**Acko Expands Health Insurance Offerings Following OneCare Acquisition**
Acko Technology and Services Pvt. Ltd, an insurtech company based in Bengaluru, is intensifying its focus on health insurance nearly a year after acquiring the chronic-care startup OneCare, backed by Better Capital. The company is actively expanding partnerships with hospitals and clinics to leverage the growing opportunities in the healthcare sector, as revealed by a senior executive.
In 2024, Acko made an all-cash acquisition of OneCare, marking its entry into the health insurance market. Originally established in 2016 with a focus on auto insurance, Acko is now working to streamline the health insurance purchasing process. This includes everything from selecting a lab for medical tests to managing hospital interactions for claims.
“The current health insurance landscape places the entire burden on the customer. If there’s a system failure, they are left to navigate it alone. We are committed to integrating the entire process within our app, guiding customers to choose the best labs and hospitals,” stated Animesh Das, Managing Director and CEO of Acko General Insurance.
Acko aims to capitalize on the rapidly expanding Indian healthcare market, which is valued at over $372 billion and has been growing at a compound annual growth rate of 21% since 2014, according to estimates from the government think tank Niti Aayog. Health premiums now represent more than half of Acko’s total premium income, prompting significant investments in this segment over the past year.
The company has raised nearly $450 million from investors, including Multiples PE, Accel, Elevation Capital, and General Atlantic, and was last valued at $1.1 billion in October 2021. Recently, cricketer M.S. Dhoni announced his investment in Acko and joined as the brand ambassador.
In the healthcare arena, Acko faces competition from companies like PharmEasy, HealthifyMe, and HealthPlix, which offer services such as diagnostic tests and doctor consultations. Although Acko has not yet filed its financials for 2024-25 with the Registrar of Companies, it reported “measured growth” over the past year. “This year has been about understanding the key drivers of our growth. Our increased focus on health insurance is a direct result of those insights,” Das noted. “Healthcare services represent a long-term strategy for us.”
The integration of Acko’s various insurance services is expected to encourage more frequent customer engagement with the platform, which typically sees annual interactions. For the fiscal year ending March 2024, Acko’s revenue rose to ₹2,106 crore, up from ₹1,758 crore the previous year.
**FAQ**
**What is Acko’s strategy for health insurance?**
Acko is focusing on integrating the health insurance process within its app, making it easier for customers to choose labs and hospitals while managing claims efficiently.
