Acko General Insurance is a private general insurance company operating in India since 2017. Acko provides an online model of insurance, which offers the best insurance facilities with zero commissions.
With increasing frauds, and thefts in India, Acko helps your assets get insured through its digital platform without any paperwork. India’s Insurance market is expected to grow to $280 billion by 2025. The main reasons for this rapid growth are people understanding the need for insurance and higher disposable incomes.
Acko Company Highlights
| Startup Name | Acko |
| Headquarters | Bangalore, Karnataka, India |
| Sector | Insurance |
| Founders | Varun Dua, Ruchi Deepak |
| Founded | 2016 |
| Valuation | $1.4 Billion |
| Website | acko.com |
Acko Founders and Team
Acko was founded in 2016, by Varun Dua, and Ruchi Deepak.
Varun Dua
He is the CEO and founder of Acko. After completing his education at the University of Mumbai, he worked at Leo Burnett Advertising for less than a year as a trainee. He founded Coverfox Insurance and has worked in firms like TATA AIG Life Insurance, and Franklin Templeton Investments before starting Acko. This gave him a deep knowledge of the insurance sector and its challenges.
Ruchi Deepak
Being the co-founder of Acko, she had great entrepreneurial experience. She is also the founder of Airloom, and a board member of Pistop, a car maintenance platform.
Acko- Startup Story
Acko was founded in 2016, as the first digital insurance provider in India. Varun and Ruchi identified issues like lengthy paperwork for even vehicle insurance and complex insurance premium strategies that were difficult for the common man to understand. Considering this, they founded Acko together and solved these issues, making it a hit in the general insurance platform.
Acko Mission and Vission
Varun and Ruchi claim Acko’s motto to be “Insurance made easy: Zero Commission. Zero Paperwork”. Their mission is clear- “To always prioritize you in everything we do”. This approach is evident from the services provided like simple insurance processes, and providing flexible coverage options.
Acko Products and Services
Acko operates under the parent company- Acko Technology & Services Private Limited and is changing the insurance sector through its Dierct-to-consumer (D2C) business model. The company provides numerous insurance services including car, bike, health, life and travel, that are easily accessible online and user-friendly.
Acko Car Insurance
Acko Car Insurance policies cover a range of car- related risks, offering financial aid in case of accidents, damages or theft.
Acko Bike Insurance
Acko Bike Insurance policies offer insurance cover to Two-wheelers, in case of damages, thefts or accidents.
Acko Health Insurance
Acko Health Insurance policies provide premium plans, that ensure protection from every medical expense. They are provided in major Hospitals and clinics making it an accessible option.
Acko Life Insurance
Acko has recently expanded into providing Life insurance policies online. Their Life Flexi Term Plan allows customers to select according to their needs, which includes term life insurance, whole life insurance, etc.
Acko Travel Insurance
If your flight gets delayed, or you lose your luggage, you need not worry then. Acko Travel Insurance provides policies give the travellers full security for single and multiple journeys.
Acko Business and Revenue Model
Acko adopts a D2C business model, on its online platform providing premium and user-friendly insurance options. Acko provides rider insurance, for mobile, appliance, ticket cancellations, cars, health, luggage and many more. This model not only satisfies customer demands but also shows their diversified expansion and innovation.
Acko uses several methods to increase its revenue.
Commissions
Though it follows a zero-commission policy for customers, Acko receives commissions from affiliated businesses, using joint ventures to provide insurance products.
Premiums
Acko’s major income is collected from premiums from both private and public business customers.
Monetization of Data
Acko’s data-driven strategy helps them analyze risks and also becomes a source of income. The data is used for ads, targeted marketing, and improving their business plans by checking the repository.
Acko Life Flexi Term Plan
This policy has boosted sales offers flexible coverage and simplifies long-term financial protection.
Acko Funding and Investors
Acko has raised $458 million across nine funding rounds.
| June 2023 | Private Equity Round with General Atlantic (amount undisclosed). |
| May 2023 | Series E (amount undisclosed). |
| October 2021 | Series D, $255 million, led by General Atlantic and Multiples Alternate Asset Management. |
| September 2020 | Series D, $60 million, led by Munich Re Ventures. |
| November 2019 | Venture Round, $36 million, led by Ascent Capital and Binny Bansal. |
| March 2019 | Series C, $65 million, led by Amazon. |
| May 2018 | Series B, $12 million, led by Amazon. |
| May 2017 | Seed Round, $30 million, from Kris Gopalakrishnan and N.R. Narayana Murthy. |
Acko Awards and Achievements
Acko has been growing successfully and has received several prestigious awards.
· Golden Peacock Award for Innovation in Product 2019
· FICCI Insurance Industry Excellence Award 2020
· BW Festival of Fintech Award 2021
It has also launched the ACKO Drive Awards to recognize outstanding performance in the automotive industry.
Acko Financials and Future Plans
Acko’s valuation has been growing steadily and has reported revenue of Rs 2,106 crore in FY24, up from Rs 1,758 crore in FY23. However, it is still recovering its losses of Rs 670 crore in FY24. Despite this, Acko is focusing on innovation, customer needs and upgraded features.
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Conclusion
Acko is one of the leading Digital Insurance Pioneers, with a range of products designed to meet diverse customer needs, a D2C business model and an intent to innovate. Acko is well known for its continued growth and success in the rapidly evolving insurance market.
Frequently Asked Questions
What is Acko?
Acko is the first digital insurance company in India, that offers a range of insurance coverages including car, bike, health, life and travel.
What type of insurance does Acko provide?
Acko offers car, bike, health, life and travel insurance. It also offers customized options for mobile and appliance protection.
What is Acko’s claim settlement ratio?
Acko ensures efficient and reliable service for its customers with a claim settlement of 94.5%.
How can I buy insurance on Acko?
You can directly buy insurance from their website or mobile app.
