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Acko appoints Animesh Das as CEO, elevates Sanjeev Srinivasan to board role

Varun Dua will continue as the CEO of Acko Technologies, the parent company of Acko General Insurance.

March 07, 2024 / 06:07 PM IST
Insurtech unicorn Acko Insurance

Acko Technologies

Insurtech unicorn Acko has elevated its chief underwriting officer, Animesh Das, as the new Chief Executive Officer (CEO) of its subsidiary entity--ACKO General Insurance—as Sanjeev Srinivasan takes the board role.

Varun Dua will continue as the CEO of Acko Technologies, the parent company of Acko General Insurance.

Srinivasan, the former MD and CEO at Bharti Axa General Insurance, had joined the General Atlantic-backed venture in 2021 as the managing director and CEO of the subsidiary unit.

During his tenure, the company successfully launched its health, life and travel insurance portfolios, with Gross Written Premium (GWP) doubling in the last two years.

Meanwhile, Das, whose appointment is subject to board’s approval, has been a part of Acko’s core members team for the past six years.

“Sanjeev’s wealth of experience contributed to a lot of firsts for Acko and has helped in rapidly building and scaling the company. I’m confident that in his board role, he will continue mentoring the team and help us march toward our collective vision and goal,” said Dua.

Talking further on the appointment, he said, “Animesh has been a catalyst in the overall Acko’s growth story. He has helped in driving the auto insurance business towards the path of profitability, and we are certain that under his leadership, Acko General Insurance will continue to sustain its growth momentum. These leadership changes reflect our commitment of fostering a culture of growth, excellence and longevity within its internal teams.”

Founded in 2016 by Varun Dua, Acko started out in the direct-to-consumer (D2C) auto insurance space. In March 2023, the firm entered the retail health insurance segment, and acquired Parentlane to expand into health business.

It holds tie-ups with PhonePe and MyGate to directly offer comprehensive insurance products to consumers on their platform besides partnership with over 50 platfroms, including  Oyo, redBus, Zomato, HDB Financial Services and Urban Company, to offer embedded insurance.

The firm claims to have distributed insurance policies to over 78+ million unique customers and issued 1 billion+ insurance policies, to date.

Acko’s revenue from operations increased 31.9 percent to Rs 1,759 crore in FY23 from Rs 1,334 crore in FY22, while the losses surged 53 percent to Rs 738 crore from Rs 482 crore in FY22.

The insurtech firm has raised around $450-460 million from the likes of General Atlantic, Accel, Elevation Capital, FPGA family foundation, and others.

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Moneycontrol News
first published: Mar 7, 2024 05:51 pm

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