Insurance has always been a necessity, yet for decades it carried a reputation for complexity and inconvenience. That was until Varun Dua came along, a man with a vision to transform the industry into something smarter, simpler, and more customer-centric. Today, Acko stands as a testament to that ambition—an 8800 crore company reshaping the way Indians think about insurance.
Acko- A Humble Start, A Big Idea
Varun Dua’s journey into the insurance world began not with grandiose plans, but with a strong foundation in marketing and financial services. Starting out at TATA AIG and Franklin Templeton, Varun quickly climbed the corporate ladder. In those early years, he sharpened his understanding of the financial landscape, learning not just how products were sold, but more importantly, what customers truly needed.
With this knowledge in hand, Varun co-founded Coverfox, an online platform that simplified the insurance shopping process. Within three years, Coverfox had carved out a strong position in the market. Yet, for Varun, something was missing. The industry’s deep-rooted inefficiencies and consumer pain points remained. Varun knew that if he wanted to truly make a difference, he would have to build a company from scratch—one that prioritized the customer’s experience above all else.
Acko Is Born
In November 2016, Varun Dua launched Acko, India’s first digital-native insurance provider. From the outset, Acko was different. Where traditional insurers relied on paperwork-heavy processes and expensive agent-driven models, Acko turned the model on its head. By operating entirely online, Acko eliminated the need for field agents and lengthy paperwork. This digital-first approach allowed the company to offer bite-sized, zero-commission insurance products that were not only easy to purchase, but also easier to claim.
Varun’s timing couldn’t have been better. The market was ripe for change, and Acko’s innovative approach quickly caught the attention of major investors. In 2017, Acko secured 200 crores in funding, with legendary figures like Narayan Murthy and Kris Gopalakrishnan backing the venture. Just months later, Acko received its final license from the Insurance Regulatory and Development Authority of India (IRDA), giving it the green light to begin full operations.
Transforming an Industry
Acko’s initial focus was on automobile insurance. Unlike traditional insurers, who depended heavily on third-party agents, Acko reached customers directly through a sleek online platform. This streamlined approach enabled the company to offer competitive pricing while still maintaining a strong focus on quality. By 2018, Acko was collecting over 6 crore in premiums, and the company was just getting started.
Varun understood that insurance penetration in India was still remarkably low—only about 20% of the population had any form of coverage. He saw an opportunity to reach millions of uninsured Indians by embedding insurance directly into everyday transactions. Acko pioneered partnerships with companies like Ola and Amazon India, introducing micro-insurance plans for ride-hailing trips and device purchases. The strategy not only boosted Acko’s customer base but also revolutionized how Indians perceived insurance—no longer as a burdensome formality, but as a seamless and valuable service.
Scaling Up, Raising the Bar
As Acko grew, so did its ambitions. The company expanded beyond auto insurance to offer travel insurance, health policies, gadget protection, and even micro-loans. These innovations were backed by a relentless focus on customer experience. Acko’s claim settlement process—often considered the true test of an insurance provider—boasted a remarkable success rate of over 94%. This level of service helped Acko build trust and foster loyalty among its growing user base.
By 2021, Acko had reached an annual run rate of 1000 crore in premiums, with over 70 million customers under its wing. The company’s rise to prominence was cemented when it achieved unicorn status that year, raising 1880 crore at a valuation of 7500 crore. Acko had not only disrupted the insurance market—it had become one of India’s most successful digital-first businesses.
A Legacy of Innovation and Inspiration
Today, the company is valued at 8800 crore, insuring millions of Indians across the country. It serves as a shining example of how digital innovation can transform a traditional industry. Varun Dua’s vision—combining technology, transparency, and customer-centricity—has set a new standard for what insurance can and should be.
Beyond Acko’s financial success, Varun’s journey holds another important lesson: that innovation doesn’t require a massive starting point. It requires insight, determination, and the courage to challenge the status quo. From his time at Coverfox to his leadership at Acko, Varun has consistently shown a commitment to making insurance more accessible, more affordable, and more user-friendly.
A Leader With Heart
Varun Dua’s story doesn’t end with the numbers. Today, as a mentor and investor on Shark Tank India, he continues to inspire the next generation of entrepreneurs. His insights into scaling businesses, building trust with consumers, and navigating complex markets have made him a role model for many. Varun’s willingness to share his journey—from rejection and setbacks to groundbreaking success—makes him not just a business leader, but also a figure of hope and encouragement for anyone with a dream.
The Dreamer Who Rewrote the Rules
From his humble beginnings to leading a company valued at nearly 9000 crore, Varun Dua exemplifies what it means to be a game-changer. He didn’t just build an insurance company—he transformed the way millions of Indians approach and engage with insurance. By putting customers first, embracing technology, and staying true to his vision, Varun Dua has redefined an industry and created a legacy that will endure for years to come.
