Acko.pptx

July 2022
Acko
Unicorn Business Summary

Unicorn Business Summary - Acko - July 2022 Copyright © 2022, Tracxn Technologies Private Limited. All rights reserved.
What does the company do?
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Acko - Core Product Offering (1/2)
● ACKO is India’s fastest growing Insurtech Company, offering vehicle insurance, health insurance,
and electronics protection coverage
○ Provides low premium, quick & hassle-free claim settlement experience to all customers by
keeping the entire process online and automated
○ Removes third party associations and offers cashless claim settlements
● Company provides insurance products via partnerships with major partners such as Ola, redBus,
Amazon, OYO like trip insurance, electronics cover, hotel-stay insurance, etc
● Company provides usage based insurance, 3rd-party Liability Insurance, Comprehensive &
Commercial Car Insurance
○ It works on a full stack model which helps it control the entire value chain, starting from
providing insurance to the claim settlement process
■ During claims, company itself pick customers vehicles within an hour, repairs them
and provide doorstep delivery within 3 days with no extra cost & provides 1 year
repair warranty in selected cities and provides add on of Zero Depreciation costs
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● Provides Health Insurance and Group Medical Cover with zero waiting period and helps reduce
customers pocket expenses during hospitalization
○ It covers hospital room rent, ICU & ambulance charges, home treatment costs, also provides
protection for inflation with a sum increased by 10%
○ It also secures family from Covid -19 medical costs and also provides free doctor consultation
if symptoms arise
● Also, provides insurance for protection of mobile phone and appliances
○ Provides all round protection and screen protection for 1 yr from the date of the purchase,
also provides 1 repair request during the period
○ Provides several benefits such as cashless repairs, doorstep pick up and drop for repairs
○ Provides insurance only for online purchases from Amazon and for offline purchases through
Girias, Global access and Fone 4
● Company maintains its revenue portfolio of 70% from auto insurance, 10% from health and 20%
from partnerships
● Company also plans to go for an IPO in coming two years
Acko - Core Product Offering (2/2)
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● Acko is founded by Varun Dua in 2016. He is a serial entrepreneur with 10+ years of experience in
insurance industry
○ Completed his education from MICA, Ahmedabad, and the University of Mumbai
○ He was the CEO and Co-Founder of Coverfox Insurance Broking Pvt. Ltd
○ Previously founded 2 other companies; Enser Communications and Glitterbug Technologies
○ While working in Coverfox he realized that many third parties are involved in the insurance
industry because of which it lacks transparency
○ He decided to create a simple, affordable and internet first process
○ He founded Acko to address the problems by removing third parties, minimising the
paperwork, providing good customer experience during insurance claims, making it more
affordable and burden free for consumers
Acko - Founder Story

Company Profile
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Acko - Company Profile
2016
Founded
$527M
Funding
Series D
Company Stage
655
Employee Count
Varun Dua
Co-Founder & CEO
CEO-Acko, Ex-Co-Founder-GlitterBug
Technologies.
Ruchi Deepak
Co-Founder
-
Mumbai
Location
2 3.0M
3 389
Mobile Downloads
Twitter Followers
News Mentions
App Rating
$858M
Valuation
hello@acko.com
Email ID
Founding Team Social Stats Contact Info
Funding Rounds
Feb 2022 $15.9M Series D Intact Ventures, Munich Re Ventures
Mar 2021 $255M Series D General Atlantic, Multiples Equity, Ventureast, CPP Investments, Lightspeed Venture Partners, Intact Ventures, Munich Re
Sep 2020 $60.0M Series D Munich Re Ventures, Ventureast, Intact Ventures, Amazon, RPS Ventures, RA Trust, TI Platform Management
Nov 2019 $40.5M Series C Ascent Capital, Baring Private Equity Asia, Ventureast, DSP Group

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Acko - Top players in the market
Company Description Founded Country Funding Stage Institutional Investors
Acko
App-based insurance
services for individuals
2016 India $527M Series D Accel, Ventureast, General Atlantic, +27 others
Digit Insurance
App-based insurance
platform for individuals
2016 India $544M Series D
Fairfax Financial Holdings, TVS Capital Funds, +7
others
Root Insurance
Online car insurance
2015 U.S $540M Public Redpoint Ventures, Rabbit Capital, +12 others
Clearcover
Online platform provides
automotive insurance
2016 U.S $329M Series D Lightbank, OMERS Ventures, Eldridge, +13 others
Zego
Usage-based insurance for
individuals & fleet owners
2016 U.K $202M Series C Georgina Callander, Taavet Hinirikus, +5 others
Mashmallow
App-based car insurance
2017 U.K $121M Series B Investec, Passion Capital, SCOR, +3 others
Hellas Direct
Internet-first that provides
automotive insurance
2011 Greece $66.9M Series C International Finance Corporation, +6 others
Coya
Online platform provides
usage-based insurances
2016 Germany $40M Acquired -
Justos
App-based auto insurance
2020 Brazil $38.6M Series A
Ribbit Capital, Kaszek Ventures, GGV Capital, +4
others

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● Company caters to 50M+ unique customers1
● Claim settlement ratio, for motor insurance was 95.5% for FY 2021-22 and for health insurance was 97%
for FY 2020-212
○ Covered 75M people under Health Insurance and has a network of more than 7.1K hospitals3
○ Also, provides corporate insurance to 500K employees across 150 corporations4
● By Oct’21, it has sold its products to over 70M customers and with a premiums of nearly $150M5
● In Q1 FY22, Acko has increased its sales of auto insurance to 120%6
● Company had partnered with 6 IPL teams as an official insurance partner7
Acko - Business Metrics
Sources:
1. Acko about us page Link
2. Acko website as on 11-May-22 Link
3. Acko Health plan Link
4. Vccircle as on 28-Oct-21 Link
5. Business Insider as on 28-Oct-21 Link
6. Economic Times as on 23-Jul-21 Link
7. Financial Expresss as on 11-Mar-23 Link

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Acko - Metrics (1/2)
Employee Count Mobile App Reviews

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Acko - Metrics (2/2)
Revenue($M)

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Acko - News
Date Event News Links
May 2022 Bajaj Finance partners with ACKO General Insurance to offer motor
insurance policies
Money Control, Economic Times, Business World,
Business Standard, IBS Intelligence
Mar 2022 ACKO associates with six teams as their official insurance partner Financial Express, Sports Mint Media, The Mileage
Feb 2022 Acko sees IPO in 2 years, says CEO Varun Dua Economic Times, Linkedin
Oct 2021 Acko raises $255 mn, becomes 34th Indian unicorn this year VC Circle, Livemint, Business Insider, Economic
Times
Jun 2021 ACKO clocks Rs 100 crore from employee group health insurance
premium in FY21
Economic Times, Dt Next, IQ Stock
Oct 2020 Acko partners with Finserv MARKETS to offer car and bike insurance Economic Times, Business World, Business Standards
Sep 2020 Amazon-backed Indian insurtech startup Acko raises $60 million Techcrunch, The News Minute, Tech Story,
Reinsurance, Business Standard
Apr 2020 Acko offers free Covid-19 consultation with doctors Economic Times, The News Minute

● Company faced regulatory issues from IRDAI due to non-compliance IRDAI regulations over its
advertisements and has been charged Rs. 1 CR penalty. Link
Acko - Controversies
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● ACKO provides insurance for car/bike insurance, health insurance, COVID-19 health insurance and
electronics protection
● Founder recognised the potential in the industry and problems in buying traditional insurance
○ Varun founded Acko and initiated Internet first insurance to remove third parties and improve
the quality of the product
○ He recognised traditional insurance is very time taking and requires huge amount of
paperwork. So, he planned to remove it
○ Pivoted to full stack model where they can control the entire value chain and bring
transparency to the claims settlement process
● Company gets the information about consumers behaviour from its partnerships with brands such
as Zomato, OYO etc and price the insurance accordingly
● Witnessed huge sales for health insurance during and post pandemic as customers prefered digital
platforms for purchasing insurances and has witnessed a 161% growth in website traffic
● Company is planning to increase its verticals of technology, auto insurance, and micro-insurance
products across travel, gadgets, and appliances
Acko - Summary Thesis Points
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“Since first investment in Acko, it has levelled up quickly to become the leading digital Insurer of India by anchoring
technology and data to create an aesthetic user-centric experience”
Karim Hirji, Senior Vice president and MD of Intact ventures, Sep 2020 Link
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“We are firm believers in the Indian insurance sector’s long-term growth story. We believe Acko with its disruptive
business model and strength in execution, is well-positioned to take advantage of the sector tailwinds and emerge as a
market leader given its singular focus on driving innovation across product design, distribution, underwriting and
customer servicing.”
Shantanu Rastogi, managing director, General Atlantic, Oct 2021 Link
Acko - Investor speak

1. What is your business model?
VD: We are a general insurance player. Our business model is very simple: Sell digitally and get richer data for underwriting,
which leads to better pricing for the customers. The cost of acquisition is lower when selling digitally, and cost of sales is also
lower as we have not built any branches or engaged with agents…
2. When will you turn profitable?
VD: We are just 18 months old. Typically, general insurance companies take seven to eight years to reach break-even…
3. What are the key advantages for policyholders coming to Acko?
VD: There are two key advantages for policyholders coming to Acko. Firstly, prices are cheaper. About 80% of customers find
our products to be 10-30% cheaper. Secondly, we are able to guarantee a claims settlement in a turnaround time of three
days…
4. What are your long-term plans for the company?
VD:We are very excited about the general insurance industry in India because right now it is one of the fastest growing
industries in the world with 16-18% yearly growth. Penetration is poor and there is lot of growth…
Interview with Varun Dua (Co-founder and CEO) Link
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Acko - Founder speak

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How has Acko (Founder & CEO) evolved as a Tech-
First Company? Varun Dua, Founder (Link)
Insurance in the Digital Economy - Varun Dua
(Founder & CEO) at the 2nd India Fintech
Conference (Link)
Acko - Company videos (1/2)

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In Conversation With Varun Dua (Founder & CEO) of
ACKO (Link)
Varun Dua(Founder & CEO) Acko General
Insurance on non-life insurance at JioGenNext
(Link)
Acko - Company videos (2/2)

Market stats
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Acko - Market Stats (Auto Insurance)
Data Point #
Registered Vehicles in India, Since 2019¹ $3.7M
Gross direct premium from motor insurance in 2019-203 $8.8B
Market share of motor insurance in 20211 34.1%
% CAGR of motor insurance in India during 2018-20271 >3%
% CAGR of car insurance in India during 2022-20282 8%
Sources:
1. Mordor Intelligence- 2019 Link
2. Globe News Wire as on 19-Jan-2022 Link
3. Coverfox as on 21 - Jan - 21 Link

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Acko - Market Stats (Health Insurance)
Data Point #
Market Size of health insurance in 20181 $4.7B
Market share of health insurance in 20211 29.5%
% CAGR of health insurance in India during 2021-20273 10.1%
Projected growth by FY 20301 $25M
Sources:
1. Statistica - 2022 Link
2. Mordor Intelligence -2022 Link
3. Globe News Wire as on 25-Jan-2022 Link

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