varun dua

Varun Dua - Founder and CEO of Acko

India's financial technology industry has experienced explosive growth, with assets totaling more than $8 billion invested across various stages in 2021. The country boasts the world's highest FinTech adoption rate and is home to 3,085 FinTech firms, making it one of the fastest-growing FinTech markets globally. The Indian FinTech sector was valued at $50 billion in 2021 and is projected to reach $150 billion by 2025.

While Payments and Alternative Finance accounted for over 90% of investment flows in 2015, there has been a significant shift towards a more balanced distribution of investments across sectors. InsurTechs, WealthTechs, and other areas have gained considerable attention. In India, about 17 FinTech companies have achieved 'Unicorn' status.

Varun Dua: Innovating the Insurance Landscape

Insurance companies worldwide, especially in India, have significant opportunities to leverage technology to optimize distribution costs and offer personalized pricing algorithms. Varun Dua, a key figure in this transformation, is recognized for redefining India's insurance narrative in the digital age.

"If you really want to change the plumbing, you will have to start manufacturing it," Dua often says. As the founder and CEO of Acko, a renowned serial FinTech entrepreneur, Dua is lauded for his innovative approach to insurance. Before launching Acko in 2016, he co-founded and led one of India's top online insurance aggregators, Coverfox. Investors committed $30 million to Acko even before its formal debut, a testament to Dua's impressive track record.

Early Life and Education

Varun Dua was born in 1981 in India. He holds a Bachelor's degree from the University of Mumbai and a Master's degree from MICA, a prominent business school in India. With over 10 years of experience in the insurance industry, Dua's professional journey reflects his extensive expertise in product management and business development.

Career Path

Dua's career began as a trainee at Leo Burnett Advertising, followed by roles as a marketing manager at Tata AIG Life Insurance and Franklin Templeton Investments. He founded two companies prior to Coverfox: Glitterbug Technologies and Enser Communications. Dua's foray into the insurance industry was somewhat serendipitous, but he quickly became engrossed in its complexities, eventually leading him to establish Acko.

Acko employs a direct-to-consumer (D2C) model, using its web platform to streamline traditional insurance services. This approach simplifies underwriting and risk selection. The company offers unique, bite-sized insurance solutions such as rider insurance, ticket cancellation, and mobile protection, alongside vehicle, bike, and health insurance. Acko has partnered with over 15 major digital ecosystem firms, including Ola, RedBus, OYO, Zomato, Urban Company, and HDB Financial Services.

Vision for the Future

Acko's motto, "Insurance made easy: Zero commission. Zero paperwork," encapsulates its commitment to customer convenience. The company ran a successful campaign, "Full Paisa Wasool," meaning "complete value for money," to highlight the benefits of their insurance offerings. Acko's digital-only strategy eliminates the need for physical storefronts and extensive distribution networks, setting it apart from traditional insurers.

Dua emphasizes the creation of customized solutions to generate demand, reducing the need for aggressive sales tactics and heavy investment in distribution networks. This approach has resonated with customers, earning Acko several five-star ratings and over 45 million satisfied clients. The company's growth is backed by notable investors, including Narayan Murthy and Accel.

Recent Achievements

Acko's growth has been remarkable, with a sixfold increase in underwritten premiums from Rs 6.53 crore in 2018 to Rs 41.56 crore in September 2019. The COVID-19 pandemic accelerated the shift to digital channels for automobile purchases, contributing to a 120% increase in automotive insurance sales in the first quarter of FY22 compared to 2021.

Acko's innovative approach and commitment to customer-centric solutions have made it a rising star in India's insurance industry. The company reached unicorn status and became an associate sponsor for three IPL 2022 teams: Gujarat Titans, Kolkata Knight Riders, and Lucknow Supergiants, further cementing its position in the market.

Conclusion

Acko, under Varun Dua's leadership, is poised to revolutionize the insurance industry in India by providing premium, digital-first insurance solutions. With its customer-focused initiatives and strategic partnerships, Acko is rapidly gaining traction and setting new standards for the industry.