PriyaPatel
TLDR:
- ACKO has revolutionized the insurance sector in India by combining insurance with technology and eliminating unnecessary paperwork.
- The founder of ACKO, Varun Dua, previously co-founded insurance aggregator Coverfox and has a successful track record.
- ACKO offers bite-sized insurance solutions and has a digital-only model, allowing it to reach over 78 million customers and issue more than one billion policies.
- In FY23, ACKO had a total revenue of ₹966 crore and a loss of ₹551 crore.
ACKO, an insurance company in India, has disrupted the insurance sector by adopting unconventional methods and leveraging technology. Founded by Varun Dua, who also co-founded insurance aggregator Coverfox, ACKO has received significant investments from key investors such as Accel, Elevation Capital, and Amazon.
What sets ACKO apart is its digital-only model, which eliminates the need for paperwork and allows customers to access insurance solutions conveniently online. The company offers a range of bite-sized insurance products, including rider insurance and ticket cancellation insurance, catering to the evolving needs of customers.
Since its inception in 2016, ACKO has rapidly grown and distributed policies to over 78 million unique customers. It has issued more than one billion insurance policies, highlighting its success in the market. Despite its impressive growth, ACKO reported a loss of ₹551 crore in FY23, along with a total revenue of ₹966 crore.
Overall, ACKO’s innovative approach to insurance has transformed the industry in India. By prioritizing technology and customer convenience, the company has gained a significant market share and disrupted the traditional insurance landscape.
