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.
Who owns hidden treasures in the coast of Portugal? According to sources spices, ceramics and cannons engraved with Portugal's coat of arms all lie around the wreck, found near Cascais, close to the capital Lisbon. Meanwhile the team believes the ship was returning from India when it sank sometime between 1575 and 1625 and hence this was at the height of Portugal's spice trade with Asia. Project director Jorge Freire told news agency that it is situated at a depth of 12m (40ft) the wreck was very well preserved.
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