Will the ghost of Coverfox’s broken promises catch up to Acko?
General insurance companies have a legacy of lethargy. But at Acko, Varun Dua may be getting ahead of himself, yet again
Digital insurer Acko’s chief executive Varun Dua sold a vision of digital only insurance to the investors to raise $30 million in May this year
There is space for digital only insurance in the general insurance industry, which underwrote premium of Rs 96,379 crore in 2015-16, showing 13.81% growth from the previous year
But only about 2% of insurance policy sale is digital-only, with zero advise from an on-call or in-person insurance agent
Acko would complete with Fairfax backed Digit and Toffee Covers, who are developing digital only insurance products, too
Click, Click, to insure against a stolen phone, a cab accident or even a runner’s knee injury. Snap, snap to claim it when things do go wrong.
Digital insurer Acko’s chief executive Varun Dua sold this vision to the investors to raise $30 million in May this year. It mustn’t have been hard for him. Fintech has shown promise, insurtech must not lag behind. Because when insurance and tech come together, two things happen. Simplicity for customers, unlike the pile of pages that only an insurance agent…
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