On Wednesday, the Bengaluru based startup ACKO (1) announced that it had secured 60 million USD funds from Munich Re Ventures. Amazon, Intact Ventures Inc, RPS Ventures also participated in the latest funding round. Notably, the Intact Ventures Inc is a corporate venture arms of Canada’s largest property and casualty insurer.
The insurance-tech firm, ACKO, plans to utilize the funds to expand its existing and new product lines. Varun Dua, Founder, and CEO stated that Munich Re had been the firm’s strategic partner since its early days. The team is excited to bring them on board as an investor.
He added that the latest infusions from one of the largest reinsurance companies worldwide indicate confidence in ACKO data and technology-based business models. The firm’s existing investors are reinforcing the trust, including Amazon, RPS Ventures, and Intact.
ACKO Offers Frictionless Insurance, a Direct Relationship with Customers
Varun Dua and Ruchi Deepak founded ACKO in 2016. It is a digital-native company for insurance. The firm aims to have a direct relationship with customers to change their interaction and experience with insurance. The company will provide frictionless insurance to its customers, it claimed. The products will be tech-savvy via intuitive purchase, zero paperwork, stress-free claim process.
The company has issued more than 650 million insurance policies to more than 60 million unique customers. The firm has approached the insurance needs via personalized pricing and instant claim verification and settlement based on data. ACKO recently collaborated with Amazon Pay to distribute the insurance for two and four-wheelers.
The employee health plan of ACKO includes insurance, primary care, and wellness benefits. It further claims a strong appeal from employers to scale 150,000 insured workforce within 6-month after launch. The firm will continue to remain a market leader when it comes to bite-sized insurance products, stated the company. It has partnered over 20 leading players, including Amazon, redBus, Ola, UrbanClap, and Zomato.
ACKO has recently announced its IPL partnership with Delhi Capitals. It will drive large-scale brand awareness while engaging with a broad customer base at the world’s biggest cricket league. The firm has recently announced a 1.2 million strategic investment in Pitstop, a full-stack care service and repair startup based in Bengaluru.