Latest news with #ACKO
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Business Standard
2 days ago
- Business
- Business Standard
D2C insurer ACKO brings MS Dhoni on board as investor and brand ambassador
Indian cricket legend Mahendra Singh Dhoni has joined hands with ACKO, one of the country's fastest-growing direct-to-consumer insurers, not just as a brand ambassador but also as a strategic investor. This landmark partnership underscores a shared commitment to reinventing insurance for the evolving needs of urban India, with Dhoni backing the company through his family office, Midas Deals Pvt Ltd. The alliance signals strong mutual belief in creating tech-driven, customer-centric solutions that simplify the historically complex insurance landscape, making insurance more accessible and intuitive for millions. Reinventing insurance: Technology meets trust ACKO was founded in 2016 by Varun Dua with the goal of eliminating friction and pain points that Indian consumers typically experience with traditional insurers. Through its D2C model, ACKO offers auto, health and travel insurance, all managed online without cumbersome paperwork. The company's rapid ascent can be seen in its reach—serving more than 70 million customers and processing upward of 2 million claims annually across various segments. With this collaboration, Dhoni provides not just his stature but his credibility as someone who resonates with trust, innovation and discipline—all traits aligned with ACKO's brand ethos. Company founder Varun Dua expressed that Dhoni epitomises the values that drive ACKO, especially the focus on customer-first thinking, simplicity and a willingness to challenge industry conventions. He believes Dhoni's involvement reinforces their vision to make insurance engaging and relatable. A shared vision for modern India For Dhoni, who is also an automobile enthusiast, the decision was driven by ACKO's transparency and seamless digital-native processes. He noted that insurance is often seen as complicated, but believes ACKO brings 'clarity where there was confusion', and offers a tech-first approach that mirrors the expectations of young, progressive Indians. This alignment, he suggested, is about helping insurance evolve into something people actually trust and appreciate. Bold moves, expanding horizons In recent years, ACKO has made significant inroads by diversifying its offerings, including gaining a life insurance licence in 2023 and introducing innovative products like the Flexi Term Life Insurance Plan. Furthering its reach, the company acquired health-tech start-ups Parentlane and OneCare to strengthen its health insurance business. Strategic partnerships with leading platforms such as PhonePe, MyGate, Oyo, redBus and Zomato also reflect ACKO's ambition to become a household name in embedded insurance. Additionally, ACKO's group health insurance strategy is gaining momentum, with over 200 new-age companies, including Swiggy, Razorpay and CRED, already offering its coverage to employees. Charting a new path With Dhoni on board, ACKO's journey to 'rewrite the playbook' for insurance in India gets a formidable boost. This collaboration marks yet another bold move in ACKO's story, underscoring its resolve to make insurance straightforward, customer-focused, and truly loved by the people it serves.
Time of India
22-07-2025
- Automotive
- Time of India
Tesla's India entry pushes insurers to reboot EV coverage
As India accelerates its electric vehicle (EV) adoption curve, an equally important enabler evolving in the background is EV insurance . Launching its Model Y, a fully electric car priced from over Rs 60 lakh, and opening its first showroom in Mumbai, Tesla gears up to enter the Indian market. With this, the dynamics of EV insurance are also set for a major transformation. Tesla's entry will go beyond just delivering high-end electric cars. It could fundamentally shift how both consumers and insurers look at EV risk. What opportunity EVs bring for Insurance market in India? EV insurance is a specialized form of motor insurance tailored to electric two-wheelers, cars, and commercial EVs. It covers own damage (to the vehicle), third-party liability (mandatory by law), add-ons like battery protection, roadside assistance, and zero depreciation. With the entry of Tesla, ACKO, Zurich Kotak, and Liberty General have been chosen as preferred insurance partners for Tesla customers in India. In addition to Tesla's preferred insurers, companies such as New India, HDFC ERGO, and ICICI Lombard General Insurance are offering cover for the company's vehicles. Speaking with ETBFSI, Amit Chhabra, Chief Business Officer, General Insurance, Policybazaar told, private insurers like HDFC Ergo, ICICI Lombard and Reliance General Insurance as well as PSUs such as New India Assurance are readily delivering insurance to EVs. 'For an IDV of ₹55,94,552, the premium ranges anywhere from ₹40,000 to ₹2,20,000 depending on the choice of features and insurer,' he told. Parag Ved, CEO & Whole-Time Director, Liberty General Insurance Ltd., said, 'Our EV-specific offerings are not retrofitted; they are thoughtfully engineered from the ground up to complement the electric driving experience. Whether it's safeguarding high-voltage batteries, offering roadside recharging, or simplifying claims through our digital-first platform, we have reimagined insurance for a more intuitive, elevated future.' Notably, IRDAI has also allowed up to 15% discount on Own Damage (OD) premiums for EVs to promote adoption. Experts also suggest that facilities like telematics-linked insurance (pay-as-you-drive), battery health-linked premium discounts, and faster claim settlements for digital-first EVs are much required in the policies. Alok Agarwal, Managing Director and Chief Executive Officer at Zurich Kotak General Insurance while speaking on the EV insurance said, 'EV Protect is more than just an add-on cover to your car insurance policy; it is a comprehensive ecosystem of protection that empowers EV owners to embrace electric mobility with confidence, safety, and complete peace of mind. The product embodies our commitment to innovation and sustainability. It marks a significant turning point in the EV insurance space.' Need for specialized EV insurance with focus on batteries EV insurance premiums vary based on battery capacity (in kWh) and vehicle value, unlike ICE vehicles that are rated on engine displacement. Ajay Prabhu, MD - Affinity, Lockton India told ETBFSI that specialized EV insurance is essential to cover these risks, protect high-value components, and boost consumer confidence in India's green mobility transition. He further highlighted that EV batteries, comprising approximately 60% of vehicle cost, and advanced electronics are expensive to repair, requiring specialized facilities and technicians, which are scarce in India. 'Batteries are vulnerable to damage from accidents, water ingress, or charging issues, often necessitating costly replacements due to safety concerns.' He suggested that bespoke policies covering battery damage and software risks, like those in Vietnam, can be adapted for India. Battery insurance is overlooked due to limited awareness, underdeveloped repair infrastructure, cost concerns, and insufficient claims data in India, he said. Further, experts also suggest that insurers may introduce charging-related covers, such as charging station damage, charger theft/loss cover, and fire risk during home charging.
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Business Standard
20-07-2025
- Automotive
- Business Standard
Tesla's entry into India to bring innovation in EV insurance space
Tesla's entry into India will drive innovation in the EV insurance market, prompting insurers to rethink product offerings and embrace technology-driven solutions Mumbai Listen to This Article US-based Tesla's entry into India is expected to bring more innovation to the electric vehicle (EV) insurance market in the country, said industry insiders. Tesla's advanced technology features and superior battery quality for vehicles will raise the technology standard, leading insurers to rethink their product offerings in this space. Tesla launched its Model Y, an electric car with a starting price of ₹60 lakh, earlier this week by opening its first showroom in Mumbai's Bandra Kurla Complex (BKC). Following the launch, ACKO, Zurich Kotak, and Liberty General announced that they have been selected as the 'preferred insurance partners' for Tesla
New Indian Express
19-07-2025
- Automotive
- New Indian Express
Lenders, insurers line up to partner with Tesla in India
NEW DELHI: As US electric vehicle giant Tesla officially entered the Indian market this week, it wasn't just auto enthusiasts who took notice. Leading banks and insurers swiftly moved to align themselves with the EV trailblazer, eager to tap into the growing demand for premium electric mobility. Kotak Mahindra Prime (KMPL) was announced as Tesla's preferred financier in India. Commenting on the partnership, Shahrukh Todiwala, MD & CEO of KMPL, said, 'Tesla has redefined mobility with its cutting-edge technology. Its entry into India marks a pivotal moment for the country's automobile sector as it shifts toward greener alternatives.' KMPL rolled out dedicated car financing options integrated directly into Tesla India's online portal and mobile app, aiming to make Tesla ownership more accessible. On the insurance front, players like ACKO, Zurich Kotak, and Liberty General Insurance unveiled strategic tie-ups tailored for Tesla buyers. Digital-first insurer ACKO has been named Tesla's preferred insurance partner. Animesh Das, MD & CEO of ACKO General Insurance, said, 'Tesla didn't just build a car; they rebuilt the idea of what a car is. At ACKO, we asked ourselves — can we do the same for insurance?' The partnership promises a fully digital, seamless experience from quote to claim, mirroring Tesla's emphasis on simplicity and performance.
Time of India
15-07-2025
- Automotive
- Time of India
Liberty General Insurance, ACKO become Tesla's insurance partners in India
As Tesla announced its foray into the Indian market on Tuesday, Liberty General Insurance and ACKO said they have become insurance partners for the American electric carmaker in India. Liberty General Insurance said it has developed a suite of finely tuned protection plans that complement Tesla's engineering and performance excellence while anticipating the distinct needs of EV users. "At Liberty, we're deeply honoured to be among Tesla's preferred insurance providers for the Indian market. We see this as a moment of transformation, not just in how we drive, but in how we protect, serve, and anticipate the needs of the next generation of motorists," Liberty General Insurance CEO & Whole-Time Director, Parag Ved said in a statement. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Pattamangalam: 1 Trick to Reduce Belly Fat? Home Fitness Hack Shop Now Undo ACKO also said it has been selected as Tesla's "preferred insurance partner for the country". "Tesla has revolutionised the automotive industry; our ambition is to redefine how that innovation is protected," ACKO General Insurance Ltd Managing Director & CEO Animesh Das said. Live Events ACKO said through its collaboration, Tesla owners can expect a fully integrated, entirely digital and minimal journey from quote to cover to claim. In a separate statement, Zurich Kotak General Insurance said it has launched ' EV Protect ', a comprehensive add-on cover within its car insurance product, Car Secure, for Indian electric vehicles (EVs), which covers Tesla among other EVs. As Tesla marks its much-anticipated entry into the Indian market, 'EV Protect' has been designed to provide a premium protection plan that ensures the EV stays as cutting-edge on the road as it is under the hood, it said. 'EV Protect' is a comprehensive ecosystem of protection that empowers EV owners to embrace electric mobility with confidence, safety, and complete peace of mind, Zurich Kotak General Insurance's MD and CEO Alok Agarwal said. "The product embodies our commitment to innovation and sustainability. It marks a significant turning point in the EV insurance space," he added.
