ACKO Insurance, India’s first and fastest-growing wholly digital insurance provider, has sharpened its focus on the Gujarat market to target its Internet-savvy population with its insurance products for auto.
ACKO has launched its marketing campaign in Gujarat to increase brand awareness and strengthen brand recognition.
The company has also recently announced its association with the Delhi Capitals team and launched its product marketing campaign during the IPL 2020.
With the IPL being extremely popular in Gujarat, it is a huge platform for ACKO to further drive brand discovery and preference for ACKO in the state.
ACKO’s focus on Gujarat is a part of the company’s overall plan to increase penetration in India’s tier II and III cities.
Founded by Varun Dua and Ruchi Deepak in 2016, ACKO is India’s first and only digital-native insurance company.
The company uses a direct-to-consumer approach for distributing traditional products such as motor insurance.
By having a direct relationship with the customer, ACKO aims to fundamentally change how a new generation of consumers interact with and experience insurance.
To date ACKO has issued policies to over 60 Mn unique customers. ACKO has raised total funding of US$ 200 million.
The company is backed by marquee investors such as Munich Re Ventures, Amazon, Accel and SAIF Partners, Binny Bansal, RPS Ventures and Intact Ventures, among others.
As a tech company, ACKO uses data and analytics to underwrite the customer that improves premium pricing accuracy.
In the case of car or bike insurance for example, the policy premium served to every customer is dependent entirely on his/her unique parameters of how safe a driver s/he is, the nature of usage of the vehicle, etc.
ACKO’s entire process is online- from buying of the insurance policy to the settlement of claims which translates into zero paperwork for the customer, and comes with the advantage of affordable prices and stress free claims.
With its entire operations online, ACKO has been able to onboard and service its customers, despite the pandemic.
As COVID-19 accelerates the adoption of digital by consumers, customers will increasingly look to buy insurance online.
With a large digital-savvy population of nearly 64 percent1, Gujarat is a focus market for ACKO where the transition from traditional insurance to digital insurance is set to gain traction.
Gujarat has the highest vehicle ownership in India with 450 vehicles per 1,000 people2 and has held this leading position for the last 5 years.
Since the lockdown ended, economic activities in Gujarat have been picking up and this has also helped boost automobile sales.
Recent industry data3 shows increased car registrations since August ‘20, where Gujarat was the No. 3 state in terms of passenger vehicle sales and it stood at No. 6 in September 20204 across all states in the country.
Ashish Mishra, EVP – Marketing, ACKO Insurance said, “We expect the next wave of growth for digital insurance platforms to come from cities where digital adoption is on a rise.
The current pandemic has led to many new users embracing digital insurance, and this digital shift is here to stay! With over 60% online penetration, Gujarat has a digitally savvy population, who are also willing to try better products that can offer value for money.
This aligns well with what ACKO offers. We expect the Gujarati population to gradually shift towards digital insurance for it’s inherent benefits over traditional insurance. Our focus will continue to be to spread awareness and familiarise people with the benefits of ACKO.”
About ACKO Insurance
ACKO Insurance is India’s first and fastest-growing insurance policy provider with its entire operations offered through the digital platform.
Founded in 2016 by Varun Dua and Ruchi Deepak a fin-tech serial entrepreneur, ACKO aims to deliver conventional insurance unconventionally.
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 differentiate it from the market. The company uses a direct-to-consumer approach for distributing traditional products, allowing for favourable risk selection and superior underwriting.
ACKO also offers innovative and bite-sized insurance products such as rider insurance, mobile and appliance protection, ticket cancellation etc in partnership with 15+ leading players in the internet ecosystem such as Ola, Amazon, Oyo, redBus, Zomato, HDB Financial Services and UrbanClap.
In a short span of 24 months of operations, the company has distributed insurance policies to over 60mn unique customers.