Online retail monolith Amazon has made a $12-million investment in Indian digital insurer Acko General Insurance.
Last October it was reported that Amazon had started to hire London-based insurance professionals, making many worry that the company was set to disrupt the European market. It has now been announced that the company has taken another step into the insurance market, investing in Acko.
“Acko is a young and nimble startup bringing technology and data-led innovation to the insurance sector to deliver a better insurance experience for customers,” The Economic Times quoted Amazon India Senior Vice-President and Country Manager Amit Agarwal as saying. “We are excited to back companies that are focused on using technology for enhanced customer experience and are led by missionary founders and management teams.”
This is the first investment that Amazon has made in an Indian insurance company. The Acko website is already offering Amazon related products to its customers, including Amazon gift cards for its mobile protection customers.