Health could be one of the largest categories for ACKO in the next few years
After ACKO has pioneered the direct-to-consumer auto insurance space in the country, it has entered the retail health insurance segment, with the launch of a platinum health plan, offering features such as zero commission, zero paperwork, instant renewal, same-day claim settlements, and app-based updates. As per a release, over the past two years, ACKO currently insures 800,000 family members with a Group Medical Cover.
ACKO’s approach to health insurance is similar to it’s model in motor insurance, where they disintermediated and directly offered industry-leading products at best prices to customers, while investing in the brand to create category and brand awareness. The company reportedly plans to disrupt the health category by directly offering industry leading products and unmatched value to the customers.
Announcing ACKO’s entry into the retail health insurance space, Sanjeev Srinivasan, Chief Executive Officer, ACKO, said, “Health insurance is a rapidly growing industry in India. Rising healthcare costs and increased focus on preventive healthcare are driving demand for health insurance products. However, one of the biggest challenges in the health insurance industry is the complexity and lack of transparency in the products offered. With the launch of our health plans, we aim to tackle these issues head-on, offering best-in-class features, and unparalleled buying and claims experience.”