SUMMARY
From the position of CEO and MD of Acko’s subsidiary entity Acko General Insurance, Srinivasan has been elevated to an undisclosed role in the board of the company
The company’s chief underwriting officer Animesh Das will be filling in his shoes as the new CEO of Acko General Insurance
The reshuffle comes at a time when Acko is eyeing INR 3,000 Cr in gross written premium (GWP)
Insurtech unicorn Acko has elevated its chief underwriting officer Animesh Das as the chief executive officer of its subsidiary Acko General Insurance.
Meanwhile, Sanjeev Srinivasan, the chief executive and managing director of the company’s insurance arm, has joined the board of parent Acko Technologies.
However, founder Varun Dua will continue as the CEO of Acko Technologies, the parent entity of Acko General Insurance.
The reshuffle comes at a time when Acko is eyeing INR 3,000 Cr in gross written premium (GWP), it said in a statement.
“Srinivasan’s wealth of experience contributed to a lot of firsts for ACKO and has helped in rapidly building and scaling the company. I’m confident that in his board role, he will continue mentoring the team and help us march toward our collective vision and goal,” Dua said.
Srinivasan joined the startup in 2021 after serving as a managing director and CEO for five years with Bharti AXA General Insurance. He also headed the marketing and eBusiness operations for ICICI Lombard for six years between 2010-16.
The company credits him for the growth of its GWP in the last two years as well as the launches of its health, life and travel insurance portfolios. It is important to note that the startup, founded in 2016, only acquired IRDAI’s (Insurance Regulatory and Development Authority of India) licence to foray into the life insurance business early last year.
“As ACKO continues its remarkable growth journey, I am committed to leveraging my experience in guiding and nurturing the team at ACKO, ensuring it reaches even greater heights. Our collective efforts will result in success, innovation, and excellence in the evolving landscape of insurance,” Srinivasan said.
Srinivasan’s successor Das has been with Acko since its early days in 2017. He was also working with Dua in his previous venture, Coverfox Insurance, for around three years.
Dua credits Das in helping the company in their journey towards profitability.
“In my new role, I am committed to steering the company toward continued success. ACKO remains dedicated to its mission of making insurance simple, transparent, and accessible for millions of Indians by driving innovation and excellence in the insurance sector,” he said.
Acko’s top deck reshuffle comes a few months after it reported a growth in its operating revenues. In FY23, the startup’s operating revenue rose 32% to INR 1,758.6 Cr from INR 1,334.4 Cr in the previous fiscal. It earned around 67% of its operating revenue from premiums it collected from its customers.
However, the startup’s net loss also widened to INR 738.5 Cr in FY23, a 53% jump from INR 482.3 Cr in the previous fiscal year.
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