Top 100 insurtech firms 2018: Number 2 - Acko GeneraI Insurance
Position: 2
Name: Acko GeneraI Insurance
City: Mumbai
Country: India
Founded: 2017
Website: www.acko.com
Twitter: @AckoGI
Linked In: www.linkedin.com/company/acko-general-insurance
Facebook: www.facebook.com/pg/ackogi
The story so far: Acko General is an Indian start-up looking to disrupt the insurance industry through its innovative digital platform. The start-up’s key aim is to simplify the insurance process as much as possible, in a sector that is often awash with confusing jargon and processes that take days not minutes. Acko’s offering is a fully digital insurance marketplace whereby users can browse motor, property and health insurance and then directly purchase cover, all from the same place. The start-up hopes to overhaul the nascent Indian insurance market, which still lags behind the West’s ever increasingly digitally adapted market. As more Indian consumers move online year on year, Acko’s intuitive platform will act as an effective conversion tool for digital-natives looking for a more familiar experience than existing insurers provide. Since being founded early last year Acko has raised a disclosed total of $32.1m, with notable recent backing from Amazon. In May 2017, Infosys led the start-up’s initial seed round, with contribution from Accel Partners among others. In January 2018, it was announced that online shopping giant Amazon was in the final stages of investing in Acko, to the tune of approximately $16m. It is rumoured Amazon will co-create insurance products with the start-up and distribute them through its e-commerce site. Acko CEO Varun Dua, who boasts a rich technology and insurance-focused background, has cited in the press his ambition to target the specialist insurance industry as one from which the company can potentially ‘steal’ customers from the large corporates.
Funding Stage: Series A
Total Funding: $32,100,000
Insurance Sector: General insurance
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