Bengaluru-based insurtech player ACKO on Wednesday announced it has raised $60 million funding round led by Munich Re Ventures, with participation from existing investors Amazon, RPS Ventures, and Intact Ventures Inc, which is the corporate venture arm of Canada’s largest property and casualty insurer.
ACKO said it plans to use the funds to accelerate its growth in existing lines and expansion into new product lines.
Founded by Varun Dua and Ruchi Deepak in 2016, ACKO is a digital-native insurance company. By having a direct relationship with the customer, ACKO aims to fundamentally change how consumers interact with and experience insurance.
It claims to provide frictionless insurance to the ‘digitally savvy’ through an intuitive purchase experience, zero-paperwork, and stress-free claims process. The firm said it has issued over 650 million policies to over 60 million unique customers to date.
ACKO addresses insurance needs through data-based personalised pricing and instant claim verification and settlement. It recently partnered with Amazon Pay for distributing two and four-wheeler insurance.
ACKO’s employee health plan combines the benefits of insurance, primary care, and wellness, and claims to have witnessed strong appeal from employers, scaling to 150K+ insured employees within just six months of launch. ACKO said it also continues to be a market leader in contextual bite-sized insurance products in partnership with 20+ leading players in the internet ecosystem such as Amazon, Ola, redBus, Zomato and UrbanClap.
Recently, the company announced its IPL partnership with Delhi Capitals to drive large-scale brand awareness by engaging with a vast consumer base at the biggest cricketing league in the world.