Acko Insurance
Insurance company in India
From Wikipedia, the free encyclopedia
Acko Insurance is a private sector general insurance company in India.[1][2] Founded in November 2016, the company received its license from the Insurance Regulatory and Development Authority of India (IRDAI) in September 2017.[3][4] Acko follows an online-led model and hence all operations for the company are offered through the digital platform.[5][6]
 | |
| Industry | Insurance |
|---|---|
| Founded | 2016 |
| Headquarters | Bengaluru, Karnataka, India |
Area served | India |
Key people | Varun Dua |
| Products | Motor insurance Health insurance Travel insurance Term life insurance In-trip domestic insurance Mobile insurance |
| Services | Traffic challan check & payment FASTag recharge ABHA ID creation Car servicing Car valuation |
| Parent | Acko Technology and Services Private Limited |
| Website | acko.com |
History
Acko General Insurance was founded by Varun Dua, is the chief executive officer.[7] As of 2018, Acko has raised ₹2.74 billion ($42 million) in funding from investors such as Amazon, Accel Partners, SAIF Partners, Catamaran Ventures.[8][9] The retail products offered by Acko General Insurance include motor insurance, health insurance, travel insurance, in-trip domestic insurance and mobile insurance for smartphones. Acko Insurance also offers term life insurance through its life insurance subsidiary.[10][11]
Acko also provides several app-based value-added services, including traffic challan checking and payment, FASTag recharge, Ayushman Bharat Health Account (ABHA) ID creation, car servicing through Acko Drive service centres, and online used-car valuation tools.[12][13]
In October 2021, the company secured its position as India's 34th unicorn by raising $255 million through a Series D funding round.[14][15]
India's insurance watchdog, IRDAI (Insurance Regulatory and Development Authority), recently fined general insurer Acko Rs 10 million for multiple regulatory lapses in its outsourcing and commission practices.[16]
Acko Drive
Acko Drive was introduced in 2019 as part of the company's expansion into automotive services, initially collaborating with car dealerships in Bengaluru.[17][18] By 2024, the platform was operational in 12 Indian cities, including Delhi NCR, Mumbai, and Chennai.[19][20]
In 2022, Acko Drive began facilitating online car purchases and financing options through partnerships with banks and non-banking financial institutions.[21] Maintenance and repair services were later added, with two service centers operating in Bengaluru as of 2024.[22][23] The company has also collaborated with used-car platforms Zoomcar, Spinny and Cars24.[24][17]