ACKO GENERAL INSURANCE LIMITED

In their own words

Acko General Insurance Limited (‘Acko GI’), India’s first wholly digital general insurance company, began operations early this year after becoming the first digital company to receive a license from IRDAI, India’s insurance regulator. Founded by Varun Dua (Ex-CEO and founder of Coverfox), Acko GI aims to make insurance easier and convenient for a new India. Acko has raised a total of $42 Mn in funding till date from Amazon, Narayan Murthy’s Catamaran Ventures, Accel and SAIF Partners, Kris Gopalakrishnan, Co-founder Infosys, Hemendra Kothari of DSP Blackrock, Atul Nishar – Founder & Chairman of Hexaware Technologies, Ashish Dhawan of Chrys Capital, Swiss Re & Transamerica Ventures. India is a highly underpenetrated market for insurance. India’s premiums as a % of GDP stood at 0.8% in 2016, compared to 1.8% for China and Brazil, and 4.3% for the US. However, India’s general insurance industry is projected to grow the fastest globally, owing to solid economic growth, rising affluence and better regulatory initiatives. Indian consumers are also fast evolving: they are rapidly adopting digital across all dimensions. Although India is poised for a new digital revolution, current insurance companies are not designed for it. There are also many issues in the way insurance is delivered today: complex product details, lack of personalization, tedious paperwork, and a largely intermediary led model leading to poor customer engagement experience. Given the wide open space for new age digital innovators, Acko GI aims to deliver conventional insurance unconventionally and innovate new age insurance products. It endeavours to offer low prices to customers leveraging two key factors - the ability to offer risk based pricing and a digital model resulting in cost efficiencies. Acko GI has designed its processes for the digital customer: a seamless, convenient platform with no offline hassles - zero paperwork from purchase, claims to renewals. We have simplified the claims process for a much faster settlement as well. A customer can today visit our website and purchase an auto insurance policy in 2 minutes and receive claim settlement in 3 days of filing, with car pick up, repair and doorstep drop. Acko GI is also designing contextual microinsurance solutions to e-commerce products that solve everyday customer pain points like insurance against accidents during cab rides, screen protection for devices etc. By embedding insurance purchase in the natural customer journey of the internet ecosystem partner, it offers products in a seamless and unobtrusive manner. An example of this is the partnership with Ola, India’s premier ride hailing app, to provide riders with a comprehensive in-trip insurance program. This is purchased through the app itself, and is sold at a premium of just Re. 1. The facility is available for all types of transport, and provides benefits in cases of loss of baggage, missed flights, accidental medical expense, ambulance transportation cover and more. In four months of launch, Acko GI has already sold its policies to 7 million unique customers. Acko GI has also partnered with Amazon, marking its entry into the mobile insurance space. Leveraging its deep insights and the partnership, Acko GI is able to price the mobile insurance product at almost 40% cheaper than market. It is backing the product with a seamless user service experience in case of claims by picking up the phone from the customer’s doorstep, getting it serviced and delivering the phone back to customer’s home. Acko GI’s vision is to have the most convenient approach to insurance across products, which are effortlessly accessible and conveniently positioned for all customers. Optimized for process, speed and pricing, Acko GI aims to provide the best insurance experience for all.

Written by the company on its public Startup India profile. Not verified by us.

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