CHAPTER– I

INTRODUCTION
1.1: About Acko General Insurance Limited
Insurance and Savings category the same year; LinkedIn’s list of Top Startups features
them regularly.

They’re a driven team working towards improving every aspect of insurance. Be it

pricing, purchase, or claims—they’re amping it up with data and tech. Acko offer
customised prices, instant policy, super-quick claim settlements, and is ceaselessly
pushing forward to make insurance as friendly as a smile. Besides their collective
Acko is a general insurance company. It started in 2016 as India’s first digital insurer,
and is currently the fastest growing insurance company in the country. In a span of
three years they have revved up insurance with technology and given it a snazzy
makeover—they have taken it online, wiped out much of the paperwork associated with
it, created products that are a cut above the ho-hum, and sold them to over 50 million
unique customers.

All this jazzing up has been brought about by the team that is obsessed with making
insurance effortless. This team has grown from a small huddle of 6 when they started, to
a clan of more than 400 now. And this eclectic clan—comprising everyone from coders
who double up as comics to finance whizzes who slay at karaokes—is responsible for
other great feats too.

Like winning incredible partners. In the past few years, the company has partnered with
some of the best businesses in the digital world. Ola, redBus, Amazon and OYO are some
of the popular partners alongside whom they have launched innovative products like
trip insurance, electronics cover and hotel-stay insurance. These bite-sized product
offerings have received much love from our customers and even ushered in awards.

Micro-insurance product—Ola Trip Insurance, which insures cab passengers, was

awarded the Golden Peacock Innovative Product last year;

Financial Express chose the company as the winner in their passion for customer
convenience, they’re propelled by the love and support of their customers and
investors. Speaking of investors—allow them to indulge in a little name-dropping—
they’re backed by bigwigs like Amazon, Accel Partners, Catamaran Ventures, SAIF
Partners, RPS Ventures, and Mr. Binny Bansal
 An overview
 Industry - Insurance
 Founded - 2016
 Headquarters - Mumbai, Maharashtra, India
 Area served - India
 Key people - Varun Dua (MD & CEO)
 Parent - Acko Technology and Services Pvt. Ltd.
 Website - acko.com

1.2: Mission and Vision

The mission and vision of Acko General Insurance is to simplify the way insurance
products are viewed, purchased, and claimed.

1.3: Awards
 LinkedIn Top Startups 
 Insurance Post’s Top Insurtech Firms
 Disrupt 100
 Golden Peacock Innovative Product
1.4: Board of Directors

Varun Dua
(MD & CEO)

Mr. Dua has extensive and diverse experience in the insurance industry spanning over
10 years. He led marketing analytics efforts for direct business acquisition and led
technology efforts for efficient servicing of customers. He was CEO and Co-Founder of
Coverfox Insurance Broking Pvt. Ltd.

Ruchi Deepak
(Non-Executive Director)
Armed with the global experience of working both in India and the UK, Ruchi in her
career spanning 11 years, has advised on some of the most sophisticated financing,
exits, IPO and strategic matters across sectors ranging from healthcare, retail, e-
commerce, manufacturing, tech and mobile.

G.N. Agrawal
(INDEPENDENT DIRECTOR)
Mr. GN Agarwal, is an actuary of national repute. He has nearly four decades of
experience in Life and General Insurance and is Ex Head of LIC’s Actuarial Division
(Executive Director).

SRINIVASAN V.
(INDEPENDENT DIRECTOR)
Mr. Srinivasan V, is a Chartered Accountant with about 30 years of rich experience and
has been a key strategic and functional leader across multiple industries viz. Oil & Gas,
Insurance, E-Commerce, Technology and diversified SMEs and PE domains. He has
founded CFO Bridge LLP in 2012, India’s leading CFO Shared Service Company, which is
supporting Start-ups and SMEs which cannot afford a full time CFO.
 CHAPTER – II
PRODUCTS AND SERVICES
2.1 Policy Wordings
 Acko Group Health & Accident Care

 Acko Secure Shield Policy

 Commercial Vehicle Package Policy Goods Carrying Vehicle

 Commercial Vehicle Package Policy Passenger Carrying Vehicle

 Group Domestic Travel Insurance

 Group Personal Accident

 Liability Only Policy – Private Car – 3 Years

 Liability Only Policy – Two-Wheeler- 5 Years

 Liability Only Policy Goods Carrying Vehicle

 Liability Only Policy Miscellaneous And Special Type Of Vehicles

 Liability Only Policy Passenger Carrying Vehicle

 Liability Only Policy Private Car

 Liability Only Policy Two Wheeler Long Term

 Liability Only Policy Two Wheeler

 Marine Open Insurance Commercial

 Motor Compulsory Personal Accident (Owner-Driver)

 Private Car Package Policy – 3 Years

 Private Car Package Policy – Add-ons – Outstation Emergency Cover – 3 years

 Private Car Package Policy – Add-ons – Road Side Assistance – 3 Years

 Private Car Package Policy – Add-ons – Zero Depreciation 3 Years

 Private Car Package Policy – Consumables – 3 Years

 Private Car Package Policy Add-Ons Consumables

 Private Car Package Policy Add-Ons NCB Protect

 Private Car Package Policy Add-Ons Outstation Emergency Cover

 Private Car Package Policy Add-Ons Roadside Assistance

 Private Car Package Policy Add-Ons Zero Depreciation

 Private Car Package

 Private Car Policy – Add-ons – Consumables Bundled

 Private Car Policy – Add-ons – Outstation Emergency Cover – Bundled

 Private Car Policy – Add-ons – Road Side Assistance – Bundled

 Private Car Policy – Add-ons – Zero Depreciation Bundled

 Private Car Policy – Bundled

 Service Contract Liability Insurance

 Two Wheeler Package Policy – 5 Years

 Two Wheeler Policy – Bundled

 Two Wheeler Package Policy Long Term

 Two Wheeler Package Policy

 Acko Group Health Insurance

 Acko Group Health OPD Wallet

 Commercial Vehicle Package Policy – Passenger Carrying Vehicle – Add-ons-

Consumables

 Commercial Vehicle Package Policy – Passenger Carrying Vehicle – Add-ons-

Downtime allowance

 Commercial Vehicle Package Policy – Passenger Carrying Vehicle – Add-ons-

Engine protect

 Commercial Vehicle Package Policy – Passenger Carrying Vehicle – Add-ons-

Invoice cover

 Commercial Vehicle Package Policy – Passenger Carrying Vehicle – Add-ons-Key

Protect

 Commercial Vehicle Package Policy – Passenger Carrying Vehicle – Add-ons-Loss

of License or RC

 Commercial Vehicle Package Policy – Passenger Carrying Vehicle – Add-ons-NCB

Protect

 Commercial Vehicle Package Policy – Passenger Carrying Vehicle – Add-ons-

Road Side Assistance

 Commercial Vehicle Package Policy – Passenger Carrying Vehicle – Add-ons-

Small Repair Claim

 Commercial Vehicle Package Policy – Passenger Carrying Vehicle – Add-ons-Zero

Dep

 Motor Compulsory Personal Accident (Owner-Driver)

 Private Car Package Policy – Add-ons- Loss of License or RC

 Private Car Package Policy – Add-ons-Engine protect

 Private Car Package Policy – Add-ons-Invoice Cover

 Private Car Package Policy – Add-ons-Key protect

 Private Car Package Policy – Add-ons-NCB Protect

 Private Car Package Policy – Add-ons_Personal Belongings – Damage

 Private Car Package Policy – Add-ons_Personal Belongings – Electronic

Equipment

 Private Car Package Policy – Add-ons_Personal Belongings – Theft

 Private Car Package Policy – Add-ons-Small Repair Claim

 Two Wheeler Package Policy – Add-ons-Consumables

 Two Wheeler Package Policy – Add-ons-Downtime Allowance

 Two Wheeler Package Policy – Add-ons-Engine Protect

 Two Wheeler Package Policy – Add-ons-Invoice Cover

 Two Wheeler Package Policy – Add-ons-Key Protect

 Two Wheeler Package Policy – Add-ons-Loss of License or RC

 Two Wheeler Package Policy – Add-ons-NCB Protect

 Two Wheeler Package Policy – Add-ons-Outstation Emergency Cover

 Two Wheeler Package Policy – Add-ons-Personal Belonging- Damage

 Two Wheeler Package Policy – Add-ons-Personal Belonging- Electronic

Equipment
 Two Wheeler Package Policy – Add-ons-Personal Belongings-Theft

 Two Wheeler Package Policy – Add-ons-Road Side Assistance

 Two Wheeler Package Policy – Add-ons-Zero Dep

 Group Travel Insurance Policy

 Loan Shield Rider Policy

 Stand-Alone Own Damage Private Car Policy – Add-ons Invoice Cover

 Stand-Alone Own Damage Private Car Policy – Add-ons: Engine Protect

 Stand-Alone Own Damage Private Car Policy – Add-ons- Personal Belongings –

Damage

 STAND-ALONE OWN DAMAGE PRIVATE CAR POLICY

 Commercial General Liability Insurance Policy Wordings

 Stand-Alone Own Damage Private Car Policy Zero Depreciation

 STAND-ALONE OWN DAMAGE TWO-WHEELER POLICY

 Stand-Alone Own Damage Two Wheeler Policy – Add-ons Zero Depreciation

 Stand-Alone Own Damage Two Wheeler Policy – Add-ons Road Side Assistance

 Stand-Alone Own Damage Two Wheeler Policy – Add-ons: Personal Belongings –

Theft

 Stand-Alone Own Damage Two Wheeler Policy – Add-ons Personal Belongings

including Electronic Equipment

 Stand-Alone Own Damage Two Wheeler Policy – Add-ons Personal Belongings –

Damage
 Stand-Alone Own Damage Two Wheeler Policy – Add-ons Outstation Emergency
Cover

 Stand-Alone Own Damage Two Wheeler Policy – Add-ons: NCB Protect

 Stand-Alone Own Damage Two Wheeler Policy – Add-ons: Loss of License or RC

 Stand-Alone Own Damage Two Wheeler Policy – Add-ons Key Protect

 Stand-Alone Own Damage Two Wheeler Policy – Add-ons Invoice Cover

 Stand-Alone Own Damage Two Wheeler Policy – Add-ons Engine Protect

 Stand-Alone Own Damage Two Wheeler Policy – Add-ons Downtime Allowance

 Stand-Alone Own Damage Two Wheeler Policy – Add-ons Consumables

 Stand-Alone Own Damage Two Wheeler Policy – Add-ons: Road Side Assistance

 Stand-Alone Own Damage Two Wheeler Policy – Add-ons: Outstation Emergency

Cover

 Stand-Alone Own Damage Two Wheeler Policy – Add-ons: Consumables

 Stand-Alone Own Damage Private Car Policy – Add-ons Small Repair Claim

 Stand-Alone Own Damage Private Car Policy – Add-ons: Personal Belongings –

Theft

 Stand-Alone Own Damage Private Car Policy – Add-ons: Personal Belongings

including Electronic Equipment

 Stand-Alone Own Damage Private Car Policy – Add-ons: NCB Protect

 Stand-Alone Own Damage Private Car Policy – Add-ons Loss of License/RC

 Stand-Alone Own Damage Private Car Policy – Add-ons: Key Protect

 Acko Asset Protect Insurance Plan Policy Wording

 Standard Fire and Special Perils (Commercial) Policy Wordings

 Arogya Sanjeevani Policy – Acko General Insurance Limited

 How to Claim Health Insurance for Coronavirus?

 Acko Health Insurance Policy – Prospectus

 Acko Group Health OPD Wallet – Prospectus

 Loan Shield Rider – Prospectus

 Arogya Sanjeevani Policy – Acko General Insurance Limited – Prospectus

 Group Domestic Travel Insurance Policy – Prospectus

 GROUP TRAVEL INSURANCE POLICY – Prospectus

 SECURE SHIELD – Prospectus

 GROUP HEALTH & ACCIDENT CARE POLICY – Prospectus

 GROUP PERSONAL ACCIDENT POLICY – Prospectus

 GROUP PERSONAL ACCIDENT POLICY – PROPOSAL FORM

 PROPOSAL FORM – AROGYA SANJEEVANI POLICY – ACKO GENERAL

INSURANCE LTD

 ACKO GROUP HEALTH INSURANCE POLICY – PROPOSAL FORM

 ACKO GROUP HEALTH OPD WALLET – PROPOSAL FORM

 ACKO HEALTH INSURANCE POLICY – PROPOSAL FORM

 LOAN SHIELD RIDER – PROPOSAL FORM

 GROUP DOMESTIC TRAVEL INSURANCE POLICY – PROPOSAL FORM

 GROUP TRAVEL INSURANCE POLICY – PROPOSAL FORM

 SECURE SHIELD – PROPOSAL FORM

 GROUP HEALTH & ACCIDENT CARE POLICY – PROPOSAL FORM

 ACKO GROUP HEALTH INSURANCE POLICY – PROPOSAL FORM

 Hospital Network List of ACKO General Insurance Limited Servicing by Family

Health Plan Insurance TPA Limited (Spreadsheet)

 Corona Kavach Policy- Acko General Insurance Ltd. – PROPOSAL FORM

 Corona Kavach Policy – Acko General Insurance Limited – Prospectus

 Acko Group Health Insurance Policy – Policy Wordings

 Acko Group Health Insurance Policy-applicable for policies issued after 30th Sept
2020)

 Acko Group Health OPD Wallet (foe policies issued after 30th Sept 2020)

 Corona Kavach Policy – Acko General Insurance Ltd

 Group Health & Accident Care (for policies issued after 30th Sept 2020)

 Secure Shield (policies issued after 30th Sept 2020)

 Goods Carrying Vehicle Add-on Consumbles

 Goods Carrying Vehicle Add-on Engine Protect

 Goods Carrying Vehicle Add-on Invoice Cover

 Goods Carrying Vehicle Add-on Key Protect

 Goods Carrying Vehicle Add-on Loss of License & RC

 Goods Carrying Vehicle Add-on NCB Protect

 Goods Carrying Vehicle Add-on RSA

 Goods Carrying Vehicle Add-on Small repair Claim

 Goods Carrying Vehicle Add-ons Zero Depreciation

 Acko Retail Health Policy – Policy Wording

 Acko Group Health Insurance Policy

 Acko Group Health OPD Wallet

 Acko Group Travel Insurance Policy

 Group Domestic Travel Insurance Policy

 Group Health & Accident Care

 Group Personal Accident Policy

 Secure Shield
2.2: An overview of a plan
PRIVATE CAR PACKAGE POLICY
Whereas the insured by a proposal and declaration dated as stated in the Schedule
which shall be the basis of this contract and is deemed to be incorporated herein has
applied to ACKO GENERAL INSURANCE LIMITED (hereinafter called the Company) for
the insurance hereinafter contained and has paid the premium mentioned in the
schedule as consideration for such insurance in respect of accidental loss or damage
occurring during the period of insurance.

SECTION I – LOSS OF OR DAMAGE TO THE VEHICLE INSURED

The Company will indemnify the insured against loss or damage to the vehicle insured
hereunder and / or its accessories whilst thereon

i. by fire explosion self-ignition or lightning;

ii. by burglary housebreaking or theft;
iii. by riot and strike;
iv. by earthquake (fire and shock damage);
v. by flood typhoon hurricane storm tempest inundation cyclone hailstorm frost;
vi. by accidental external means;
vii. by malicious act;
viii. by terrorist activity;
ix. whilst in transit by road rail inland - waterway lift elevator or air;
x. by landslide rockslide.

AVOIDANCE OF CERTAIN TERMS AND RIGHT OF RECOVERY

Nothing in this Policy or any endorsement hereon shall affect the right of any person
indemnified by this Policy or any other person to recover an amount under or by virtue of the
provisions of the Motor Vehicles Act.
But the insured shall repay to the Company all sums paid by the Company which the
Company would not have been liable to pay but for the said provisions.
 APPLICATION OF LIMITS OF INDEMNITY
In the event of any accident involving indemnity to more than one person any limitation
by the terms of this Policy and/or of any Endorsement thereon of the amount of any
indemnity shall apply to the aggregate amount of indemnity to all persons indemnified
and such indemnity shall apply in priority to the insured.
Benefits of ACKO Car Insurance

 Pricing is a crucial factor in insurance. One is hardly aware but every car
insurance product is topped with a 20%-30% commission. This certainly
explains a steep hike in the price of insurance plans and premiums. Acko
guarantees a considerable cut-back in premiums.
 So, not a huge fan of paperworks? Neither is Acko. Buy insurance, renew your
plan or make claim, do anything and everything online without the hassles of
paperworks.
 Completing a claim process could sound like a tedious affair. Well, definitely not
with Acko as your car insurance partner. Just start with a call and your job is
done. From picking up your vehicle, getting it fixed to dropping the same at your
doorstep, the company does it all. You can sit back and relax meanwhile.
 Getting minor damages and dents fixed could cost a fortune in the long run. Acko
get its done and pays out cash as an instant claim settlement for minor damages.

ACKO Car Insurance Add-Ons

 Loss of Accessories Cover
 Consumables Cover
 Emergency Roadside Assistance
 Return to Invoice Protection Cover
 Engine Protection Cover
 License/RC Cover

2.3: How to File an Acko Insurance Claim

In case of a motor insurance, here’s how you can go about filing a claim on your Acko
General Insurance online, in just a few quick steps:

 Head to the ACKO car/ bike insurance claim settlement page

 Register your claim online by clicking on ‘Register a claim’.

 Log in using your registered mobile number.

 Click on ‘Claim Now’ on your policy card.

 Answer the few questions that follow, and you are done.

 ACKO will evaluate your claim request and their claims expert will get back to
you shortly.

2.4: Promotional Pamphlets

 CHAPTER– III
Claim Settlement Ratio

3.1: What is Claim Settlement Ratio?

Claim Settlement Ratio (CSR) is the ratio of the total number of claims settled by an
insurance company against the total number of claims available for processing for a
financial year.

CSR = Total claims settled in a year / Total claims received in a year x 100

CSR is a good indicator of the claim settlement rate of an insurance company.

3.2: ACKO Claim Settlement Ratio FY19-20:

At ACKO, the intent is never to find a reason to reject a claim but to find ways to approve
them fast, and it shows in Claim Settlement Ratio as well. They believe that the best
practices should be known to their customers. Hence, their effort is to continuously and
proactively enable and make visible all such information to both their policyholders and
prospective customers on website and refresh the data with the latest updates from
time to time as applicable.

For claim settlement ratio or for an answer to any queries or to know about their public
disclosures or to know anything about the company, the only source that we should
trust and rely upon is company website acko.com.

The company believe that they should provide and publish accurate and authentic data
about their performances like CSR (Claim Settlement Ratio), ICR (Incurred Claim Ratio)
and GWP (Gross Written Premium) for their customers to know how they are
performing. 

Refer to the table below for the claim settlement ratio of ACKO General insurance:
##The Claim Settlement Ratio for ACKO’s Own Damage Cover (part of Motor Insurance)
was 97.22%.  The rejection ratio was 1.33%.
What this means is that out of every 100 claims received by us (ACKO), we have settled
~97 claims & rejected ~2 claims. The remaining ~1 remains outstanding as it is still
awaiting some mandatory documents from the customer.
** ACKO’s Group Medical Health Insurance plan did not receive any claims in FY 2019-
20. Its data will get updated at the end of FY 2020-21.

3.3: Claim Settlement Ratio For Car Insurance:

Car insurance is nothing but the legal contract between you and the insurer. A car is
prone to damages, and you will end up applying for a claim if your car suffers an
accident. Therefore, it is crucial to check the CSR of the insurer before making the
purchase decision. For more information, you can read about the Car Insurance Claim
Settlement Ratio.

3.4: Claim Settlement Ratio For Bike/Two-Wheeler

Insurance:
A two-wheeler insurance policy provides coverage against legal and financial liabilities
in case of an accident. The bike insurance plan compensates for the repair bill if your
motorcycle/scooter is damaged. To get compensation from the insurer, you need to
apply for a claim. That’s why it is important to check the Bike Insurance Claim
Settlement Ratio before you purchase a two-wheeler insurance policy. 

3.5: Claim Settlement Ratio For Health Insurance:

Buying a health insurance policy is not a luxury anymore. It has become a necessity,
especially amidst the ongoing pandemic. You buy health insurance to get compensated
for the medical expenses incurred due to various health disorders, which are covered by
the policy. Before buying a health insurance policy, go through the insurer's after-sales
service policies, claim settlement ratio, and also the Incurred claims ratio (ICR). For
more information, you can read about the Incurred Claims Ratio for Health Insurance. 
3.6: Reasons for Claim Rejection:
Each claim is different and more often than not, the insurance companies have a good
reason for rejecting any claim. If CSR is not 100%, it doesn’t mean that the insurance
company is not treating every claim fairly. 

Here are some of the reasons that can lead to a rejection of a claim:

 Claim raised after the insurance policy has lapsed.

 Claim raised against a disease/damage that is not covered by the insurance

policy.

 Misrepresentation or wrong information in the claim form.

 Non-disclosure of any information such as pre-existing diseases in health

insurance and modifications done to the vehicle in case of car/bike insurance.

 Unreasonable delay in raising the claim request.

 Claim raised for coverage that is not covered by the insurance policy.

 A false claim made with untruthful information. Such claims are known as
fraudulent claims.
 CHAPTER– IV
ANNUAL REPORT
 ANNUAL REPORT OF ACKO INSURANCE
(FY 2019-20)
4.1: BUSINESS OPERATIONS:
Particulars Year ended 31 March Period ended 31
March
2020 (Amt. in
Rs.’000) 2019 (Amt. in
Rs.’000)
Total Revenue 19,56,215 6,01,549

Total Expenditure 38,34,053 19,45,264

Profit/(Loss) (18,77,838) (13,43,715)

before tax
Tax expense / _ _
(benefit)
Profit /(Loss) after (18,77,838) (13,43,715)
Tax

4.1.1:REVIEW OF OPERATIONS:
The Company has rapidly scaled up its operational capabilities, from issuing 2,23,121
policies in Financial Year 2018-19 to issuing 9,60,750 policies in Financial Year 2019-
20.
4.1.2:IMPACT OF COVID ON THE OPERATIONS OF THE
COMPANY.

The Company expects the auto business to recover first and that there is also a
promising trend of recovery. With respect to work-from-home facility provided to the
employees due to the pandemic, your Company has not faced any productivity issues.
All measures including regular sanitization and other advisories are being followed.

4.1.3:CHANGE IN NATURE OF BUSINESS, IF ANY:

No changes in the business carried on by the Company during the year under review.

4.1.4:SHIFTING OF REGISTERED OFFICE

The shareholders at the extra-ordinary held on 12 January 2020 approved the shifting
of the registered office of the Company to the state of Karnataka. The Company had filed
necessary applications with the Regional Director, Western Region Bench, Maharashtra
(“RD”). The RD, by order dated 22 June 2020, has approved the application of the
Company. The Company is in the process of completing the necessary filings in this
regard.

4.1.5:PRODUCTS:
The Company has launched products in different lines of business such as Motor
Insurance, Group Health Insurance, Equipment Insurance, Fire Insurance, Liability
Insurance and many more. The Company has also launched its international travel
product which is first of its kind. The Company has also obtained approval for Retail
Health Insurance as well.
Company aims to widen its offering within existing products & introduce new products
to the consumers. The Company proposes to file & launch the existing group product
(like PA, Travel) for Retail customers. Also, file & launch Cyber Insurance, Fire
Insurance offerings for retail & commercial partners.
4.2: CLAIMS
Financial Year 2019-20 has been a significant year with respect to claims. There has
been a multi fold development & progress both in terms of number of claims managed
and also in terms of technology advancement.
There has been a huge surge in the number of claims when compared to previous
financial year. In the Financial Year 2018-19 a total of 24,831 claims were reported
whereas during financial year 2019-20 a total of 1,95,695 claims have been reported,
resulting in 688% increase in claims across all lines of businesses. Below are some of
the broad details:

4.2.1:Auto claims
a) A 100% paperless process for both "Cashless" & "Reimbursement" has been
implemented allowing insured to intimate claims and upload soft copies of
driving license/RC (as applicable) and damaged vehicle photos using the
Company’s website.
b) The centralized assessment team (CAT) assesses based on photographs
uploaded and customer declaration using an online estimation tool.
c) Customers are offered an instant “On-Account” settlement for minor scratch,
dent claims. On acceptance by the insured, the claims are settled immediately
vide IMPS / NEFT mode and claims are closed. The Company is able to maintain
two days TAT for such type of claim settlement.

4.2.2: Automated Micro-Claims:

a) The Company has automated claim processes for small value, high-frequency
micro claims using technology and deep integration with the partner's apps (e.g.
RedBus, Ola, Rapido, DriveU, etc). For example, Customers are auto notified in
case his/her bus booked through the RedBus app etc, is cancelled. The claims are
processed automatically by the system & settlement amount is credited to the
customer.
 b) The Company is also running an exercise to check the efficiency of such
automation at regular intervals.

4.2.3:Travel & partnership claims:

The Company has implemented a completely paperless process for both "Cashless" &
"Reimbursement" for disability, hospitalization, death, personal liability type of claims.
All such claims are managed on a digital platform. Customer/claimant can intimate
claims using the Company’s website or partners app and upload soft copy of documents
and the backend team processes all such claims on the basis of such soft copies.

4.2.4:SCLIP claims:
The Company offers an “Advance cash settlement” to all its customers for all mobile
screen-damage after authentication of the damage and IMEI number. Upon receipt of
acceptance from the customers claims are settled instantly vide NEFT / IMPS.

4.3: SHARE CAPITAL:

The Company has increased its authorized capital to Rs. 1000,00,00,000/- (Rupees One
thousand crores) during the year ended 31 March 2020. The paid-up capital stood at Rs.
546,00,00,000/- (Rupees Five hundred and forty-six crores) as on 31 March 2020.

4.4: SUBSIDIARY, ASSOCIATE AND JOINT VENTURE:

The Company has no subsidiary or associate, therefore, disclosures regarding the same
are not provided in the report. The company has not entered into any joint venture.

4.5: DIRECTORS
Ms. Ruchi Deepak, Director of the Company, is liable to retire by rotation at the
forthcoming Annual General Meeting and being eligible, offers herself for re-
appointment. The necessary resolutions in this regard have been included in notice of
the forthcoming Annual General Meeting, for the approval of the members.
Mr. Varun Dua, Managing Director and CEO holds office upto 17 September 2020. The
Board, on the recommendation of the Nomination and Remuneration Committee, has
approved re-appointment of Mr.Varun Dua as Managing Director and CEO of the
Company for a further period of three years with effect from 18 September 2020. The
Company has received the approval of the Insurance Regulatory and Development
Authority of India (“IRDAI”) for the re-appointment.
The Board on the recommendation of the Nomination and Remuneration Committee
has also approved the increase in the remuneration of Mr. Varun Dua, Managing
Director and CEO and Mr. Deepak Angrula, Whole-time Director, with effect from 1 April
2020, subject to the approval of the shareholders and IRDAI.
The Company has submitted necessary applications seeking approval of IRDAI. The
approval of members is being sought in the ensuing general meeting.

4.5.1: BOARD MEETINGS HELD DURING THE YEAR:

During the financial year ended 31 March 2020, nine (9) meetings of the Board of
Directors were held.

4.6: KEY ROADMAP FOR FY 2020-21

 Technology advancement to enable claims progress on the website/app where a
customer can login and view the status of progress of his claim, any pendency
from customer end / to and fro communication through extended claims
application.
 Building technology for health claims management with our TPA partner
integration.
 Introduce fraud detection tools using AI technology.
 Automating reporting (regulatory reports including IIB and BAP reporting).
 Introducing internal quality assurance team for enhancing customer experience,
ensuring compliance with regulatory guidelines, carrying out live file and closed
files audit for bringing in uniformity and adherence to the laid down processes.
 Assessment automation leveraging AI.
 Automated damage detection.
 CHAPTER– V
AN ARTICLE BY ACKO
Car Insurance Online Vs Offline: Which is Better?
A decade ago, people used to browse online and buy offline. Traditionally, people liked
to buy gadgets and clothes offline as they could get the feel of it before buying. But as
technology developed and delivering products became faster and cheaper, people
started buying online as well. With the combination of smartphones, internet banking,
tech-savvy sellers and buyers, one-day delivery, and festive offers, online scored over
offline in almost all products and services categories. But what about  car insurance
online? Which is better, online car insurance or offline?

Difference between Online Car Insurance Vs Offline Car Insurance:

Points Offline Car Insurance Online Car Insurance

Offline car insurance is a purchase Online car insurance is a

Meaning process where the act of buying a purchase process where the act of
policy takes place at physical buying a policy takes place in a
office space or by meeting an virtual setting like a website or a
insurance agent. For example, an mobile application.
insurance company’s office or a
car dealer’s office who has a tie-
up with an insurer.

There’s more transparency in this

There’s less transparency in this method as there is no
Transparency
method as there is an intermediary. You can access all
intermediary involved. documents on the website, read
through them, and make an
informed choice.

Here, the process involves visiting

Here, the process involves the insurer’s website/app,
Process meeting the seller, filling forms, sharing basic details, choosing the
and submitting the required plan, and buying the same by
papers. making the payment online.
 Comparatively, this is a lengthy
Time Factor process. Starting from setting up a
meeting with the seller, to
submitting documents and
making the payment can take up a
few days.
The payable premium in a
Payable traditional office-based insurance
process can be higher in
Premium comparison to the online method.
This can be attributed to higher
company overheads.
The chances of being influenced
Influencing by an agent or an intermediary
into making a particular decision
are more in the offline process.
It is tough to compare policies
Comparison offline. You will have to visit
multiple people. Even if one agent
is presenting to you several
options, it is time-consuming and
challenging to compare
brochures.
Often, you have to rely on the
Customer agent/intermediary for support
while buying the policy offline. If
Support the insurance company has a
calling-based support team, you
can seek help there as well.
Buying a car insurance policy
online is a quick process. It does
not require any appointments.
You can insure your car any time
of the day as per your
convenience. Unlike a physical
office, the online platform like a
website does not have an end-of-
the-day closing time.
As online insurers do not have a
lot of infrastructures to look after,
their operational cost is on the
lower side. No intermediaries
mean no commissions and that in
many cases translates into low-
cost insurance plans.
The chances of being influenced
are less here as you are in control
throughout the decision-making
process.
Comparing car insurance policies
online is not at all challenging.
You can either pick an aggregator
website and get the majority of
the quotes and coverages in one
shot. Or else, you can visit the
websites of your preferred
insurers and then use
the premium calculator to know
the quote, and then compare
them.
In the online process, you can
seek answers to your queries
thanks to website content, blog
posts, and chatbots. There are
dedicated teams that handle
email and call-based queries as
well.
 As the focus is on manual- Online car insurers offer a quick
 Claim processes, the claim settlement and hassle-free claim settlement
process can be a lengthy one. process. They can do so because
Settlement of the tech-based infrastructure.

The offline renewal process poses The online renewal process is

Renewal similar challenges faced during even easier than the online
the offline policy buying process. buying process. Assuming you are
renewing from the same insurer
from whom you purchased the
plan, your data will be saved by
the insurer. All you have to do is
log in to the website and make
the payment. The policy shall be
renewed as soon as the payment
goes through, which happens
almost instantly.

Benefits of Buying Online Car Insurance:

Here are some direct benefits of buying online car insurance.

1) Better Research
You can find out all the details about a car insurance policy by researching online.
There’s the insurer’s website, blog posts, and the Policy Wordings as well. The online
policy buying process aids better research and comparison so that you can make an
informed and calculated decision.

2) Low Premiums

Generally, car insurance policies offered by digital-first insurers are less expensive than
those offered by offline insurers. This is because the online insurers have a low
operational cost and less or no dependency on intermediaries, thereby reducing the
cost paid as commissions.

3) 2-minute Purchase

It is possible to buy a car insurance policy in two minutes via an app or a website. No
paperwork. No money paid as commissions. No filling long forms. No submitting a
bunch of documents. Online car insurance is quick, simple, and efficient.

4) Prompt Service

If you are stuck while buying the policy or while raising a claim or simply want to rectify
an error in the policy document, the online insurer’s customer support team is at your
service 24×7.

5) Hurdle-free Claim Settlement

Online car insurance eliminates hurdles to claim settlement such as heavy

documentation, coordination problems, and money transfer. The online insurers offer
instant claim settlement, Cashless Claims, and seamless coordination thanks to
Blockchain, Artificial Intelligence, and Machine Learning.

So, Which Is Better?

The points mentioned in the previous sections state that online car insurance is better
than offline car insurance. However, you must look at these options from your own
perspective. Someone who is not tech-savvy, is too comfortable with the agent-based
approach, and does not mind foregoing the online-based benefits might prefer the
traditional way.

There is a way around this as well. If you feel the online process is daunting, simply ask
a millennial relative to help. Better, you can try to insure your car online yourself, it is
not difficult at all. The final call is yours. If you feel a method is stressful for you, skip it
and pick the other one. But make sure to buy and renew car insurance as it is a legal
requirement.

Explore ACKO Insurance Policy Online & its Benefits:

Here are the top advantages of insuring your car with ACKO.

 Insure your four-wheeler within minutes from the website or the app.

 Get a policy at a low premium thanks to ACKO’s tech-based infrastructure.

 Buy direct from ACKO and skip paperwork and commissions.

 Get services such as one-hour pick-up and 3-day doorstep delivery as per the
terms and conditions.

 Benefit from Cashless Claims across garages.

Frequently Asked Questions:

Here’s a section featuring common doubts concerning online vs offline car insurance.

Is buying insurance online from a new insurer safe?

Buying insurance online from a new insurer is safe provided you have checked the
credentials of the insurer. Browse the insurer’s website for
its IRDAI certification/registration number to authenticate the insurer’s validity and
buy the policy.

Is online insurance always cheaper than offline insurance?

Mostly, online insurance is cheaper than offline because of several factors like the
company’s low operational expenses, no commissions, tech-based strategy, etc.
Can I shift from online to offline and offline to online after a few years of the
policy?

Yes, you can shift from online to offline and offline to online while renewing the policy.

Is there a difference between an offline insurer also offering the policy online and
a purely online insurer?

The difference between the two is mostly related to the overall strategy. A digital-first
insurer might be more tech-savvy and offer related advantages than a traditional
insurer offering policies online.

Do online insurers also offer add-ons such as Roadside Assistance and Zero
depreciation?

Yes, online car insurers do offer popular add-ons.

Do online insurers inspect cars before insuring them?

Online insurers do not inspect cars unless the car has been uninsured for a while.

What to do if I am unable to find my four-wheeler’s model on the insurance

company’s website?

You can contact the insurer’s customer care department if you are facing difficulties in
searching for your vehicle’s model on their website.

I do not have an internet banking facility. Can I pay for the online car insurance
policy via Debit Card?

Yes, most insurers offer the facility to pay the premium via a Debit Card.

 Do I have to visit any government office like a registrar to renew my car’s
insurance online?

There is no need to visit any office while renewing your car insurance online.