Acko General Insurance, set up by Coverfox co-founder Varun Dua, has raised USD 30 million (about Rs 200 crore) in a seed round of funding.
The company is backed by Narayan Murthy's Catamaran Ventures, Venk Krishnan and Subba Rao of NuVentures, Kris Gopalakrishnan, co-founder of Infosys, Hemendra Kothari of DSP Blackrock, Atul Nishar - founder & Chairman of Hexaware Technologies, Rajeev Gupta, veteran investment banker and founder of Arpwood Capital, Accel and SAIF Partners.
Acko, which has received in-principle regulatory clearance to launch a general insurance business in the country, will operate as an independent entity with its entire operations offered through the digital platform, the company said in a statement here today.
"India has massive opportunities harnessing technology for lower distribution costs, algorithmic customised pricing and automated claims.
"The opportunity is even wider if innovative products which are designed to be consumed online within the Internet economy can be made to work in a way that customers find it relevant and easy to access," Dua said.
The general insurance firm intends to create products and deliver opportunities in areas where there are gaps like personalised plans based on user consumption behaviours, the statement said.
“Insurance world over and especially in India has massive opportunities harnessing technology for lower distribution costs, algorithmic customized pricing and automated claims. The opportunity is even wider if innovative products which are designed to be consumed online within the internet economy can be made to work in a way that customers find it relevant and easy to access”, said Varun Dua, Founder, Acko.
US, China and Europe have seen a funding blitzkrieg as technology disrupts the Insurance ecosystem. Oscar Health and Lemonade in the US and Zhong An in China have exploded to billion dollar valuations as the sector sees start-ups capturing niche markets, disrupting various parts of the value chain and focusing on millenials who need a simpler, customized and more transparent way of dealing with their insurance.
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