General Insurance has received it’s in principle regulatory clearance to launch
a General Insurance business in India. This was stated in a release sent out by the company today.
business, Acko has raised $30mn, which in effect makes it one of the largest
seed rounds for a startup in India. The company is backed by Narayan Murthy’s
Catamaran Ventures, Venk Krishnan and Subba Rao of NuVentures, Kris
Gopalakrishnan, Co-founder Infosys, Hemendra Kothari of DSP Blackrock, Atul
Nishar – Founder & Chairman of Hexaware Technologies, Rajeev Gupta, veteran
investment banker and Founder of Arpwood Capital, Accel and SAIF Partners. More
investors are slated to back the company, as active interest in the Insurtech
sector plays out globally.
operate as an independent general insurance company with its entire operations
offered through the digital platform. It will create products and deliver
opportunities in areas where there are gaps such as personalized insurance
products based on user consumption behaviors.
over and especially in India has massive opportunities harnessing technology
for lower distribution costs, algorithmic customized pricing and automated
claims. The opportunity is even wider if innovative products which are designed
to be consumed online within the internet economy can be made to work in a way
that customers find it relevant and easy to access”, said Varun Dua, Founder,
want to make insurance so straightforward that consumers don’t need to talk to
multiple people to get advice or fill up forms. Consumers should be able to
access low prices in one click based on their risk profile, and be confident
that at a press of a button – their claim will get paid in the fastest possible
time. In today’s connected world, we believe it can reach a point that the
customer should get his claim without him even lodging it. Connectivity can
make it possible and the ecosystem today exists to make it happen”, he added.
worldwide and specially in India is going to evolve from enabling convenient
distribution to disruptive product creation and Acko is an endeavor in line
with this evolution. Consumers need to be given more innovative product
choices, at a price point that is ‘designed’ for them & at an unparalleled
convenience and service levels. All of this is only possible within the
construct of ‘manufacturing insurance’ and thus we are delighted to support
Acko in being the first fully digital insurer of the country”, said Vivek
Mathur, Managing Director, SAIF Partners.
disrupting the financial services industry in India and we want to be a part of
this disruption. We want to use tech driven efficiencies to redefine this
space. We wish the young and vibrant team at Acko all the success”, said
Mr. Atul Nishar, Founder & Chairman of Hexaware Technologies.
Europe have seen a funding blitzkrieg as technology disrupts the Insurance
ecosystem. Oscar Health and Lemonade in the US and Zhong An in China have
exploded to billion dollar valuations as the sector sees start-ups capturing
niche markets, disrupting various parts of the value chain and focusing on millenials
who need a simpler, customized and more transparent way of dealing with their insurance.