Acko General Insurance

Acko General is an Indian start-up aiming is to simplify the insurance process as much as possible.

Acko’s offering is a fully digital insurance marketplace whereby users can browse auto, property and health insurance and then directly purchase cover, all from the same place. In 2018, Acko launched its first auto & bike insurance product – a comprehensive insurance policy protecting against loss or damage and including a selection of customisable add-ons.

Through Amazon's checkout page, Acko also offers smartphone insurance directly to Amazon clients. It also works with cab firm Ola and several travel aggregator services.

In 2019 Acko partnered with OYO Hotels and Homes to offer complimentary insurance to guests of OYO properties, with coverage for accidental death, accidental medical expenses and medical costs.

Acko has had notable backing from Amazon, billionaire Binny Bansal, SoftBank's managing partner Kabir Mishra and Infosys's founders. In 2019 alone Acko raised over $100m through several rounds of funding.

Rumours began circulating in Q1 2020 that Acko could potentially see a $4.5m investment from Baring Private Equity Partners India.

In April 2020 Acko laid off 10% of its workforce, and its leadership team has taken pay-cuts of 50-70% due to the difficult conditions created by global pandemic Covid-19. CEO Varun Dua stated “Some business lines have been impacted and we don’t see them recovering for a long time."

In June 2020 there were reports that Munich Re was in the final stages of leading a $60-70m financing round into Acko, putting the company's valuation in the region of $400-500m.

The following month Acko partnered with Amazon once again, through Amazon Pay, this time offering auto insurance for two- and four-wheel vehicles.

In September Acko raised $60m Series D funding, with Munich Re Ventures leading the round, and Amazon, RPS Ventures and Intact Ventures also participating. The startup is now valued at around $500m - up from $300m last year.

In November 2020 Acko partnered with cloud-based CRM company Kapture CRM to streamline its customer support process. It aims to automate its ticketing system, visualise customer service workflows, and make data-driven decisions.

In May 2021 it was reported that Acko was looking into securing a new $200m funding round, which would secure the general insurer Unicorn status. MD Varun Dua has not commented on the rumours.

Acko became a unicorn in October 2021 after raising $255m in funding. The company stated it now has around 70m customers and a run rate of $175m in premiums.

In March 2023 it was reported that Acko was in discussions to raise $120m in funding, led by General Atlantic, which would value the startup at around $1.5bn. Also, in the same month, Acko acquired Parentlane, which provides young millennial parents with healthcare solutions, to help it expand beyond its core insurance offerings.

In April 2023 ACKO  partnered with electric scooter makers Ola Electric and Ather Energy, to launch an extended battery warranty plan. The plan covers the battery life of the EVs till the fourth or the fifth year and provides coverage for up to 60,000 kilometres. EV components are also covered and the plan can transfer to a new owner if sold. According to ACKO, the EV market saw a 223% growth in sales in 2022.

It was announced in July 2023 that ACKO is readying for its first life insurance product launch, which is likely to be in August or September. The new term assurance product is available for customers to purchase online. ACKO recently hired former Amazon India executive Amit Tiwari, and it still awaits formal approval from the Insurance Regulatory and Development Authority of India (IRDAI).

Acko CEO Varun Dua, previously co-founded Coverfox.