Digital Insurance Startup Receives $12M Investment: Reason Remains “Wow”

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Amazon has shown its power by restarting its efforts of funding in India. It’s Acko, a digital insurance startup of India and the company has confirmed this news while leading a new funding round for its business.

Since the start of this year, Amazon had established links with Acko and investing in it. It’s through backed lending startup Float during the last month. The funding revolves around $12 million for Acko. Presently, this deal increments the worth of Acko to $42 Million.

All Round Business for Acko

Varun Dua founded Acko in the year 2016 who is one of the co-founders of Coverfox – an insurance comparison site. With Acko, Dua has a deep rigor with a focus on digital business that’s aimed at disrupting India’s $10 billion industry. By leveraging the growth of internet access, the company will democratize and give a view to looking newer products.

However, the company has made a great start as investors pushed $330 million funding last year long before it received a license to offer insurance. Since January, Acko completely kept its eyes on the internet policies and internet economy – a new category. Dua, in a talk with TechCrunch, mentioned Amazon as a potential partner of insurance.

As internet economy is a pursuit of it, the big names were out when it comes to partnership. In April, in partnership with Ola has launched passenger insurance for the passengers who meeting with minor injuries, missing flights due to delays in traffic.

It’s a simple process for the users to use insurance claim system integrated into Ola app.

“We know from user behavior experience that passengers tend to contact Ola when they have issues. So we wanted to set up a pretty seamless claims process that’s reasonably integrated,” Dua told TechCrunch in an interview. Together, they have completed 10 million Ola trips so far.

With gadget protection aim as a primary focus, they will continue in developing new products but nothing had been finalized till now. India as a market has an innovative potential in terms of claims efficiency, pricing, distribution, and more.