March 6, 2019
AU Small Finance Bank Ltd., a Fortune India 500 company and one of India’s fastest growing banks, today announced its partnership with a new age insurtech company, Acko General Insurance Limited. Partnering with Acko, India's first digital insurer, AU bank is now set to provide customised insurance products to its customers.
AU Small Finance Bank is continuously working on offering its customers access to financial services and products directly through their digital channels. With the objective of building a robust digital banking platform to offer best in class products in Digital Loans, Deposits, and Investment segments, AU is tying up with various technology partners who share a similar vision and have the relevant technology advancements to back up their offering, Acko being the first.
Based on user behaviour data, Acko’s solution is designed to offer contextual insurance, enabling AU to deliver tailor-made policies that offer the right coverage when the customer needs it.
Acko is a licensed digital-only general insurance company that aims at redefining insurance by making it more transparent and providing hassle-free access to policies directly to the end user. The insurtech’s platform leverages data and analytics to offer customers affordable and highly personalised insurance products based on their risk profile, within a few minutes.
Dayakaran Sridhar, Chief of Digital Banking and Digital Strategy, AU Small Finance Bank said, “AU Bank aims to uncomplicate banking for its customers. With this tie-up we are taking another step in that direction as partners like Acko are enabling us to offer the right product to our customers, at the right time and at competitive pricing. This kind of digital partnership will also be instrumental for our bank to increase its reach.”
He further elaborated, “Being a new age digital player, Acko provides the capability of creating contextual products at a fast pace, covering almost every segment of the bank’s customers. One of the biggest advantages of Acko’s innovative products is the simple, convenient and stress-free claims process across the country.”
“AU Small Finance Bank is a strategic partner that will help us further our objective of delivering the best user experience. Acko’s customer first philosophy is aligned with AU bank’s focus on building the right products and experience for customers. Through this partnership, we will offer affordable and seamless insurance products to AU bank customers,” said Varun Dua, Founder and CEO, Acko.
"Digital Bancassurance is one of the key channels that Acko is building by aligning with bank and NBFC partners and the partnership with AU Small Finance Bank will further help us demonstrate distribution of insurance products using data & technology as the key levers,” said Anik Chhabria, Sr. Vice President – Product Development & Strategic Partnerships, Acko.
About AU Small Finance Bank
AU Small Finance Bank Limited (AU Bank), a Fortune India 500 Company, is the only Scheduled Commercial Bank headquartered out of Jaipur, Rajasthan.
AU started its journey in the year 1996 as Au Financiers and, under the aegis of Reserve Bank of India, for the last two decades, it worked relentlessly as a retail focused, customer centric premier and trusted asset financing NBFC. It touched over a million plus underbanked and unbanked customers across 11 states of North, West and Central India, prior to becoming a bank in April 2017 to achieve the objective of Financial Inclusion which compliments AU Bank current business model and its position.
AU Bank is the only asset financing NBFC amongst 10 successful Small Finance Bank Licensees out of 72 applicants. Over the years, AU received investment from marquee investors such as Warburg Pincus, Temasek Holdings, IFC, Chrys Capital and Kedaara Capital.
AU Bank is listed at both the leading exchanges viz. NSE and BSE (Market Capitalization approximately USD 2.5 billion); AU Bank’s IPO (Rs. 1912 Crores) was amongst the most successful IPOs of 2017; it received an overwhelming response with an oversubscription of approximately 54x.
About Acko General Insurance Ltd.
Acko General Insurance Ltd. is a new age online insurance policy provider with its entire operations offered through a digital platform. Founded in 2016 by Varun Dua, a fin-tech serial entrepreneur, Acko offers innovative products with personalized pricing based on customer behaviour and data analytics.
Acko has raised a total of USD $42 mn till date, having raised one of the largest seed rounds for a start-up in India. The company is backed by Narayan Murthy’s Catamaran Ventures, Accel and SAIF Partners, Kris Gopalakrishnan, Co-founder Infosys, Hemendra Kothari of DSP Blackrock, Atul Nishar – Founder & Chairman of Hexaware Technologies, Rajeev Gupta, veteran investment banker and Founder of Arpwood Capital, Venk Krishnan and Subba Rao of NuVentures, Swiss Re & Transamerica Ventures.
For more details about the Company, Log on to the website www.acko.com.