ACKO
InsurTech firm ACKO drives into car repair and service space
ACKO, the Bengaluru-based insurtech firm, is expanding into car servicing and repair with its ACKO Drive Service Centres, targeting cars out of warranty. Initially launched in Bengaluru, plans include centres in Delhi, Mumbai, Pune, Hyderabad, Ahmedabad, and Chennai. Aiming to reach 100 centres in three years, ACKO seeks to capitalize on the growing $25 billion car service market.
Mygate enters insurance distribution business, partners with Acko
Mygate app, in partnership with Acko General Insurance, received an aggregator licence from IRDAI to distribute insurance policies, offering exclusive pricing and expanding product range.
Paytm withdraws general insurance licence application; to focus on distribution-only model
Troubled fintech Paytm will increase focus on insurance distribution. It had earmarked Rs 950 crore to invest in the entity applying for the general insurance licence but it now expects to conserve that cash. The Noida-headquartered company will focus on distributing small ticket-size insurance products such as life, health, motor, shop and gadgets.
How Amazon Smbhav Venture Fund is funding small businesses with a digital-first focus
The fund’s portfolio includes investments across industries like consumer brands, healthcare and financial services; it has invested in brands such as Acko, Cashify, Fitterfly, Axio and M1xchange.
Digit IPO: tempering tech valuations & other top startup stories this week
This is Pratik Bhakta in Bengaluru. Insurance startup Digit, by valuing itself at a discount of 25% to its last known private market valuation, seems to have stuck its neck out. And it’s a move that’s certainly got everyone talking.
Zoomcar eyes onboarding 20,000 cars by end of FY25
Zoomcar, a car sharing platform, is set to expand its fleet by over 5000 cars by the end of FY24 and 20,000 cars by FY25. The expansion aims to meet the growing demand for self-drive car rentals, promote economic stability, and foster entrepreneurial spirit in communities. Zoomcar has partnered with industry leaders like Cars24, ACKO Drive, Spinny, and Droom to make car sharing more accessible and cost-effective. With over 10 million verified guests, hosts can earn up to Rs. 7 lakhs per year on average.
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You can book ambulance through this mobile app, driver details to be shared in '3 minutes', real-time tracking option
Now you can book an ambulance through the ACKO mobile application. ACKO has joined Red.Health, one of the leading emergency response service providers in the country, to launch this unique feature to the customers.
Startups in queue for insurance licence face stricter norms
Backing of a large local investor, considerable net worth of promoter and founder are among key requirements laid down by the sector regulator.
Delhi tops cities with highest car thefts: Here are the 3 notorious locations and most common days for theft
Once again, Delhi has secured the top spot for car thefts, with Bhajanpura and Uttam Nagar identified as the most susceptible regions. According to a recent study by Acko, Shahdara, Patparganj, and Badarpur have emerged as additional high-risk areas. Chennai and Bengaluru trail behind in vehicle theft statistics. In 2023, incidents of theft have doubled, resulting in one vehicle being stolen every 14 minutes in the NCR.
Insurtech startup Acko aims to achieve profitability by fiscal year 2027
Acko is eyeing profitability on the back of its general and health insurance segment turning earnings positive, founder and CEO Varun Dua said in an interview with investment bank UBS Global. Recently, Acko floated its life insurance company focussing on the sale of term plans, which is currently in the beta stage.
With Irdai opening doors, insurtech firms look to transform into general insurers
Insurtech firms such as Bengaluru-based Onsurity and Pune-based Loop Health help employers offer group health policies to their employees and run a platform to offer employee wellness services, too. They want to capitalise on the Insurance Regulatory and Development Authority of India (IRDAI) move of opening the heavily regulated sector to new participants.
December dip in online sales; insurtech firms chart fresh growth paths
After an expected spurt during the festive season, ecommerce sales saw a larger-than-usual dip in December. This and more in today’s ETtech Morning Dispatch.
Insurtech startups check expenses to secure profits
Insurtech startups such as Acko and Digit have switched gears to health insurance which is a more long-term product despite starting with motor insurance, which is mandatory for vehicle owners in India, as their principal product.
Acko appoints Mallesh Bommanahal as chief data scientist
An expert in AI, Bommanahal brings with him a wealth of experience, especially in the insurance and healthcare industries. He is also the founder of i3systems.ai, known for its AI solutions in insurance underwriting and claims processing. His entrepreneurial venture has played a pivotal role in advancing AI applications across the insurance sector.
How good is your health insurer? Latest incurred claim ratio of general, health insurance companies in India
If you are planning to buy a new insurance policy or port your existing health insurance policy to a new insurer, do remember to check the latest claim settlement ratio of all insurers before finalising one. Irdai has released the claims payment details of general and health insurance companies for the financial year 2022-23.
Decoding InsuranceDekho’s back-to-back funding rounds amidst a funding winter
Amidst a funding winter, when startups are having to go the extra mile to justify every dollar of their valuation, InsuranceDekho stood out.
'Sony sells most of its TV, digital ad inventory for Asian Games 2023'
The TV broadcast sponsors include Hyundai, JSW Group, Limca Sportz, Paisabazaar, LIC of India, UltraTech Cement, Amul, State Bank of India, Panasonic and Parle Products, while the digital sponsors are EatFit, JSW, Maruti Suzuki India, ACKO and Limca Sportz, among others.
Irdai on a transformational journey to take insurance to masses
Under new chairman Debasish Panda, the regulator is engaging with the industry more than ever and looking to get the sector charged up.
New car insurance plan: File single claim for multiple chips, scratches, minor losses anytime; should you buy?
Add-on covers are usually additional benefits that you can add to your comprehensive car insurance policy by paying an extra amount. To protect different parts of your car, there are specific add-on covers. If you don't understand what part of your car is protected by which add-on cover and jumbled them up while filing an auto insurance claim, your insurance company may refuse to bear the cost. To solve this, Bajaj Allianz General Insurance has come up with a new motor insurance plan that offers a plethora of add-on covers together. Let's understand how it works
Acko gears up to disrupt the life insurance space
Acko has hired Amit Tiwari, an ex-Amazon India executive, to lead its life insurance business. One of the sources told ET that Acko is yet to get a formal nod from the insurance regulator IRDAI regarding Tiwari’s appointment.
General insurers face tough choice on pushing growth and sustaining margins
In the fiscal year 2023, the combined ratio - an indicator of profitability, which is calculated by measuring the sum of incurred losses and operating expenses as a percentage of earned premium - rose for almost all general insurers.
CCI approves Multiples PE Fund and CPPIB investments in Acko Technology
The Competition Commission of India (CCI) has approved the acquisition of additional Series E compulsorily convertible preference shares of Acko Technology & Services by Multiples Private Equity Fund III and CPP Investment Board Pvt Holdings (4). Acko is engaged in providing technology and outsourced services while also providing all-round damage protection plans for electronic devices such as mobile phones and facilitating the sale and purchase of new and used vehicles through its platform. The target (through its affiliates) is also involved in the provision of non-life insurance services in India. The companies involved belong to the Multiples and Canada Pension Plan Investment Board groups.
Leaving Urban Company board was right since we are exploring something similar: Zomato CEO Deepinder Goyal
Zomato’s chief financial officer Akshant Goyal said while there is no ‘big decision’ right now related to their foray into the at-home services industry, they are exploring their options.
You can save 20% on car insurance premium if you buy Pay As You Drive; who should opt for it?
The 'Pay As You Drive' insurance product is a comprehensive own damage (OD) plus third party (TP) policy. There are two basic types of ‘Pay As You Drive’ policies — one is based on the kilometers driven and the other is the number of days the insurance policy is on, said experts. Who should opt for 'Pay As You Drive' insurance? ET Wealth Online explains
Acko receives IRDAI nod to commence life insurance business
Acko is close to raising a fresh funding round of $150 million led by its existing investors valuing it at $1.5 billion, according to people in the know.
Amazon launches home insurance comparison website in Britain
Ageas UK, Co-op, and LV= General Insurance, a unit of German insurer Allianz, will provide third-party services initially, Amazon said on Wednesday, and it hopes to add more insurers "early next year".
Rs 22 lakh repair cost for Rs 11 lakh car?: Bengaluru car owner gets shocking bill from service centre
Car owner Anirudh Ganesh, product manager at Amazon, shared his ordeal in a LinkdIn post. He said his car gotfully submerged in the flood waters. When he sent his vehicle to Volkswagen service centre, he got back a shocking estimate of Rs 22 lakh to repair his vehicle. He called this as “crony” capitalism by Volkswagen.
CPP Investments bets $1.2 billion in April-June quarter in India PE bets
CPP’s investments spread across sectors and include its $333 million exposure towards Sequoia’s tech-focused India fund, while many other investments were co-investments, according to its presentation.
Acko earmarks over Rs 25 crore on sports sponsorships in FY23
The insurtech start-up will increase its overall marketing budget to Rs 250 crore from Rs 150 crore last year.
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