It has been announced that Munich Re has led the financing round for an Indian insurtech startup, Acko.
The startup, which is taking on India’s outdated insurance industry with a digital-first product that has already received backing from Amazon, today announced a new financing round.
So far it has raised $60 million in its Series D financing round.
Munich Re Ventures, the investment arm of reinsurer, Munich Re, led the financing round whilst existing investors Amazon, RPS Ventures and Intact Ventures, the corporate venture arm of Canada’s largest property and casualty insurer, participated in it.
Acko develops and sells bite-sized auto insurance products. However, it expanded its catalogue six months ago to provide healthcare protections that it sells to businesses and employers.
Acko founder and chief executive Varun Dua told TechCrunch in an interview that the startup has amassed over 60 million customers and has issued over 650 million policies to date.
Offering a large catalog of bite-sized insurance policies is crucial for firms in India. Only a fraction of the nation’s 1.3 billion people currently have access to insurance and most can’t afford sizeable policies.
Oshri Kaplan, director at Munich Re Ventures, commented: “We’re excited to join forces with one of the leading digital insurers in India, as well as other investment partners, to help support Varun and his impressive team as they continue their journey,”
“As Munich Re Ventures’ first investment in India, we look forward to the positive impact that digitally native insurance solutions will have on the country with Acko leading the way.”