Is Amazon getting ready to have go at motor & health insurance in the West?
Mainstream #insurance companies should be watching closely. Good money & big players showing interest in Bangalore-based #insurtech Acko - a digitally focused proposition selling bite-sized auto & health insurance offerings in India. Acko has raised US$60 million in a D round. Munich Re Ventures, led the round. Existing investors Amazon, RPS Ventures & Intact Ventures (corporate venture arm of Canada’s largest property and casualty insurer) all participated. This brings Acko’s to-date raises to $200 million, with a valuation of $500m. Coupled with its fin services capabilities & customer reach, Amazon will likely have access to a slick digital insurance platform. Just needs an 'underwriter' & 'claims manager' for each new market. Could this be Munich Re? Some channel conflict coming & some long term relationships with retailers to be tested?
