Insurance made easy: Zero Commission with this tagline Founder and CEO Varun Dua started a private sector general insurance company in 2016. This company got the license from IRDAI (Indian Regulatory Development Authority of India) in 2017.
Acko is an online platform model; hence all the functions related to insurance can operate by customer digitally. Acko is a digital platform for insuring vehicles and is very easy to use.
Usually, the insurance process has a middle man who will take the commission. Still, in Acko, no such type of man customer can connect with the company directly and insure them in a few and with the easy process.
Establishment
Acko became a new unicorn in India. It is a digitally based platform that has raised a fresh $255 million at a valuation of $ 1.1 billion led by private equity firms General Atlantic and Multiples private equity. Canada Pension Plan Investment Board, Lightspeed, Intact Ventures, and Munich Re Ventures investors also backed for raising funds.
Varun Dua and Ruchi Deepak started this Insurtech in 2016 in Bangaluru, and today it is counting in a list of effective startups. It’s a direct-to-customer auto insurance space.
Acko Business Model
Acko is an online platform for insurance. By which they facilities premium insurance and bite-sized insurance products with Zero commissions.
The primary purpose was to create that type of model in which people can avail themselves of insurance facilities flexibly and prevent unnecessary paperwork.
Acko application access is straightforward; anyone can register own self within a minute. It is not easy but also gives extra facilities to the insured like if someone got an accident or damaged that person’s vehicle, then Acko agent come at that particular spot and take that vehicle on the respected place so the charges of that procedure will save.
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Aquisition and merger
Latest Acko acquired Mumbai-based online car buying portal VLer Technology. After this acquisition, Acko deepens its roots in the auto ecosystem. With the help of VLer, the company will improve the advancement in providing better customer satisfaction in the lifecycle of car purchase and usage.
VLer has been working to sell motor vehicles and accessories, including wholesale and retail sales of all kinds of parts for motor vehicles. Acko had also partnered with more than 15 consumer internet players, including Ola, Amazon, redBus, Zomato, and Urbanclap.
Acko Company Future Plans
Acko is a new revolution on the platform of insurance. Priorly, people were unaware of insurance policies due to their long and paper-based pattern. Still, after the digital insurance platform, everyone is interested in insuring themselves and their families.
Recently, Acko betted on the digital health insurance scheme, and it is also getting benefits like vehicle insurance. It is cashless health insurance in which the insured settle medical bills directly to the hospital, facilitated by the insurance company.
The Insured avail benefit to claim up the sum, and the hospitalization should be at one of the networks hospitals. The Pocket-friendly ecosystem of insurance is dynamically increasing day by day in India.
Government schemes like Pradhan Mantri Suraksha Bima Yojana, Rashtriya Swasthya Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana are also performing a vital role to get heights of insurance digital platform. Although, in India, people take insurance for granted and are not aware of the benefits of being an Insured person.
In most countries, like in European countries, the Government gives free medical insurance to their citizens, but in India, people are not to that extend aware. So it is the main future aim of the company to arrive at the best facility for every human being at every corner of the country.
In my opinion, these types of digital platforms will create a drastic revolution in the insurance world and will set an excellent example for the young generation. And will generate new employment for the nation.
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