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Digital insurance company Acko raises $30 million in a seed round

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Digital general insurance company Acko General Insurance raised $30million in seed round after it received it’s in- principal regulatory clearance. The company will be launching a general insurance business. The company raised the funds from Narayan Murthy’s Catamaran Ventures; Venk Krishnan and Subba Rao of NuVentures; Kris Gopalakrishnan, Co-founder Infosys; Hemendra Kothari from DSP Blackrock; Atul Nishar, founder & chairman of Hexaware Technologies; Rajeev Gupta, founder of Arpwood Capital; Accel and SAIF Partners, it said in a statement.

Acko will operate as an independent general insurance company, it claims that the whole process of buying an insurance to making claims will be done online. Acko also plans to launch personalized insurance products for users. Acko plans to introduce insurance policies for pregnancies and cab-sharing companies, as indicated by TechCrunch. The publication added that insurance policies cheaper by 30-40% by more accurately by gathering information and data online.

The startup currently has 20 people and looks to grow the team by 45-50 by the year end.

The company is founded by Varun Dua, who previously founder of Coverfox which operated an insurance distribution company. It acts as an aggregator for insurance companies However, the company will be offering its own products to the users. Acko has received R1 license and has filed for R2 license with the insurance authority. Dua has moved on from Coverfox to fully operate Acko.  Interestingly, Catamaran, Accel and SAIF partners had invested in Coverfox as well.

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Competition

While Acko is the first insurance company with an online-only policy, most insurance companies offer services online as well. Startups such as EasyPolicy, Bankbazaar and PolicyBazaar have tied up with insurance companies to offer products to customers on the digital medium.

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