8 months ago
Varun Dua's Journey to Acko
Varun Dua started his career in insurance and mutual funds.
He noticed that insurance companies had old systems and manual processes.
He first started a company called Glitterbug Technologies to help insurers with software.
Later, he launched Coverfox, an online marketplace for insurance.
He realized that customers needed trust more than choices.
So, he decided to start his own insurance company, Acko.
Acko sells insurance directly to customers, making it easier and more trustworthy.
Today, Acko is one of the top auto insurers in cities like Bengaluru and Hyderabad.
It has sold over 100 million policies and has more than 10 million app users.
Varun Dua is now focusing on expanding Acko into life and health insurance.
Varun Dua founded Acko, India's first digital-native insurance company, after working in insurance and mutual funds.
He previously started Glitterbug Technologies, a software company for insurers, and Coverfox, an insurance marketplace.
Acko was launched in 2018 after securing an insurance licence, focusing on direct sales and customer trust.
Acko has sold over 100 million policies, has more than 10 million app users, and is aiming for profitability.
The company is expanding into life and health insurance, with revenue rising to Rs 2,837 crore in FY25.
- Who
- Varun Dua, founder of Acko
- What
- Varun Dua's journey from insurance and mutual funds to founding Acko, a digital-native insurance company
- Where
- India, with significant operations in Bengaluru and Hyderabad
- When
- Acko launched in 2018, Coverfox in 2014, Glitterbug Technologies in 2010
- Why
- To innovate and transform the insurance industry by creating a digital-native insurance company
Key facts
- Varun Dua's Background
- MBA from MICA, worked in insurance and mutual funds, founded Acko
- Acko's Launch
- India's first digital-native insurance company, launched in 2018
- Initial Ventures
- Founded Glitterbug Technologies, a back-end software company for insurers
- Coverfox
- Launched in 2014, an insurance marketplace, crossed Rs 150 crore in revenue in 2.5 years
- Acko's Growth
- Over 100 million policies sold, more than 10 million app users, aiming for profitability
- Revenue and Losses
- FY25 revenue: Rs 2,837 crore, net losses narrowed by 37% to Rs 424 crore
- Licence Acquisition
- Secured insurance licence in 2017, life insurance licence recently acquired
Quotes
Varun Dua
Founder of Acko and former employee at Tata AIG General Insurance and Franklin Templeton
“I kept at it and never bothered to figure out any other sector.”
financialexpress.com
“We should become an insurance company ourselves.”
financialexpress.com
Sources
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