India’s first and fastest growing digital insurance policy provider, Acko General Insurance, announced a strategic tie-up with Shadowfax, largest crowdsourced B2B last-mile delivery services platform. Acko has developed a Group Personal Accident (GPA) policy and Group Mediclaim (GMC) policy for all Shadowfax delivery partners for the period they are active on Shadowfax platform.
This industry is witnessing higher attrition, therefore, needs an insurance plan which can also be as dynamic as the gig employees. Acko has created dynamic insurance plans which allow the companies to extend the insurance to their active Delivery Partners and help the companies to save at least 30% of their insurance cost. Acko will undertake the risk and claim settlement for a daily GPA and GMC cover offered to the active Delivery Partners. Under this program, Shadowfax Delivery Partners will receive an insurance cover benefit for eventualities like death and disability for INR 7.5 Lac each. There is also a loan protection cover of INR 50,000 and a child education cover of INR 20,000 for the Delivery Partners family in case of death or total disability.
The company will also be responsible for system integration and defining processes for the GMC program that will cover active rider partners of Shadowfax. Claims can be made through Acko’s website and from Shadowfax’s app as well.
Abhishek Bansal, Co-founder & CEO, Shadowfax, “The safety of our delivery partners is of utmost importance to us as they are the mainstay of our business ecosystem. We have always taken partner welfare steps keeping this philosophy in mind. We are glad that we have partnered with Acko, one of India’s leading insurance providers to protect our delivery partners from any health/incident hazard during the current pandemic. A positive aspect of this insurance is that it covers the safety of our Delivery Partners during or beyond the COVID situation. The insurance cover was seamlessly rolled out and implemented PAN India for our delivery partners who are at the forefront of the pandemic and serving the community.”
Ashwin Ramaswamy, Head of Strategic Partnerships at Acko said, “At Acko we create innovative products to ensure that it is effortless for consumers to secure themselves in various aspects of their daily life. This partnership with Shadowfax is a seamless integration of two customer-centric brands focused on delivering the best user experience. With this partnership, Acko will be bringing its hassle-free issuance and claims processes to Shadowfax Delivery Partners.”
About Acko General Insurance
Acko General Insurance 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 aims to deliver conventional insurance unconventionally.
Acko executes primarily through a digital platform with no offline hassles – zero paperwork from purchase, claims to renewals. Acko’s innovative products and smart technology offerings differentiate it from the market. The company uses a direct-to-consumer approach for distributing traditional products, allowing for favourable risk selection and superior underwriting. Acko also offers innovative and bite-sized insurance products such as rider insurance, mobile and appliance protection, ticket cancellation etc in partnership with 15+ leading players in the internet ecosystem such as Ola, Amazon, Oyo, redBus, Zomato, HDB Financial Services and UrbanClap. In a short span of 18 months of operations, the company has distributed insurance policies to over 50mn unique customers.
Shadowfax – India’s largest crowdsourced logistics platform, was established in 2015 with the vision of enabling commerce by empowering lives for everyone, everywhere. The Shadowfax technology platform optimizes for best-in-class partner efficiency and unit economics. It’s AI-based location processing engine, using location data from order processing, enables highest service levels among its competitors. Driven by a massive word-of-mouth growth in the India market, Shadowfax has the lowest partner acquisition cost in its segment. Shadowfax APIs are available for small as well as enterprise businesses throughout India for seamless and trustworthy logistics service.