Acko General Insurance plans to use the funding to expand its healthcare offerings. Here are the top-line bullets you need to know.
Acko General Insurance, a digital insurance company, has raised $225M in a Series E. The round drew participation from CPP Investments, General Atlantic, Intact Ventures, Munich Re Ventures, Multiples Alternate Asset Management, and Lightspeed Venture Partners.
HOW’S THE COMPANY PERFORMING?
- India-based Acko General Insurance provides bespoke online insurance for vehicles, products, and healthcare.
- The startup operates in India as a regulated insurance business.
- Acko General Insurance is registering an annual run rate of $175M in premiums.
- The insurance company currently has over 70M customers. Acko General Insurance has also partnered with companies like OLA, Amazon, Zomato, Swiggy, and Rapido.
- Acko General Insurance has a headcount of more than 400.
Source: Acko General Insurance
WHY DOES THE MARKET MATTER?
- The global insurtech market is expected to grow at a CAGR of 48.8% and reach a value of $61B by 2028, according to Grand View Research.
- Rising consumer demand for customized insurance policies, fast communication, and simplification of the claims process has increased the need for insurance companies to digitize policies and adopt AI and automation.
- The demand for digital services has increased amid Covid-19, which has further contributed to market growth.
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