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.
KCR in mindset to start National Party after Polls Hyderabad sources reported that Telangana Chief Minister and Telangana Rashtra Samithi (TRS) President K Chandrasekhar Rao had launched his party's election campaign with a call for 'Congress and BJP mukt Bharat'. When addressing an election rally in Karimnagar, he blamed the two national parties for all the ills plaguing the country and underlined the need for an alternative to bring qualitative change in the national politics.
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