Increasing digital adoption accelerated by COVID-19 has contributed to more than 120 percent increase in the number of auto insurance policies sold in Q1 FY 22 vs Q1 FY 21, by ACKO, a purely digital insurer. ACKO’s growth numbers highlight its digital-first approach from purchase to claims settlement that has put it in the lead position of being able to capture this change in purchasing behaviour, of a move to value-based purchasing and online shopping.
ACKO has posted INR 81 Cr. in Gross Written Premium in the Q1 of FY 22, registering a growth of 1.16X for their auto business when compared to the same quarter of FY 21. New customer growth from non-metro cities grew by 3.5X in the year while it grew by 2.5X in the metro cities, signalling a confirmed shift in customer’s digital experiences across industries, including insurance.
The interest in ACKO insurance has risen tremendously as evidenced in its website traffic. ACKO’s website currently gets over 4 million monthly users and has also seen a consistent and steady increase in traffic by 161 percent in the April-May-June quarter of FY 22 when compared to the same time period in FY 21.
ACKO is one of India’s leading digital-native insurance companies. Till date, the company has distributed insurance policies to over 62+ Mn unique customers and issued 800 Mn insurance policies. Designed for the digital consumer, it offers customers a seamless and convenient platform with no offline hassles. There is zero paperwork, with everything from purchase to claims and renewals being done digitally. ACKO’s differentiated direct to customer approach for auto insurance has inherent advantages over traditional channels – making insurance buying transparent and effortless.
Animesh Das, Head of Product Strategy, ACKO, said, “What the pandemic has done is accelerated the shift to digital and the comfort of transacting digitally, across generations. Since its launch, ACKO’s approach of being digital first, has been the disruptor of the traditional insurance model. Adding to that the last one year has been definitive in terms of customer’s demand as the convenience, value and experience of the digital medium got reinforced. We’ve been ready and poised to capture this growing demand.”
ACKO Insurance is one of India’s leading digital insurance policy providers with its entire operations offered through the digital platform. Founded in 2016 by Varun Dua and Ruchi Deepak, ACKO’s entire process is designed to provide better customer experience. ACKO executes primarily through a digital platform with no offline hassles – zero paperwork from purchase, claims to renewals. ACKO’s innovative products and smart technology offerings make it stand out. The company uses a direct-to-consumer approach for distributing traditional products, allowing for favorable risk selection and underwriting. ACKO also offers innovative and bite-sized insurance products such as rider insurance, mobile and appliance protection, ticket cancellation etc in partnership with 18+ leading players in the internet ecosystem such as Ola, Oyo, redBus, Zomato, HDB Financial Services and Urban Company. In a span of 24 months of operations, the company has distributed insurance policies to over 62+ Mn unique customers and issued 800Mn insurance policies.