  11. "Ola, Acko partner to create in-trip insurance program". Business Standard India. 5 April 2018.
  12. "Ola partners Acko to launch in-trip insurance program - ETtech". ETtech.com.
  13. Parmar, Beena (24 January 2023). "Acko to raise up to $150 million from Multiples PE, GA, others". mint. Retrieved 21 August 2023.
  14. "Acko joins unicorn club with $255 million fundraise, valued at $1.1 billion". Moneycontrol. 28 October 2021. Retrieved 21 August 2023.
  15. "Ola partners with ICICI Lombard, Acko to offer in-trip insurance to riders". www.livemint.com. 5 April 2018.
  16. Saleem, Shaikh Zoaib (16 April 2018). "Ola cab users can now insure their rides for as low as Re1". www.livemint.com.
  17. "Amazon India announces special offers for the Great Indian Festival".
  18. "Acko partners with HDB Financial Services". The Economic Times. 26 February 2020. Retrieved 28 February 2020.
  19. Bhalla, Tarush (22 July 2020). "Amazon Pay joins hands with Acko to offer auto insurance". Mint.
  20. "Cover story: Why Acko General Insurance refuses to follow the herd". Moneycontrol.
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