Amazon India is out to expand its presence in India in multiple verticals and its latest decision to invest $12 million in insurance vertical Acko, which holds a license to issue policies in the non-life categories. Meanwhile this is not the first such investment by Amazon in the Indian fin-tech startups; though it is the first insurance company it has picked up to invest in.
Moreover it invested Rs 144 crore in Capital Float, an online lending portal and picked up a minority stake in BankBazaar. Acko Technologies is the parent company that operates the Acko General Insurance business online and uses the latest technology to process applications for insurance policies online and issues them to individuals and businesses. Further as indicated already the company operates in the non-life insurance space.
Amit Agarwal, SVP and Country Manager, Amazon
India, in a statement said “Acko is a young and nimble start-up bringing
technology and data-led innovation to the insurance sector to deliver a better
insurance experience for customers and they are excited to back companies that
are focused on using technology for enhanced customer experience and are led by
missionary founders and management teams and looks forward to be a part of
their growth journey”. Furthermore the founder of Acko, Varun Dua, already runs
another insurance site, CoverFox, which does aggregation of polices and many of
the making investments in Acko have made investments in CoverFox as well.
