What Is ACKO Insurance?
ACKO Insurance is a Bengaluru‑based digital insurtech company founded in November 2016 by Varun Dua and Ruchi Deepak. The company obtained its IRDAI license in September 2017 and operates entirely through a digital platform, offering a fully online insurance experience. Initially focused on general insurance, ACKO has since expanded its offerings into auto, health, and life insurance, aiming to simplify and modernize coverage in India
A Digital-First Revolution
ACKO has transformed insurance by embracing a fully digital, direct-to-consumer model. Customers can buy, renew, and manage their policies through an intuitive app or website without intermediaries. This streamlined structure enables instant policy issuance, transparent pricing, and fast claim processing—elements that starkly contrast with the traditional, paper-heavy methods prevalent in the Indian insurance industry
Diversified Product Portfolio
ACKO began by offering motor insurance, travel cover, and gadget protection. By 2024, it had expanded into health and life insurance, along with niche offerings such as EV battery warranty in partnership with Ola and Ather. According to YourStory, the company has also developed micro‑insurance products available via platforms like Ola, redBus, Amazon, and Zomato
Acko Drive: Beyond Insurance
In 2019, ACKO launched Acko Drive, an automotive platform offering vehicle purchasing, financing, insurance, and service support. By mid‑2024, Acko Drive was active in 12 Indian cities, operating two service centers in Bengaluru, with plans to expand across Delhi, Mumbai, Chennai, and more. This addition allows ACKO to deliver a holistic ownership experience integrating purchase, insurance, servicing, and claims
Innovation with Healthcare Integration
ACKO has also ventured into healthcare by acquiring OneCare, a chronic care management platform, in July 2024. The acquisition strengthens its goal of integrating clinical care within insurance services. According to the official announcement, this move aligns with ACKO’s vision of providing a more comprehensive healthcare ecosystem
Performance and Market Impact
Within just three years, ACKO delivered over one billion policies to more than 78 million customers, maintaining a 98% claim settlement ratio and an impressive NPS of 70+ acko.com. While its rapid growth has come with rising losses—FY 2023 showed a net loss of Rs 551 crore on revenues of Rs 966 crore—expenses have also increased substantially
Health insurance users in r/personalfinanceindia reported smooth cashless claims—for instance, an ACL surgery claim processed in just four hours—while others advised checking policy terms thoroughly to understand exclusions
Conclusion
ACKO has reimagined insurance in India by offering fast, digital-first services and an expanding ecosystem that now includes car servicing and healthcare management. Its rapid rise—from car cover to a multi‑insurance platform with integrated services—demonstrates its disruptive potential. Still, long-term success will depend on sustaining profitability and resolving customer reliability issues. For consumers seeking transparent, tech‑driven insurance solutions, ACKO is a compelling option, though due diligence on policy specifics and claim processes is recommended.
