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FINANCIAL | Insurance

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Founded Year



Series D | Alive

Total Raised


Last Raised

$60M | 1 yr ago

About Acko General Insurance

Acko General Insurance is a digital insurance company that provides a variety of insurance policies ranging from car insurance to two-wheeler insurance (scooters, motorcycles) to mobile phone insurance to Ola Insurance. Ola Insurance is passenger insurance for Ola's ride-hailing service and covers items like minor accidents involving riders as well as insurance against missing flights due to traffic delays. The insurance claim system is built into the Ola app, per Acko, to simplify the process for users.

Acko General Insurance Headquarter Location

2nd Floor, #36/5, Hustlehub One East Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout

Bengaluru, 560102,


1860 266 2256

Latest Acko General Insurance News

Nic Cicutti: Is Amazon financial services on its way?

Sep 14, 2021

The tech giant has already established a tie-in with Indian insurer Acko General Insurance, and funded a fintech in the country 14th September 202111:00 am What would a giant Amazon Financial Services look like? Could it threaten UK advisers? If so, how should they respond? I found myself asking these questions after reading a fascinating article recently about Amazon by Money Marketing chief reporter Lois Vallely. She points out that in India, Amazon has started offering car and motorbike insurance as part of a deal with an Indian insurer Acko General Insurance. It has also invested in the Indian fintech start-up Smallcase. Lois suggests this is potentially “laying the foundations for an incursion into the wealth management space.” She quotes well-respected Money Marketing technology commentator Ian McKenna , who says the deal should act as a “wakeup call” for the UK industry. Under normal circumstances, you might expect me to amplify Lois’s comments about Amazon. Personally, I’ve always been a sucker for stories where potential disruptors enter the market and park their tanks on advisers’ collective lawns. And, goodness knows, it’s happened before, under different guises and in different sectors. Back in the late 80s, Direct Line was a disruptor and – together with other direct insurers – gobbled a chunk out of the personal lines brokers’ market. Hargreaves Lansdown, Chelsea, Bestinvest and others did the same for investments in the 90s, appealing to consumers who wanted to make their own decisions about what funds to invest in while avoiding commission charges. Somehow, though, I’m not sure an Amazon financial services poses that kind of threat here in the UK, yet. Let’s first try to unpack these two examples from India, starting with Acko. India is virgin territory for almost any kind of financial services operation, including insurance: barely 3% of the country’s 1.35 billion population has access to insurance. That’s 40 million people. And of those who do, the total average spend is only £35 a year, which is hardly surprising given that the median Indian annual wage in 2021 is estimated to be less than £1,900. So, a market currently worth less than £1.5bn a year. Amazon’s tie-up with Acko is aimed at boosting the services it makes available through Amazon Pay, its online payment platform. The Amazon Pay app in India sells flights and movie tickets, as well as allowing users to pay their utility bills. In India, this level of diversification is not unique: Paytm, the digital payment company and Amazon’s biggest local rival in the same market, recently also bought a personal lines insurance company to widen its own diverse offering to customers, which includes a digital bank and online lending. Could the Acko/Amazon tie-up grow and succeed? Possibly, yes. The general insurance market there is unformed and it looks like the biggest competitors are already vying with each other by using similar approaches to growth. At the same time, it’s also worth noting how tiny, in hard financial terms, the Indian market is today and will be for many years. Here in the UK, entering a mature market, even for a company like Amazon, would be tough. Then there’s Smallcase, a wealth management platform where model portfolios are created and distributed by brokerages, investment managers and other advisers. Can Smallcase succeed where others have failed? It’s also possible. It claims to have doubled its customer base to three million in the past 12 months and there’s no doubt about the large appetite for investments within a small but fast-growing Indian middle class. But as for India acting as a testbed for potential Amazon financial services ventures  in other territories, including Europe, the jury is still out. My sense, at least now, is that for Amazon to enter the UK as a rival to well-established financial players already operating in the market is a huge leap. Elements of what it would want to offer already exist via execution-only platforms like Hargreaves and Fidelity, which also offer bolt-on financial advice, or in-house fund platforms like Vanguard. Could an Amazon financial services step in and eat their lunch? Only if it was able to make a suitable acquisition and repurpose it. But the act of doing so would give reasonable advance warning to the rest of the industry in terms of potential pricing and operational structures. As for advisers, they could respond not simply by sticking to their knitting but highlighting their own expertise in investment strategies, but with grittier and more exhaustively meticulous skills based around personalised financial planning to their existing customer base. For now, advisers are probably safe. Whether that’s still the case in five years’ time, is a different matter. Nic Cicutti can be contacted via

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Expert Collections containing Acko General Insurance

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Acko General Insurance is included in 5 Expert Collections, including InsurTech.



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