ACKO and PhonePe Announce Strategic Partnership to Make Insurance Accessible to Millions
Chennai: ACKO General Insurance has joined forces with PhonePe to offer comprehensive car and bike insurance products directly to consumers on the PhonePe platform. This partnership marries ACKO’s customer-first approach with PhonePe’s massive distribution network thereby making insurance a readily accessible financial category for its users.
The collaboration will also see ACKO extending its product offerings to include health insurance and other lines in the future. ACKO’s integration with PhonePe is powered by the latest partnership API stack, designed for modularity and seamless integration. The API stack will enable swift and efficient collaborations with online distributors, ensuring that ACKO’s personalised prices, innovative SKU’s & consistent experience are delivered to all partners, starting with PhonePe.
PhonePe’s users will benefit from ACKO’s insurance offerings, which promise not only competitive pricing but also industry-leading claims and service experience. This partnership underscores both ACKO and PhonePe’s dedication to providing intuitive, affordable, and reliable insurance coverage to millions of customers across India.
Speaking about the partnership, Sanjeev Srinivasan, CEO of ACKO General Insurance said, “This partnership with PhonePe marks a significant milestone in our journey to democratize insurance in India. By combining ACKO’s customer-first approach and PhonePe’s vast distribution network, we are positioned to offer unmatched value and convenience to millions of customers, reinforcing our commitment to make insurance simple and accessible.”
Vishal Gupta, CEO of PhonePe Insurance, added, “PhonePe is transforming the insurance landscape in India. We are committed to offering our customers the best Insurance product selection, while streamlining the purchasing process. Partnering with ACKO, renowned for its innovation and customer-centric approach, empowers us to fulfill our commitment and actively contribute to the advancement of digital insurance in India.”
About ACKO:
Founded in 2016 by Varun Dua, ACKO’s entire process is designed to provide a better customer experience and to eliminate the pain points associated with the traditional model, with processes that require zero paperwork, from purchase and claims to renewals. ACKO has pioneered the direct-to-consumer auto insurance space in the country. It also has one of the largest market shares in embedded insurance products like mobility and gadget insurance in partnership with 50+ leading players in the internet ecosystem such as Ola, Oyo, redBus, Zomato, HDB Financial Services and Urban Company. Within two years of its launch, ACKO’s Group Health Insurance product has on-boarded 200+ new age, people-first companies including Swiggy, Razorpay, and CRED and insured nearly 8+ lac lives. In a span of 5 years of operations, the company has distributed insurance policies to over 78+ Mn unique customers and issued 1 Bn+ insurance policies.
For more information, visit www.acko.com or follow on Facebook and Twitter.
About PhonePe Group:
PhonePe is India’s leading digital payments company with 50 crore (500 Million) registered users and 3.7+ crore (37+ Million) merchants covering over 99% of the postal codes across India. On the back of its leadership in digital payments, PhonePe has expanded into financial services (Insurance, Mutual Funds, Stock Broking, and Lending) as well as adjacent tech-enabled businesses such as Pincode for hyperlocal shopping and Indus App Store which is India’s first localized App Store. The PhonePe Group is a portfolio of businesses aligned with the company’s vision to offer every Indian an equal opportunity to accelerate their process by unlocking the flow of money and access to services.
For more details contact: media@phonepe.com