In 2011, If you had asked Varun Dua, that 8 years later, he would be leading a brand creating an irreversible dent in India’s Insurance eco-system, he would have laughed off, but today, he might not do the same. The man behind insurance comparison site Coverfox, is leading another silent storm – Acko.com
In-picture: Varun Dua, CEO © Acko.com
Founded in November 2016, Acko runs as an independent general insurance company. In a market packed with firms employed in the traditional play, Acko is the first startup in India to build an insurance business solely on a technology platform.
Acko General Insurance Company is the first digital-native insurer in India that brings risk-based pricing for retail covers such as motor and health insurance. Acko aims at redefining insurance by making it more transparent and providing hassle-free access to policies directly to the end user. The insur-tech digital platform leverages data and analytics to offer customers affordable and highly personalized insurance products.
Relying completely on online distribution channels, Acko promises to deliver car insurance products that are priced 15-20 percent lower than those available in the physical channels, which have a lot of loaded costs such as commissions. It is an effortless way to find insurance, because it goes where the consumer goes, whether that’s Amazon.in or the Ola app. Acko was awarded the coveted Golden Peacock Innovative Product Award – 2019, for their contextual microinsurance product -“Ola Ride Insurance” where it has partnered with Ola cabs and launched an in-trip insurance program in more than 110 cities in India. Acko has also partnered with Amazon India to provide mobile insurance plans on the retailer’s website.
Ola Ride Insurance
Acko introduced the revolutionary Ola Ride Insurance – a first of its kind in the Indian market – in March 2018. Acko partnered with the leading ride-sharing company, Ola to launch a comprehensive in-trip insurance program for the Ola users. The Ola Re. 1 ride insurance is a contextual microinsurance solution that protects the user against any unfortunate mishaps while commuting, providing benefits in cases of loss of baggage/laptops, missed flights, accidental medical expense, ambulance transportation cover, and much more.
On claim settlement, Acko has introduced some novelty to provide customer convenience.
In an interview, Dua said “We are providing a three-day timeline guarantee and the customer does not need to move an inch. All that a customer has to do is — at the click of a button or through a call — initiate a claim. Somebody will come to pick up your car, repair it and deliver it back in three days.” The start-up is offering the three-day claim guarantee in 11 cities for now.
Acko’s website also offers Cashless Claims and One-hour pick-up facility to pick up your damaged car for repairs.
Acko General Insurance has raised a total of $107M in funding over 3 rounds.
Their largest and latest round of funding was announced last week where Acko raised $65 million in its Series C round from Binny Bansal, Co-founder and former CEO of Flipkart, RPS Ventures led by SoftBank’s former managing partner Kabir Misra, and Intact Ventures.
The online insurance startup had also raised $12 million in 2018 in Series A funding led by Amazon.
The company in 2017 had raised $30 million – one of the highest seed funding in the Indian startup ecosystem from Infosys co-founder Kris Gopalakrishnan, Narayanan Murthy’s Catamaran Ventures, Accel Partners and SAIF Partners.