Acko Insurance

Acko Insurance is a private sector general insurance company in India. Founded in November 2016, the company received its license from the Insurance Regulatory and Development Authority of India in September 2017. Acko follows an online-led model and hence all operations for the company are offered through the digital platform.

History

Acko General Insurance was founded by Varun Dua, is the chief executive officer. As of 2018, Acko has raised ₹2.74 billion in funding from investors such as Amazon, Accel Partners, SAIF Partners, Catamaran Ventures. 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.
Acko also provides several app-based value-added services, including traffic challan checking and payment, FASTag recharge, Ayushman Bharat Health Account ID creation, car servicing through Acko Drive service centres, and online used-car valuation tools.
In October 2021, the company secured its position as India's 34th unicorn by raising $255 million through a Series D funding round.
India's insurance watchdog, IRDAI, recently fined general insurer Acko Rs 10 million for multiple regulatory lapses in its outsourcing and commission practices.

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. By 2024, the platform was operational in 12 Indian cities, including Delhi NCR, Mumbai, and Chennai.
In 2022, Acko Drive began facilitating online car purchases and financing options through partnerships with banks and non-banking financial institutions. Maintenance and repair services were later added, with two service centers operating in Bengaluru as of 2024. The company has also collaborated with used-car platforms Zoomcar, Spinny and Cars24.