Acko General joins the `billionaire' club

Chennai, Oct 28 (IANS) Joining the billion dollar valuation club raising $255 million, non-life digital insurer Acko General Insurance Company Ltd will now focus on the health insurance segment, said a top company official.

After selling vehicle insurance products directly, Acko General plans to focus on the health insurance segment.

The company will invest over $150 million to deepen the health insurance strategy, he said.

"We believe health insurance products, claims innovation and a deeply connected ecosystem of health services that improve health outcomes for customers are today's most urgent needs," said Varun Dua, Acko General's Founder & CEO.

Last year, the insurer entered the group health insurance segment.

Its flagship retail health insurance product is due to launch by early next year.

The digital insurer raised $255 million from private equity players like General Atlantic, Multiples Private Equity and also from Canada Pension Plan Investment Board, Lightspeed, a global technology focused investment firm, as well as existing investors, Intact Ventures and Munich Re Ventures.

This fund raise has valued Acko General at $1.1 billion. The transaction is subject to approval by the country's insurance regulator, IRDAI.

Acko General's total funds raised now stand at $450 million. Previously, the insurer has raised capital from Amazon, Accel, Elevation, Ascent Capital, Intact Ventures, Munich Re Ventures and Flipkart's co-founder Binny Bansal, among others.