13 March, 2019 14:00
Photo : Freepik
The subsidiary venture ofIntact financial Corporation, Intact Ventures, participated in a round of series C financing of the insurer digital indian Acko. The company has raised 65 million us dollars (US$ M).
The round was led by the online retailer Flipkart, RPC Ventures pristine Ventures, and also includes a participation of companies such as Amazon, Accel, SAIF and TechPro Ventures.
Acko was founded in 2016 by Varun Dua. It is the first insurer in digital in India. The company says it offers a ” shopping experience intuitive, the lowest prices and claims stress-free “.
“A huge underserved market”
The indian market for the insurance of damages would be ” a huge underserved market ready to be disrupted “, where insurers are facing structural challenges, such as information asymmetry, and a distribution-dependent intermediaries.
“The marketing approach that differs from Acko presents intrinsic advantages compared to conventional models, indicates Intact by way of a press release. The company uses a direct approach to the consumer for the distribution of motor insurance, allowing a risk-selection in favour of and a subscription of superior quality. Acko also offers insurance products, innovative and precise as the driver insurance, the protection of mobile devices and appliances, cancellation of tickets, in particular, in partnership with more than 15 players in the Internet ecosystem, such as Ola, Amazon, RedBus, Zomato and UrbanClap. In the space of 12 months, the corporation has distributed insurance policies to more than 20 million unique customers. “
To transform the distribution in India
“This round of funding demonstrates the confidence that investors place in us and our ability to transform the way in which the insurance is to be distributed. We are delighted to put the company on a trajectory of rapid growth. Insurance is a sector with high capital intensity and, to the extent of our growth, we will mobilize more and more funds in accordance with the guidelines of the regulatory body “, said Mr. Dua.
“We are thrilled to support Acko in his mission to become the first insurer in digital in India. In addition to their innovative strategy of direct distribution to the consumer, Mr. Varun and his team have adopted a creative approach in developing distribution partnerships and impactful enabling millions of customers to protect assets that are important to them, ” adds Karim Hirji, senior vice-president of Intact Ventures.
With this round of funding, Acko has managed to raise$ 107 MILLION US in total. The company has obtained US$ 30 MILLION in its round boot, ” one of the largest amounts to be raised in the round to the boot sector of the start-up indian “, and then a series B funding of$ 12 MILLION US, led by Amazon.