Meet The New-Age Underwriters Redefining Insurance

When Varun Dua bought his first insurance product at the age of 24, he was working at Tata AIG Life Insurance and had plenty of recommendations to make an informed decision. “Unlike the typical startup story—I found it very difficult to find a house so I built it—I didn’t find it difficult to buy insurance. I think I was very evolved about it,” says the founder of Acko with a laugh.

Acko General Insurance, the first fully digital insurance firm in India, came about from his wanting to switch from financial services to technology. After four years at Tata AIG and a brief stint at Franklin Templeton Investments, he set up a software firm in late 2010 with ex-IITian Devendra Rane that helped insurance companies build their online portfolio. It was a sector he knew, and where he saw a gap. “We both saw a niche and thought let’s figure it out together. Insurance companies were struggling, the large software companies servicing the insurance companies don’t really know what’s going on—this was our view. And that we could do a much sharper job of it. And that proved right to a large degree,” says Dua, 36.

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