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Pandemic drives ACKO’s auto insurance business to grow 120% over one year

Increasing digital adoption accelerated by COVID-19 has helped online insurance company ACKO to post 120% increase in the number of auto insurance policies sold in Q1 FY22 vs Q1 FY21.

ACKO was able to capture this change in purchasing behaviour, of a move to value-based purchasing and online shopping, claimed the company in a statement.

ACKO has posted Rs 81 Cr in Gross Written Premium in the Q1 of FY 22. The 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, signalling a confirmed shift in customer’s digital experiences across industries, including insurance.

ACKO currently gets over 4 million monthly users online and has also seen a consistent and steady increase in traffic by 161% in the April-May-June quarter of FY 22 when compared to the same time period in FY 21.

Animesh Das, head of product strategy, ACKO, said, the pandemic has accelerated the shift to digital and the comfort of transacting digitally.

“The last one year has been definitive in terms of customer’s demand as the convenience, value and experience of the digital medium have been reinforced. We’ve been ready and poised to capture this growing demand ,” added Das.

ACKO has distributed insurance policies to over 62 million unique customers and issued 800 million insurance policies since inception. 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.

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