November 22, 2018
Bengaluru-based trucking logistics startup BlackBuck, owned by Zinka Logistics Solutions Pvt. Ltd., and Acko, a leading general insurance company, have partnered to launch an innovative insurance offering for commercial vehicles in India later this year. The new offering focuses on using technology to prevent commercial vehicle accidents and shortens the time to get assets up and running in case of accidents.
Every year, India loses 3% of its GDP to road accidents. Commercial vehicles are among the most heavily impacted categories. When accidents occur, the process for managing and reversing the damage can be inefficient and time-consuming, adding to the pain and confusion.
Through BlackBuck, Acko aims to expand its Vehicle Insurance offerings to include Goods Carrying Vehicles. The technology-driven company has an edge over conventional insurance companies as it eases insurance processing by offering online payment of premiums and cashless settlements.
The new insurance offering drastically reduces time taken for post-accident repairs. It eliminates the need for a spot survey to assess whether the accident happened or not. A network of authorized garages takes in the damaged vehicle within the shortest possible time for assessment of damage and quick repair work. The process is also cashless, removing financial constraints for fleet operators and speeding up repairs. Drivers can avail of insurance digitally with just the digital/scanned copy of the insurance or even just SMS of the policy number, making it a very scalable model.
The deep integration between Acko and BlackBuck will help them use GPS data for better underwriting, ensure faster and more accurate claim processing, help fleet owners get their vehicle back on road in minimum time and mitigate loss of business. Additionally, Acko will offer several other insurance conveniences for Fleet Owners on the BlackBuck platform. All this will do away with the archaic processes still followed by many insurance companies today.
“The new insurance offering will have an immense positive social impact on this sector – mitigating human and vehicle losses – and add significant value to the fleet owners and drivers,” said BlackBuck Co-founder and COO-Services Platform, Ramasubramaniam B. “Keeping their vehicle up and running is the most critical thing for fleet owners and we are thrilled to partner with Acko – a new age, tech-driven insurance company.”
“Acko and BlackBuck share a digital DNA and have a flair for simplifying the complicated,” said Varun Dua, Founder and CEO, of Acko. “Through this partnership, Acko will assist the Fleet owners and partners of BlackBuck with a trouble-free, tech-backed insurance that will expedite claim settlement through GPS data and help build an efficient trucking ecosystem.”
BlackBuck was founded in 2015, and in just 3 years has emerged as the largest trucking network in India and largest online trucking company globally with 250,000+ trucks, 1000+ locations, 1300+ employees and 10,000+ shippers. Its asset-light trucking marketplace model has organized, digitized and transformed the traditionally unorganized and offline shipping and hauling experience.
Acko was founded in 2016 and is set apart by its simplicity, affordability and focus on technology. It has previously partnered with major tech companies like Amazon and Ola and has insured more than two hundred million Ola rides.