Founded in the year 2016, Acko General Insurance is a general insurance company in India.
Headquartered in Mumbai, Maharashtra, India, Acko got its insurance license in the year 2017 from the Insurance Regulatory and Development Authority of India (IRDAI). The company follows an online medium for functioning and carrying out all the operations related to the business.
The company Acko offers services in the form of service insurance in under four heads. The four heads are car and taxi, electronics, bikes, and health insurance. The General insurance company also offers domestic trips insurance to keep their customers covered in all aspects.
The company Acko also issues newsletters through subscriptions on their website an application to allow their customers and all the other potential customers as well to know about the guides to make insurances easy to understand. It is also a good scheme to make people aware of the company’s insurance services, their insurance policies, and about what the insurances are and how they shall claim their insurances in general as well.
Their various knowledge-enriching articles and blogs not just spread information among the masses but also enables the company to take a grasp over a wide set of new audiences in the form of potential customers.
In only a span of five years Acko General Insurance has managed to rise heights and become a unicorn. The digitalized online insurance company recently raised $255 Million at a market valuation of $1.1 billion from private firms namely Multiples Private Equity and General Atlantic.
The fundraising also involved one of the biggest private companies in the form of investors, the Canada Pension Plan Investment Board along with Lightspeed Growth. Pre-existing investors like Munich Re Ventures also participated in the fundraising.
Intact Investors who keenly focus and aim to partner with companies that invest thoroughly in properties and landscapes with the help of innovative business models and strategies along with upgraded and new technologies also invested and participated in the fundraising of Acko General Insurance.
Acko has an interesting fundraising portfolio since it has received positive responses from various equity firms and leading investors over the years. In the year 2018, the company was successful in raising a fund of $42 Million (₹ 274 Crores) from popular companies like Amazon, SAIF Partners, Accel Partners, and Catamaran Investors.
Acko General Insurance has gained popularity over the years and has been involved in several eventful and good quality partnerships with one of the biggest companies who wanted to have a good set of general insurances for their products and services.
Acko General Insurance partnered with Ola cabs to provide in-trip insurance and launched an insurance program in over 110 cities of India. Amazon is an online shopping platform that everyone is aware of and has used for an amazing online shopping experience many times in their lifetime. Acko General Insurance partnered with Amazon India as a deal with The company and provide mobile insurance programs under the head of Electronics and mobile protection insurance programs.
The company partnered with the Amazon India company to provide mobile protection insurance programs on the popular online shopping platform’s official website and application. In the year 2020, Amazon Pay also partnered with Acko General Insurance to provide its customers and potential customers with auto insurances and General auto insurance policies.
Acko General Insurance also partnered with HDB Financial Services, also renowned for its financial service through the HDFC Bank Limited. HDFC Bank is India’s largest private sector bank by terms of market capital and financial assets in the market as well as in both of India’s stock exchanges (namely, the Bombay Stock exchange and National Stock Exchange).
Acko General Insurance and HDB Financial Services partnership permitted all the HDBFS customers to receive insurance covers at no additional costs supported by EMI cards. The company also partnered with Oyo rooms and hotels to provide Hotel-stay insurance to cover its customers and provide them protection for a safe and secured stay and vacations to Oyo rooms and hotels.
Acko General Insurance has gained over 50 million unique customers and is protected in terms of securities through insurances in various general insurance department heads. Acko has sold more than 60 crore insurance policies to date to customers ranging from different age groups from different states and cities in the country regardless of the population of the state or city since the company is online-based.
Edited by Anupama Roy
