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Acko Success Story: India's First Digital Insurance Company



Acko, an online insurance company, is widely recognized by many. It offers top-notch insurance options to customers, simplifying the complex world of insurance through innovative and customer-focused methods. It has experienced remarkable growth since its beginnings, becoming a favourite insurance brand for various needs among customers. 

Since its establishment, the company has served over 62 million unique customers, showcasing its successful journey. Let's take a closer look to learn more about Acko's path to success.


The Shift to Online Insurance

The world of insurance is filled with complexities. Insurance processes are often unclear and challenging to understand, even for something as seemingly simple as auto insurance. Recognizing these barriers within the insurance industry, the founder saw a significant opportunity. They established the first online insurance company to revolutionize the insurance sector.


Acko the first online insurance company

Established in 2016 by Varun Dua and Ruchi Deepak, Acko has brought a significant transformation in the insurance sector. It stands out as India's first digital insurance service provider. With a vision to simplify and enhance accessibility to insurance for customers across India. 

Explore Varun Dua's Success Story how he has created a huge Business & Got Featured in Shark Tank Season 3.

The company offers a wide range of insurance plans. These include car insurance, health insurance, life insurance, travel insurance, as well as unique options like rider insurance and ticket cancellation coverage.

It distinguishes itself by directly selling insurance to its customers, eliminating the need for intermediaries. This streamlined approach simplifies the entire process, making it more accessible and transparent for everyone.


Starting Up Struggles

Since its inception, Acko has encountered numerous challenges. The insurance sector was primarily dominated by offline companies stuck to traditional methods. The industry as a whole is facing irregularities in terms of premiums, coverages, and overall procedures. 

The company initially struggled with the task of regulating the insurance sector and establishing a strong online presence. However, through its continuous efforts and commitment to making insurance easily accessible for customers, it successfully overcame these challenges and experienced rapid growth.



How Acko Works

Acko, as an online insurance company, eliminates intermediaries to sell insurance directly to customers. This simplifies the entire insurance process, making it straightforward and transparent. Additionally, the company partners with other entities such as OLA, Zomato, and Amazon to ensure that people can access insurance from anywhere they desire.

From Startup to Unicorn

The startup has experienced rapid growth attributed to its user-friendly and accessible model. Acko achieved unicorn status in 2021, signifying its remarkable success. The company's dedication to offering top-quality insurance services to its customers has positioned it as a prominent market leader.


Acko’s Primary Revenue Models

Premiums: The main source of income of the company derives from collecting premiums from its diverse customer base, which includes both private individuals and businesses. Selling insurance coverage serves as the primary foundation for the company's robust financial base.

Commissions: Another way of income for the company is through receiving commissions from affiliated businesses. The company leverages its partnerships to provide insurance products to its clients or employees as value-added services, generating additional revenue streams.

Data Monetization: Acko not only collects data to effectively identify risks but also utilizes it to create new revenue streams. By employing data analytics, advertising, and targeted marketing strategies, the company strategically enhances its business operations while capitalizing on the value of data.

Strategic Partnerships

The company strategically collaborates with Ola, Zomato, Amazon, Amazon Pay, HDB Financial Services, Ather, Lohum, Multipl, SonyLIV, and others. These strategic partnerships assist the company in expanding its business and reaching new consumers, thereby enhancing its market presence and growth.



Acko – Growth

  • A total of 2.8 crore customers have been served by the company.

  • The company has issued over 8 crore policies.

  • The claim settlement ratio of the company stands at 94.54%.

  • As of January 2024, the company achieved claim settlements within just 12 minutes.

Acko - Funding and Investors

The company has raised a total of $458 million funding from the 8 funding rounds:

General Atlantic (June 7, 2023): Undisclosed (Private equity Round)

May 25, 2023: Undisclosed (Series E)

General Atlantic, Multiples Alternate Asset Management Private Limited (October 27, 2021): $255 million (Series D)

Munich Re Ventures (September 15, 2020): $60 million (Series D)

Ascent Capital, Binny Bansal (November 28, 2019): $36 million (Venture Round)

Amazon (March 13, 2019): $65 million (Series C)

Amazon (May 27, 2018): $12 million (Series B)

Kris Gopalakrishnan and N.R.Narayana Murthy (May 23, 2017): $30 million (Seed Round)




Future Plans

It has a plan to achieve profitability by the fiscal year 2026–2027 (FY27). Growth in both health and general insurance sectors is projected to contribute to this profitability. According to Varun Dua, the co-founder of the company, Acko aims to reach a premium of Rs 2,000 crore by the end of FY24. The company is confident in maintaining an annual growth rate of 35%.


The prominent competitors of the company are:

  • Easypolicy

  • PolicyBazaar

  • Digit.

Acko – Awards and Achievement

  • 2019: Golden Peacock Innovative Product Award 

  • 2020: FICCI Insurance Industry Awards 

  • 2021: BW Festival of Fintech 




Acko's success story proves the power of innovation and planning in today's digital world. With its smart ideas, the company has completely transformed how insurance works, making it simple and easy for people in India. Acko, the new-generation online insurance company, is reaching new heights by shaping the insurance sector of India.


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