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Acko has issued over 650 million policies to over 60 million unique customers to date
Acko General Insurance, which claims to be the first Indian insurtech startup, has raised US$60 million in its Series D round of financing led by Munich Re Ventures, a strategic partner of Acko since its inception, the startup announced in a statement today.
The round also saw participation from returning investors Amazon, RPS Ventures, and Intact Ventures Inc., the venture capital arm of Canada’s largest property and casualty insurance provider Intact Financial Corporation, the statement said.
Acko plans to use the fresh funds to accelerate the growth and expansion of existing and new product lines, the statement added.
Other backers of the digital-native insurer include Flipkart Co-founder Binny Bansal, Accel, SAIF Partners, Swiss Re, Transamerica Ventures, and Ascent Capital, among others.
With the latest capital injection, Acko’s total capital haul crosses $200 million and its valuation now reaches $500 million, according to a TechCrunch report.
Founded in 2016, Acko offers direct-to-consumer (D2C) auto, health, mobile, and appliance insurance products through its online platform.
The startup also provides employee health insurance for businesses and third-party micro-insurance products, such as travel or trip protection plans for passengers, and on-job accident and illness protection plans for Zomato and other delivery partners, among others.
Acko’s employee health plan combines the benefits of insurance, primary care and wellness, with more than 150,000 employees insured within six months of launch, the statement noted.
The startup claims to be a market leader in contextual bite-sized insurance products issued in partnership with over 20 leading companies, including Ola, RedBus, Zomato, and Urban Company.
By creating a direct relationship with its customers, Acko aims to change the way tech-savvy consumers interact with and experience insurance through its digital platform. It claims to provide a frictionless insurance purchase experience through data-based personalized pricing, zero-paperwork, and instant claim verification and settlement.
According to the press statement, Acko has issued over 650 million policies to over 60 million unique customers to date, and also recently partnered with Amazon Pay for distributing auto insurance. ****
“As one of the largest reinsurance companies globally, [Munich Re Venture’s] investment shows confidence in our data and technology-driven business model,” Acko Founder and CEO Varun Dua said. “We are happy to have mission-aligned investors who are also helping us with global expertise in insurance and technology.”
Commenting on the investment, which is also Munich Re Ventures’ first investment in India, Director at Munich Re Ventures Oshri Kaplan said, “We’re excited to join forces with one of the leading digital insurers in India, as well as other investment partners, to help support Varun and his impressive team as they continue their journey.
“We look forward to the positive impact that digitally native insurance solutions will have on the country with Acko leading the way,” he added.
“Since our first investment in Acko which was made last year, it has scaled quickly to become the leading digital insurer in India by leveraging data and technology to create a unique customer-centric experience,” SVP and Managing Director of Intact Ventures, Karim Hirji said.
“We invest in companies that are redefining the future of insurance, and are excited to continue on this journey with Acko by participating in this funding round,” he added.