Strategy & Practice Management

Indian insurtech start-up gets initial approval

Indian firm Acko General Insurance has received in-principle regulatory clearance to launch a general insurance business in India according to local reports.

The company has received the initial R1 licence and has filed for the second-stage R2 licence with the IRDAI, said reports.

The firm has raised USD30 million in seed finance. It will operate as an independent general insurance company with its entire operations offered through a digital platform. 

It aims to create products where it sees gaps such as personalised insurance products based on user consumption behaviour.

Reports said that just 3% of insurance in India is bought online at the moment.