Acko General Insurance has roped in Sanjeev S, former Managing Director (MD) and Chief Executive Officer (CEO) of Bharti AXA General Insurance, to be a part of its leadership team. Sanjeev will also join the board of directors of Acko Insurance, the company said in a statement.
Prior to Bharti AXA General Insurance, Sanjeev has worked at companies such as ING Vysya Life Insurance, and Fullerton India Credit, among others.
"As a platform, Acko empowers customers to have a preference (choice) in buying products and services. This is backed by data and insight, which helps Acko differentiate and customise its offerings. This fundamental shift in consumer behaviour creates a huge opportunity for Acko. It enables the delivery of simple and transparent propositions through technology that is easy to engage,” said Sanjeev.
In October this year, Acko General Insurance Ltd raised $255 million (approximately Rs 1,923 crore) as part of its Series D round, led by private equity (PE) firms General Atlantic and Multiples Private Equity, at a valuation of $1.1 billion to enter the coveted unicorn club.
Acko sells digital-first insurance products across cars, bikes, travel and gadgets. It partners with companies including Amazon, MakeMyTrip, Ola and Urban Company to distribute its products. The company said that it plans to enter the health insurance business going forward.
The company looks to clock premium worth $160 million (around Rs 1200 crore) by the end of 2021. This is more than double the $60 million (approximately Rs 450 crore) of gross premiums it clocked in 2020.