ACKO reports 120% increase in auto insurance business

ACKO

Increasing digital adoption induced due to COVID-19 has helped ACKO to gain over 120 percent increase in the number of auto insurance policies sold in Q1 FY22 vs Q1 FY21.

Digital insurer ACKO has posted Rs 81 Crore in Gross Written Premium in the Q1 of FY 22, registering a growth of 1.16X for their auto business when compared to the same quarter of FY 21. New customer growth from non-metro cities grew by 3.5X in the year while it grew by 2.5X in the metro cities, signaling a confirmed shift in customer’s digital experiences across industries, including insurance.

ACKO reported that the interest in ACKO’s website has witnessed over 4 million monthly users and has also seen a consistent and steady increase in traffic by 161 percent in the April-May-June quarter of FY 22 when compared to the same time period in FY 21.

To date, the company has distributed insurance policies to over 62+ Mn unique customers and issued 800Mn insurance policies.

Animesh Das, Head Of Product Strategy, ACKO, said, “What the pandemic has done is accelerated the shift to digital and the comfort of transacting digitally, across generations. Since its launch, ACKOs 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 ”.

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