Palo Alto-based home insurance tech startup Hippo is planning to list by merging with a
went public and currently has a market cap of $6.5 billion. Wefox raised $650 million in a round valuing the firm at $3 billion.īesides fundraising at high valuations, young insurtech firms are also going public in the US. Earlier this month, Berlin-based insurtech startup The one company to have defined the online-only insurance segment is China’s Zhong An, after which similar platforms have emerged in the US, Europe and India. This momentum is expected to grow significantly in 2021. In 2020, the burgeoning sector attracted deals worth over $7 billion globally,Īccording to a BCG report, making it one of the fastest growing sub sectors in fintech. ‘Insurtech’, short for technology-led insurance startups, has been a buzzword globally among risk investors. Companies with a focus on health insurance have taken a hit, insiders in Acko claim that the pandemic's impact on the startup has been muted. The country’s insurance industry has been subject to intense stress owing to heightened claims burden owing to the pandemic. India has a total of 25 general insurance companies, which collectively processed premiums worth Rs 10,822 crore in May.Īcko’s premium income in May was Rs 56 crore, according to latest IRDAI data, whereas Digit processed Rs 260.4 crore. Unlike peers such as Policybazaar and Coverfox, Acko, Digit and others manufacture their own insurance policies as general insurance companies. Digit raised Rs 135-crore led by existing private equity investors A91 Partners, Faering Capital and TVS Capital valuing it at $1.9 billion. Unicorns are privately-held companies valued at $1 billion or more. This January, Digit-backed by Canadian billionaire Prem Watsa-īecame the first startup unicorn of the year.
$200 SOCIAL SECURITY INCREASE IN 2021 OFFLINE
These startups are competing with the country's operations-heavy insurance sector which has relied on the offline mode for years to conduct its business. The startup is likely to cross $150-175 million in premiums in fiscal 2022, according to sources close to the company who reckon the online insurance provider is unlikely to evaluate any IPO plans in the next two years.Īcko and Digit, along with Flipkart co-founder Sachin Bansal’s Navi General Insurance, are seen as new-age brands in the digital-first insurance industry. While business took a hit in the first half of 2020 due to the pandemic, the company’s newly launched health business grew rapidly on the back of increased demand for medical covers amid the spread of Covid-19. The startup has offerings in product and travel insurance segments where it has tie-ups with the likes of cab aggregator Ola and online retailer Amazon for bite-sized insurance covers available through their respective apps.Īcko's premium income expanded to Rs 145 crore in the March quarter of fiscal 2021 as against Rs 94 crore in the year-ago period, according to company estimates. Along with its base of retail policyholders, the insurer also offers health covers to Amazon India’s registered sellers on its e-marketplace. In 2020, it also diversified its product mix to include health insurance.
$200 SOCIAL SECURITY INCREASE IN 2021 DRIVERS
Warburg Pincus and TPG spokespersons declined to comment.įounded in 2016 by Varun Dua and Ruchi Deepak, Acko specialises as a provider of retail motor insurance for drivers and transportation services. Emails sent to Acko, General Atlantic, Multiples, and FinTLV didn’t immediately elicit a response.
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