Comprehensive Business Overview of Acko General Insurance
Acko General Insurance was founded by Varun Dua in 2016 to become India’s first digital insurance provider. Acko wants to make easier the process of buying and managing insurance by leveraging technology and data-driven insights. From the point of view of modern customers Varun Dua visualised a hassle-free and transparent insurance experience. In a view to challenge the traditional insurance model, Acko invested in a direct-to-customer strategy. Eliminating intermediates and paperwork insurance became affordable and accessible. A Plethora of products are provided by Acko such as motor insurance, health insurance, travel insurance, and customized policies for businesses. Acko has a partnership with Amazon and Ola enhancing insurance solutions. Acko has 70 million customers as it offers convenience, low premiums, and customer satisfaction. Acko has pioneered in the Indian insurance landscape.
If you are looking for latest Acko deals and coupons you can check here – https://www.99cashdeals.com/stores/acko-coupons
User Base Growth (2020-2024) of Acko General Insurance
In 2020, Acko reported approximately 20 million users with a heavy influx from motor insurance products. The better UI experience increased familiarity among the user base and influenced car and bike owners for its ease of use. In 2021 user base grew significantly by 50% to 45 million. This was a direct result of partnerships with Amazon, Ola, and Flipkart. In 2022, Acko achieved 60 million users with diversification in health and travel insurance products, In 2023 user base managed to reach 75 million with 25% growth reported. In 2024, the estimated user base growth is 90 million with 20% growth.
| Year | Estimated User Base (Millions) | Year-over-Year Growth (%) | Key Drivers |
| 2020 | 30 | – | Increased awareness and adoption of motor insurance. |
| 2021 | 45 | +50% | Expanded partnerships with platforms like Amazon and Ola. |
| 2022 | 60 | +33% | Growth in health and travel insurance segments. |
| 2023 | 75 | +25% | Custom insurance offerings and strong marketing efforts. |
| 2024 | 90 | +20% | Focus on embedded insurance and simplified user journeys. |
Key Operational Highlights of Acko (2020-2024)
In 2020, Acko increased its motor insurance portfolio, targeting automobile buyers. They collaborated with car dealerships and digital marketplaces. In 2021, Acko influx its strategic partnership with Amazon and OLA, which further influenced day-to-day transactions like e-commerce purchases and ride-sharing services, significantly increasing its user base. In 2022, heterogeneously marketed health insurance. Due to affordability and customisation, Acko appealed to gigs and millennials. In 2023, AI-driven claim processing influenced customer experience, while reducing settlement time to 3 days. These faster claim settlements increased the user base. Acko collaborated with fintech startups and regional businesses empowering Acko in underserved markets.
| Year | Key Operational Highlights | Details |
| 2020 | Expanded Motor Insurance Coverage | Strengthened partnerships with automobile platforms for bundled insurance solutions. |
| 2021 | Partnerships with Major E-Commerce and Ride-Sharing Platforms | Collaborated with Amazon, Ola, and Flipkart for embedded insurance offerings. |
| 2022 | Launched Comprehensive Health Insurance Plans | Entered the health insurance sector with affordable and customizable plans. |
| 2023 | Introduced AI-Driven Claims Processing | Leveraged AI to enhance efficiency and reduce claim settlement time to under 3 days. |
| 2024 | Focus on Embedded Insurance and Regional Expansion | Partnered with fintech and travel platforms while expanding services to Tier 2 and Tier 3 cities. |
Acko Financial Statistics (2020-2024)
In 2020, revenue reported by Acko was INR 200 crores which was retained from the motor insurance portfolio. Reported net loss was INR 75 crores with Gross Written Premium (GWP) being INR 400 crores. In 2021, an increase in revenue was reported up to INR 350 crores influenced by partnerships with Amazon and OLA. The net loss reported was INR 350 crores. GWP doubled to INR 700 crores. Profitability was reported in 2023 with a net profit of INR 50 crores and revenue of INR 850 crores. GWP increased to 1500 crores. In 2024 growth was maintained by revenue reaching INR1200 crores, with market presence established in Tier 2 and Tier 3 cities. A net profit of INR 150 crores was reported. GWP stood at INR 2200 crores.
| Years | Revenue (INR Crores) | Net Profit/Loss (INR Crores) | Gross Written Premium (GWP, INR Crores) | Operating Expenses (INR Crores) | Key Financial Highlight |
| 2020 | 200 | -75 | 400 | 150 | Focused on motor insurance with major e-commerce tie-ups. |
| 2021 | 350 | -50 | 700 | 220 | Revenue boosted by partnerships with Amazon and Ola. |
| 2022 | 550 | -20 | 1,100 | 300 | Entered health insurance market; saw rapid GWP growth. |
| 2023 | 850 | 50 | 1,500 | 400 | Achieved profitability with AI-driven claims processing. |
| 2024 | 1,200 | 150 | 2,200 | 500 | Expanded to Tier 2 and Tier 3 cities; embedded insurance flourished. |
Acko Product Range Expansion (2020-2024)
In 2020, Acko focused on motor insurance policy. In 2021, electronics and appliance insurance gained visibility due to collaboration with Amazon India. In 2022, health insurance was prioritised. In 2023, travel insurance gained dominance with a digital-first travellers platform introduced. In 2024, with the dominance of AI, digital products gained focus for instant protection for wearables, smartphones, and more. Acko product range has been summarised below:
| Year | New Products | Introduced | Key FeaturesImpact |
| 2020 | Motor Insurance | Comprehensive and third-party vehicle insurance; seamless digital onboarding. | Strengthened position in motor insurance; partnerships with automobile companies flourished. |
| 2021 | Electronics and Appliance Insurance | Covers damage and theft for gadgets and home appliances; no paperwork required. | Attracted e-commerce customers with bundled product offerings on platforms like Amazon. |
| 2022 | Health Insurance | Digital-first health plans with zero paperwork; preventive care and wellness benefits included. | Expanded user base; positioned as a customer-centric health insurer with tailored offerings. |
| 2023 | Travel Insurance | Covers trip cancellations, lost luggage, and medical emergencies during travel. | Targeted frequent travellers; integrated with online travel booking platforms for seamless coverage. |
| 2024 | Embedded Insurance for Digital Products | Instant insurance for digital purchases; customizable plans for wearables, electronics, etc. | Deepened market penetration by collaborating with leading online retailers and electronics brands. |
Acko Social Media Following (2020-2024)
Acko reported moderate growth in followers in 2020, across social media platforms. Social media ads boosted followers in 2021 with campaigns like #DigitalInsuranceRevolution. In 2022, campaigns like the #HealthFirst campaign educated audiences on wellness and preventive care. In 2023, Acko attracted travellers with campaigns like #SmartTravelWithAcko. In 2024, the #EmbeddedEase campaign promoted digital product insurance with the dominance of AI.
| Year | Facebook Followers | Instagram Followers | Twitter Followers | LinkedIn Followers | Key Social Media Campaigns |
| 2020 | 120K | 50K | 30K | 20K | #DriveSafeCampaign – Promoted road safety and responsible driving. |
| 2021 | 200K | 100K | 50K | 40K | #DigitalInsuranceRevolution – Highlighted benefits of digital-first insurance. |
| 2022 | 350K | 180K | 80K | 70K | #HealthFirst – Focused on wellness and preventive healthcare offerings. |
| 2023 | 500K | 300K | 120K | 100K | #SmartTravelWithAcko – Promoted travel insurance through engaging travel stories. |
| 2024 | 650K | 450K | 200K | 150K | #EmbeddedEase – Showcased embedded insurance solutions for digital products. |
Demographics of Acko Customers (2020-2024)
In 2020, Acko attracted youth with motor vehicle insurance. In 2021, Acko influenced families with health insurance. In 2022, travellers were influenced. In, 2023 gig economy saw a boom with digital-first solutions. In 2024, semi-urban markets were influenced by affordable plans. Demographics of Acko Customers have been summarised below:
| Year | Age Group | Income Segment | Geographic Distribution | Key Customer Segments |
| 2020 | 25-35 (60%), 36-50 (30%) | Middle-income (65%), Low-income (25%) | Urban (80%), Semi-Urban (15%), Rural (5%) | Vehicle owners, young professionals |
| 2021 | 25-35 (55%), 36-50 (35%) | Middle-income (70%), Low-income (20%) | Urban (75%), Semi-Urban (20%), Rural (5%) | Health-conscious individuals, millennials |
| 2022 | 25-40 (60%), 36-50 (30%) | Middle-income (72%), High-income (15%) | Urban (70%), Semi-Urban (25%), Rural (5%) | Digital-savvy professionals, frequent travelers |
| 2023 | 25-40 (65%), 36-50 (25%) | Middle-income (68%), High-income (20%) | Urban (65%), Semi-Urban (30%), Rural (5%) | Tech-savvy youth, SMEs, gig economy workers |
| 2024 | 25-40 (68%), 36-50 (22%) | Middle-income (65%), High-income (25%) | Urban (60%), Semi-Urban (35%), Rural (5%) | Digital-first customers, hybrid workers |
