Chennai: Joining the billion dollar valuation club that is raising $ 255 million, digital non-life insurer Acko General Insurance Company Ltd will now focus on the health insurance segment, a senior official said. ‘business.
After selling auto insurance products directly, Acko General plans to focus on the health insurance segment. The company will invest more than $ 150 million to deepen the health insurance strategy, he said.
âWe believe health insurance products, claims innovation and a deeply connected healthcare ecosystem that improve client health outcomes are the most pressing needs today,â said Varun Dua, Founder and CEO of Acko General.
Last year, the insurer entered the group health insurance segment. Its flagship retail health insurance product is expected to launch early next year.
The digital insurer has raised $ 255 million from private equity players like General Atlantic, Multiples Private Equity and also from the Canada Pension Plan Investment Board Lightspeed, a global investment firm focused on technology, as well as existing investors, Intact Ventures and Munich Re Ventures.
This fundraising valued Acko General at $ 1.1 billion. The transaction is subject to the approval of the country’s insurance regulator, IRDAI.
Total funds raised by Acko General now stand at $ 450 million. Previously, the insurer had raised capital from Amazon, Accel, Elevation, Ascent Capital, Intact Ventures, Munich Re Ventures and Flipkart co-founder Binny Bansal, among others.