A digital insurance based startup in India has received $12 Million Dollars from Amazon in a new bout of funding. Amazon has been linked with Acko for the last three months and the company has funded the startup alongside Ashish Dhawan the founder of the private equity company ChrysCapital and the current backer of the Catamaran Ventures. So far Acko has raised $42 Million Dollars including the funding from Amazon.
Varus Dua founded the company Acko in late 2016 creating a new entry into the insurance market which would be completely digital and the startup is currently aimed at targeting the $10 Billion Dollar insurance industry in India.
The company has a good start as the investors have already invested $30 Million into it in 2017 prior to obtaining the required licenses to offer insurance services. The company has gone to great extents to pursue partnerships with Internet economy deals aiming at the primary business models of e-commerce, ride-hailing and travel sites. Acko launched passenger insurance for Uber-rival Ola’s ride-hailing service, which includes riders for obvious items like minor accidents, and eventualities like missing a flight due to traffic delays. The protection claim system is built into the Ola app to simplify the process for users.
“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, adding that Acko has covered more than 10 million Ola trips so far.
Dua explained that the ideas to find some ways to join forces in the future with Amazon; the expected first focus for this collaboration with their investor would be around the protection of gadgets.
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