R. Madhavan, who is known for his authenticity and intelligence, questions the profit-making model of insurance companies, ACKO in this case, echoing the common consumer sentiment that why would it be in the insurers' interest to settle claims
FinTech BizNews Service
Mumbai, January 3, 2024: With a move that can only be termed as a welcome change, ACKO has conceptualised a series of videos aimed to step into the customers’ shoes and debunk the often-associated myths around the insurance buying journey and claim settlements.
In conversation with the founder Varun Dua, actor R Madhavan, delves into the persisting misconception prevailing in the industry on how it is in the insurers’ interest to pay the insurance claims. The video titled What’s The Catch marks the commencement of the unique partnership where ACKO has roped in R Madhavan as the “Voice of the Customer”.
Madhavan, who is known for his authenticity and intelligence, questions the profit-making model of insurance companies, ACKO in this case, echoing the common consumer sentiment that why would it be in the insurers’ interest to settle claims. In a language easily comprehensible to the layman, Varun explains how, by settling genuine claims quickly and efficiently, ACKO gets to build its reputation through positive word of mouth, which ensures customer retention and greater brand growth.
He further explains the D2C business model of ACKO that settles claims without agents, harping on the fact that it is the insurer's responsibility, not the agents', to settle claims and ensure that the customers experience a worry-free insurance journey. ACKO empowers customers to choose services based on their comfort and convenience, and facilitates the rightful payment of genuine claims, underscoring the customer-centric approach.
R Madhavan's collaboration with ACKO signifies a significant milestone in the company's journey toward cultivating an informed and empowered customer base. This video marks the commencement of a unique partnership between ACKO and R Madhavan to help customers navigate the complex world of insurance jargons. The primary goal of this video series is to educate customers on a spectrum of nuanced topics within the insurance realm, dispelling common misconceptions and providing clarity on various aspects such as auto insurance, health insurance and more.
About ACKO:
Founded in 2016 by Varun Dua, ACKO’s entire process is designed to provide a better customer experience and to eliminate the pain points associated with the traditional model, with processes that require zero paperwork, from purchase and claims to renewals. ACKO has pioneered the direct-to-consumer auto insurance space in the country. It also has one of the largest market shares in embedded insurance products like mobility and gadget insurance in partnership with 50+ leading players in the internet ecosystem such as Ola, Oyo, redBus, Zomato, HDB Financial Services and Urban Company. Within two years of its launch, ACKO's Group Health Insurance product has on-boarded 200+ new age, people-first companies including Swiggy, Razorpay, and CRED and insured nearly 8+ lac lives. In a span of 5 years of operations, the company has distributed insurance policies to over 78+ Mn unique customers and issued 1 Bn+ insurance policies.
