Acko reports 120% growth in auto insurance policies
1 min read 25 Jul 2021, 03:48 PM ISTAcko’s growth numbers highlight its digital-first approach
PremiumAcko, a digital platform for buying insurance policies, has experienced a whopping 120% growth in sales of insurance policies for automobiles in the first quarter of this fiscal compared to the year ago period. With the pandemic restricting customers’ ability to visit showrooms, purchase of vehicles through digital platforms has increased significantly.
Acko’s growth numbers highlight its digital-first approach from purchase to claims settlement that has put it in the lead position of being able to capture this change in purchasing behaviour, of a move to value-based purchasing and online shopping, the company said.
“Acko has posted ₹81 crore in Gross Written Premium in the first quarter of FY 22, registering a growth of 1.16 times for their auto business when compared to the same quarter of FY 21. New customer growth from non-metro cities grew by 3.5 times in the year while it grew by 2.5 times in the metro cities, signaling a confirmed shift in customer’s digital experiences across industries, including insurance," the statement noted.
“What the pandemic has done is accelerated the shift to digital and the comfort of transacting digitally, across generations. Since its launch, Acko’s approach of being digital first has been the disruptor of the traditional insurance model. Adding to that, the last one year has been definitive in terms of customer’s demand as the convenience, value and experience of the digital medium got reinforced. We’ve been ready and poised to capture this growing demand," said Animesh Das, head of product strategy, Acko.
Acko’s website currently gets over 4 million monthly users and has also seen a consistent and steady increase in traffic by 161% in the April to June quarter of FY22 when compared to the same time period in FY21.
“Till date, the company has distributed insurance policies to over 62 million unique customers and issued 800 million insurance policies. Designed for the digital consumer, it offers customers a seamless and convenient platform with no offline hassles. There is zero paperwork, with everything from purchase to claims and renewals being done digitally," the company said in a statement.
