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News on Medial
Grapevine: Acko General Insurance, Udaan, NLC India, Jio Financial in news
VCCircle
·
9m ago
Medial
Acko General Insurance investors may sell their stake in a secondary round, while Udaan is seeking new funding led by M&G Prudential. NLC India is considering listing its subsidiary, NLC India Renewables, and Jio Financial is planning to expand its presence in the insurance sector.
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General Atlantic-backed Acko’s FY23 revenue growth slows, losses widen
VCCircle
·
1y ago
Medial
Insurtech unicorn Acko, backed by General Atlantic, has experienced a slower revenue growth and wider losses for the financial year ending in March 2023. Despite raising $255 million in October 2021, the increase in expenses offset the rise in revenue. Acko has been expanding its services beyond general insurance to include health and life insurance.
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Animesh Das Replaces Sanjeev Srinivasan As Acko General Insurance CEO
Inc42
·
1y ago
Medial
Insurtech company Acko has made changes to its leadership team, as the company aims to achieve INR 3,000 crore ($401 million) in gross written premium. Animesh Das, the chief underwriting officer, has been appointed as the CEO of Acko General Insurance, while Sanjeev Srinivasan, CEO and managing director of Acko's insurance arm, has joined the board of Acko Technologies. Founder Varun Dua will continue as CEO of Acko Technologies. Acko reported a 32% increase in operating revenue in FY2023, but also saw its net loss widen by 53%.
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Jio Financial Services Eyes Insurance Partnership With Allianz
Inc42
·
9m ago
Medial
Bajaj Allianz General Insurance Co and Bajaj Allianz Life Insurance Co are the two joint ventures between Bajaj Finserv and Allianz in India. However, Allianz is now looking to dissolve these existing JVs. JFS, a subsidiary of Jio, is reportedly in talks with Allianz to establish new insurance partnerships. Early discussions have taken place to set up new ventures in general insurance and life insurance sectors.
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Jio Financial Services ties up with Germany's Allianz for reinsurance venture
Economic Times
·
10d ago
Medial
German insurer Allianz has partnered with Reliance Group's Jio Financial Services to form an equally-owned reinsurance joint venture in India, marking Allianz's expansion in the Indian insurance market. This agreement outlines a 50-50 venture in both general and life insurance operations. Allianz aims to strengthen its position in India, identified as an important growth market, after ending its long-standing partnership with Bajaj Finserv earlier this year.
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RBI approves Jio Financial Services' conversion to core investment company
YourStory
·
1y ago
Medial
The Reserve Bank of India (RBI) has given approval for Jio Financial Services Ltd to convert from a non-banking financial company (NBFC) to a core investment company (CIC). This conversion allows Jio Financial Services to primarily engage in acquiring shares and securities. Jio Financial Services recently launched the "JioFinance" app, which offers a range of financial services such as banking, transactions, bill settlements, and insurance advisory features. The company plans to expand its offerings to include lending, investment, and insurance services in the future. Additionally, Jio Financial Services announced a joint venture with BlackRock to provide wealth management and brokerage services in India.
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Allianz to exit insurance JVs with Bajaj Finserv, explore new opportunities
VCCircle
·
4m ago
Medial
Germany's Allianz SE is selling its entire stakes in two insurance joint ventures with India's Bajaj Finserv Ltd for €2.6 billion, ending a 24-year partnership. The sale includes Allianz's 26% stakes in Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance. Allianz aims to reinvest the proceeds to explore new opportunities in India's financial markets, following reports of potential collaborations with companies like Mukesh Ambani's Jio Financial Services Ltd.
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Acko finalising $120 million secondary share sale; Enam, Mithun Sacheti, Madhu Kela likely to come on board
Economic Times
·
9m ago
Medial
Bangalore-based insurtech startup Acko General Insurance is closing a $100-120 million secondary deal in which early backers, including Catamaran Ventures and Ashish Dhawan, will sell their stakes. The incoming investors include Enam group's family office, CaratLane founder Mithun Sacheti, Arpwood Capital, and MK Ventures. The secondary sale is being executed at a discount of around 5-10%. Acko, valued at $1.4 billion, aims to achieve profitability by fiscal year 2027. The company offers vehicle insurance, travel insurance, and health cover, and recently obtained a license for operating a life insurance business.
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New-age life insurance firms tap group products to boost business
Economic Times
·
1m ago
Medial
New-age life insurers like Acko, Go Digit, and CreditAccess are focusing on group products to drive premium collections, with significant growth in their first full operational year. Acko Life Insurance's premiums nearly doubled, while Go Digit and CreditAccess also saw considerable increases. Leveraging group products, these companies quickly established sales processes. Although they focused on retail in general insurance, they are now disrupting the group life insurance market, emphasizing customer trust and streamlined claims settlement.
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ACKO Elevates Sandip Goenka As CEO Of Its Life Insurance Biz
Inc42
·
9m ago
Medial
Sandip Goenka has been promoted to the position of CEO of ACKO's life insurance division. Previously serving as CFO, Goenka will now oversee business and customer strategy, operational efficiency, and financial performance. With previous experience at Exide Life Insurance and Tata AIA Life Insurance, Goenka is well-equipped to drive growth at ACKO Life. Since its establishment in 2016, ACKO has expanded its insurance offerings to include vehicle, health, and travel insurance, serving millions of customers and issuing numerous policies.
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Exploring the Future of Financial Services with Varun Dua
StartupTalky
·
1y ago
Medial
Varun Dua, the CEO and co-founder of insurtech company Acko, has disrupted the Indian insurance landscape. Acko started as an auto insurance company but has expanded to offer a range of financial products and services. The company has embraced embedded insurance by partnering with platforms like Ola and Zomato, and also diversified its product portfolio to include micro-loans, travel insurance, and gadget protection plans. Acko's expansion strategy is driven by factors such as digital penetration, untapped potential in the Indian insurance market, data-driven insights, and a focus on transparency. Although Acko faces challenges in a competitive landscape, its emphasis on innovation and customer-centricity positions it well for future success. Acko's success has influenced the Indian financial landscape, spurring innovation and promoting financial inclusion. Aspiring entrepreneurs can learn from Acko's journey by identifying market gaps, embracing technology, prioritizing customer centricity, and being adaptable.
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