Varun Dua will continue to be the CEO of ACKO Technologies, the parent firm of ACKO General Insurance.
ACKO, a leading insure tech unicorn, has announced the elevation of Animesh Das, its chief underwriting officer, to the position of Chief Executive Officer (CEO) for its subsidiary entity, ACKO General Insurance. This transition comes as Sanjeev Srinivasan, previously serving as Managing Director and CEO at Bharti Axa General Insurance, assumes a board role.
Varun Dua will continue as CEO of ACKO Technologies, the parent company overseeing ACKO General Insurance, said the company.
Das, a longstanding member of ACKO's core team for the past six years, awaits board approval for his new role. The appointment underscores his significant contribution to ACKO's growth, particularly in steering the vehicle insurance business towards profitability.
Srinivasan, a seasoned professional who joined the General Atlantic-backed venture in 2021, has played a pivotal role in driving the expansion of the subsidiary unit, overseeing the successful launch of health, life, and travel insurance portfolios. Under his leadership, the Gross Written Premium (GWP) has substantially doubled over the past two years.
Reflecting on Das's appointment, Dua emphasised his instrumental role in driving ACKO's growth story, particularly in the auto insurance segment. Dua affirmed his belief that ACKO General Insurance would sustain its growth momentum under Das's leadership.
Varun Dua expressed confidence in Srinivasan's continued guidance in his board role, stating, "Sanjeev’s wealth of experience contributed to a lot of firsts for ACKO and has helped in rapidly building and scaling the company."
Founded in 2016 by Varun Dua, ACKO initially focused on the direct-to-consumer (D2C) comprehensive and third party insurance sector before expanding into retail health insurance in March 2023. ACKO's strategic acquisitions, such as Parentlane, have facilitated its entry and expansion into the health insurance market.
ACKO has forged partnerships with leading platforms such as PhonePe, MyGate, Oyo, redBus, Zomato, HDB Financial Services, and Urban Company, among others, to offer comprehensive insurance products directly to consumers. With over 78 million unique customers and over 1 billion insurance policies issued to date, ACKO continues to make significant strides in the insurance sector.
Despite challenges, ACKO reported a revenue increase of 31.9% to Rs 1,759 crore in FY23. The company has garnered substantial investments totalling around $450-460 million from prominent investors, including General Atlantic, Accel, Elevation Capital, and the FPGA family foundation.
