Mygate partners with ACKO to deliver Smarter Insurance at Exclusive Prices to 4mn Households

Mygate receives aggregator license from the IRDAI to sell insurance
Rolls out single-click car insurance renewal on the app post registration with IRDAI

Bengaluru, India, May 22, 2024: Mygate, a living experience tech company, has recently received its aggregator license from the Insurance Regulatory Development Authority of India (IRDAI) to make insurance policies available to its users. This follows the strategic partnership that Mygate entered with ACKO, the tech-first insurer.

Through this partnership, both companies endeavor to deliver intelligent digital protection solutions tailored to the evolving needs of the 4 million households on the Mygate app. By integrating ACKO’s insurance services seamlessly into its platform, Mygate aims to bring insurance closer to home, making it hassle-free and easily accessible to its users. To begin with, the partnership will enable Mygate users looking to opt for car insurance to have easy access to policies at exclusive prices, timely reminders for renewal, and instant paperless claims.

Mygate has also introduced the unique ‘auto insurance reminder’ feature, powered by cutting-edge technology. The feature will enhance the overall customer experience on the app and enable users to benefit from the vast variety of protection offerings.

To further strengthen the partnership, the companies will look at expanding the product offerings beyond motor insurance, adding health and life insurance to the portfolio with solutions such as outpatient department (OPD) covers and RWA liability insurance. This will provide holistic insurance solutions powered by ACKO to the Mygate ecosystem.

Abhishek Kumar, Co-founder & CEO, Mygate, said, “Our commitment to improving living experience via technology is strengthened by the ability to offer tailor-made insurance for the gated community residents. We are already seeing a very positive reception to the launch and availability of car insurance via the Mygate app, and are excited to uncover what the future holds, as we continue to bolster this partnership and innovate with ACKO.”

“At ACKO, it’s our constant endeavor to create for the customer. Together with Mygate, we are working at redefining protection beyond auto insurance, and trying to solve for every aspect of the customers’ lives with our holistic approach. This partnership will help us leverage the potential of our tailor-made solutions and establish us as an integral part of the everyday lives of many million households,” said Animesh Das, CEO, ACKO General Insurance.

About Mygate

Mygate is a living experience technology company, founded by Vijay Arisetty, Abhishek Kumar, and Shreyans Daga in 2016. With scale and innovation on its side, the company elevates the everyday experience of over 4 million homes with better security and convenience, and a stronger sense of community. Mygate seeks to cover all aspects of the spaces that matter most, so one can slow down to savor life.

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 insurance model, with processes that require zero paperwork, from purchases and claims to renewals. ACKO has pioneered the direct-to-consumer auto insurance space in the country. In its continuous efforts to drive a paradigm shift in the automotive landscape and bring a transformation in the EV industry, ACKO launched a unique Extended Battery Warranty plan in partnership with industry-leading OEMs – Ather and Hero. In March 2023, ACKO entered the retail health insurance segment to bring the customer into focus with its fair pricing, convenience, and superior customer experience. Further, ACKO’s acquisition of Parentlane is a testament to its growing health insurance business. ACKO has also collaborated with PhonePe and Mygate to directly offer comprehensive car, bike, and health insurance products to consumers on their platform.

ACKO 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 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 9 years of operations, the company has distributed insurance policies to over 78+ Mn unique customers and issued 1 Bn+ insurance policies.

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