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Source Name: Acko

Acko Partners with HDB Financial Services to Offer Micro Insurance on HDB Aabhar Cards

The Insurance cover for HDB customers ranges from protection against Vector borne disease, loan protector to Hospital cash allowance

Feb 27, 2020 11:58 IST 
Bengaluru, Karnataka, India

Acko General Insurance Limited has announced a partnership with HDB Financial Services Ltd, India’s leading Non-Banking Financial Company (NBFC). Acko is India's first and fastest-growing InsurTech company committed to making insurance more meaningful and compelling to consumers via personalized underwriting, micro Insurance products, and a paperless, automated single-click micro claims process built on world-class technology.


HDB Financial Services (HDBFS) offers Aabhar cards (EMI cards) to its customers when they avail Sales Finance from General trade stores/Large Format Retail etc. The insurance covers are in-built features of the Aadhar card.


Acko will be powering the Aabhar cardholder with micro insurance cover which will provide a range of benefits including Vector borne disease cover, loan protector and hospital cash allowance to HDB Customers.


This collaboration is great news for HDBFS customers as it will offer insurance covers at no additional cost with EMI cards such as the HDB Blue and Platinum Aabhar cards.


Both the companies believe in offering a smooth and seamless consumer journey. Claims can be filed through Acko's website. The process has been designed to minimize hassles for consumers and ensure quick claim settlement.


Speaking on the partnership, Mr. Rakesh Kumar, Product Head - HDB Financial Services, said, “The HDB-Acko partnership is a great step towards boosting the overall customer experience.”


Ashwin Ramaswamy, Business Head - Partnerships at, Acko said, “This partnership springs from a shared commitment towards a consumer-first approach, from both the brands. Between Acko’s insurtech expertise and HDB’s unique digital EMI capabilities, we will deliver an exceptional insurance cover that is simple, quick and will protect consumers in their time of need.”


About Acko General Insurance

Acko’s General Insurance Company is India’s first and fastest growing insurance policy provider with its entire operations offered through the digital platform. Founded in 2016 by Varun Dua, a fin-tech serial entrepreneur, Acko provides innovative products with personalized pricing based on customer behaviour and data analytics.


Acko has raised total funding of US$ 107 million. The company is backed by Narayan Murthy’s Catamaran Ventures, Accel and SAIF Partners, Amazon, Kris Gopalakrishnan, Co-founder Infosys, Hemendra Kothari of DSP Blackrock, Atul Nishar – Founder & Chairman of Hexaware Technologies, Rajeev Gupta - veteran investment banker and Founder of Arpwood Capital, Venk Krishnan and Subba Rao of NuVentures, Swiss Re & Transamerica Ventures, Binny Bansal, RPS ventures and Intact ventures.


Recently, Acko bagged the ‘Startup of the year-Fintech’ award organized by Entrepreneur India, and has been featured in LinkedIn’s Top 25 Startups in India list. It has also been featured in Business Today’s Coolest Startups List and ranked among the top ten firms in Insurance POST’s Top 100 Global Insurtech firms, both in 2018 and 2019.


About HDB Financial Services Ltd.

HDB Financial Services (HDB) is a leading Non-Banking Financial Company (NBFC) that caters to the growing needs of “Aspirational India”. HDB offers a wide range of secured and unsecured loans to the customers and provides a one-stop-shop solution for all finance related requirements.


With a strong well-capitalized business, HDB enjoys CARE AAA and PR1+ rating. HDB has a widespread distribution network, comprising 1,350 branches in 961 cities and towns, as of March 31, 2019 with an employee base of more than 80000.


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