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]
| Industry | Insurance |
|---|---|
| Founded | 2016 |
| Headquarters | Bengaluru, Karnataka, India |
Area served | India |
Key people | Varun Dua |
| Parent | Acko Technology and Services Private Limited |
| Website | acko.com |
History
editAcko General Insurance was founded by Varun Dua, is 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. Acko BLORE
Funding
editOctober 2021, the company secured its position as India's 34th unicorn by raising $255 million through a Series D funding round.[13][14]
Partnerships
edit- 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]
- Acko General Insurance partnered with PhonePe to offer car, bike insurance policy.[21]
News
edit- ACKO earned INR 1,759 cr. by selling insurance in FY23.[22]
- In July 23, ACKO hired Amit Tiwari, an ex-Amazon India executive, to lead its life insurance business.[23]
- In Nov 23, ACKO collaborated with actor R Madhavan as their "voice of the customer".[24]
- In March 24, ACKO appoints Animesh Das as CEO elevates Sanjeev Srinivasan to board role.[25]
- In March 2024, ACKO announce partnership extension for IPL 2024 with Gujrat Titans.[26]
References
edit- ^ Thomas, Anu (6 September 2017). "Why investors gave Varun Dua $30 million even before he launched his startup". The Economic Times.
- ^ Bhakta, Pratik (11 July 2023). "Acko gears up to disrupt the life insurance space". The Economic Times. ISSN 0013-0389. Retrieved 21 August 2023.
- ^ "Non-life Insurers". www.irdai.gov.in.
- ^ Sinha, Shilpy (21 September 2017). "Acko gets final Irda license; to start operations by December". The Economic Times.
- ^ Bhakta, Pratik (27 June 2018). "Online Insurance firms like Acko, Digit aims to disrupt sector with innovative policies - ETtech". The Economic Times.
- ^ "Acko General Insurance named top firm on LinkedIn's Top Startups List 2018". Business Standard India. 19 September 2018.
- ^ "Board Of Directors - Acko Insurance". Acko Insurance.
- ^ "Deal Street: Amazon Backs Digital Insurance Startup Acko". BloombergQuint. 4 June 2018.
- ^ "Acko General Insurance to develop products for Amazon, in talks with e-commerce giant for investment". Moneycontrol.
- ^ "Online insurer Acko General promises 3-day claim guarantee". @businessline. 21 September 2018.
- ^ "Ola, Acko partner to create in-trip insurance program". Business Standard India. 5 April 2018.
- ^ "Ola partners Acko to launch in-trip insurance program - ETtech". The Economic Times. 5 April 2018.
- ^ Parmar, Beena (24 January 2023). "Acko to raise up to $150 million from Multiples PE, GA, others". mint. Retrieved 21 August 2023.
- ^ "Acko joins unicorn club with $255 million fundraise, valued at $1.1 billion". Moneycontrol. 28 October 2021. Retrieved 21 August 2023.
- ^ "Ola partners with ICICI Lombard, Acko to offer in-trip insurance to riders". www.livemint.com. 5 April 2018.
- ^ Saleem, Shaikh Zoaib (16 April 2018). "Ola cab users can now insure their rides for as low as Re1". www.livemint.com.
- ^ "Amazon India announces special offers for the Great Indian Festival".
- ^ "Acko partners with HDB Financial Services". The Economic Times. 26 February 2020. Retrieved 28 February 2020.
- ^ Bhalla, Tarush (22 July 2020). "Amazon Pay joins hands with Acko to offer auto insurance". Mint.
- ^ "Cover story: Why Acko General Insurance refuses to follow the herd". Moneycontrol.
- ^ "ACKO General Insurance partners with PhonePe to offer car, bike policies". CNBCTV18. 7 December 2023. Retrieved 25 April 2024.
- ^ Sil, Debarghya (9 October 2023). "Acko Earned INR 1,759 Cr By Selling Insurance In FY23". Inc42 Media. Retrieved 25 April 2024.
- ^ Bhakta, Pratik (11 July 2023). "Acko gears up to disrupt the life insurance space". The Economic Times. ISSN 0013-0389. Retrieved 25 April 2024.
- ^ www.ETBrandEquity.com. "Acko partners with R Madhavan as their 'voice of the customer' - ET BrandEquity". ETBrandEquity.com. Retrieved 25 April 2024.
- ^ "Acko appoints Animesh Das as CEO, elevates Sanjeev Srinivasan to board role". Business Standard.
- ^ Mahadik, Gauresh (19 March 2024). "Gujarat Titans, ACKO announce partnership extension for IPL 2024". SportsMint Media. Retrieved 25 April 2024.