PhonePe and ACKO General Insurance have teamed up to provide comprehensive car and bike insurance products directly to consumers on the PhonePe platform. This collaboration combines ACKO’s customer-centric approach with PhonePe’s extensive distribution network, ensuring insurance is easily accessible for its users.
A recent press release from ACKO stated, "As part of the collaboration, ACKO will expand its product range to include health insurance and other lines in the future."
Vishal Gupta, CEO of PhonePe Insurance, mentioned that PhonePe is transforming the insurance landscape in India. It is committed to offering customers the best insurance product selection while streamlining the purchasing process.
What ACKO has to offer
There are two major types of car insurance from ACKO: third-party and comprehensive.
ACKO's third-party insurance is the basic level of coverage mandated by law. If you're involved in an accident, this insurance covers the expenses incurred due to damage to the third party's vehicle or property or injury or death of a third party, sparing you from any financial or legal liabilities.
Comprehensive car insurance from ACKO, on the other hand, provides coverage not only for third-party damages but also protects your own vehicle from damage or theft.
It also covers damages caused by man-made or natural calamities and even covers rate bite damages. Additionally, the comprehensive insurance provides various add-on coverages like Roadside Assistance Cover, No Claim Bonus (NCB) Protection, Engine Protection Cover, Consumables Cover, Compulsory Personal Accident (Owner-Driver), Personal Accident Cover for Passengers, and Paid Driver Protection.
ACKO also offers various bike insurance policies, like third-party policy and comprehensive policy, starting from just Rs 457. With the comprehensive policy, you get an own damage cover along with mandatory third-party liability coverage.
Claims settlement: How does it work?
ACKO streamlines claim settlements online for a seamless, paperless, and cashless experience, with quick resolutions, especially within a few hours for minor damages. Additionally, the insurance offers cashless repair services at network garages. Notably, the Claim Settlement Ratio (CSR) for the financial year 2022-23 for the two-wheeler portfolio is an impressive 92.71 per cent.
To make a claim, simply visit ACKO's website/app, log into your account, and click "Register a Claim" to start the process.
PhonePe users will enjoy competitive pricing and top-notch claims and service experience. This partnership emphasises ACKO and PhonePe's commitment to delivering intuitive, affordable, and dependable insurance coverage to millions of customers nationwide.
“By combining ACKO's customer-first approach and PhonePe’s vast distribution network, we are positioned to offer unmatched value and convenience to millions of customers, reinforcing our commitment to make insurance simple and accessible,” said Sanjeev Srinivasan, CEO of ACKO General Insurance.=
