The Innovative Insurer: Ruchi Deepak, Co- Founder, Acko Insurance and Founder & CEO, Airloom Ruchi believes that despite being perceived as dull and redundant, insurance is actually one of the most relevant financial products. In 2023, Ruchi took another shot at entrepreneurship by launching Airloom, which is boostrapped as of now with Jolene as flagship brand
By Priya Kapoor •
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Traditional insurance methods often involve cumbersome paperwork and lengthy procedures, deterring many potential customers. Recognising this problem, Ruchi Deepak co-founded Acko Insurance in 2016. "Our mission revolves around addressing the longstanding challenge of simplifying the process of purchasing and engaging with insurance products. To tackle this issue head-on, we harness the power of technology and the internet to introduce innovative approaches to insurance sales. By leveraging cutting-edge digital tools and platforms, we streamline the entire insurance purchasing journey, making it more accessible and user-friendly. Our online channels provide customers with convenient access to a wide range of insurance products, eliminating the need for tedious paperwork and long wait times," says Ruchi who had worked with Franklin Templeton in the UK and India and Matrix Partners before starting Acko.
Ruchi believes that despite being perceived as dull and redundant, insurance is actually one of the most relevant financial products. "Existing insurance companies underutilized technology, missing out on opportunities for optimized distribution costs and personalized pricing and service. With Acko, we've revolutionized the insurance industry by making it a direct product to purchase," adds this Delhi University alumni.
Securing a general insurance license as a startup, devoid of substantial corporate backing, was the most significant glass ceiling shattered, according to Ruchi.
Marquee investors like Accel, Saif, Hemendra Kothari, Narayan Murthy, Atul Nishar invested in the idea. "It took us sometime to convince everyone to be part of Acko's journey but those who came onboard, they had commitment, conviction and believed that India needed this. This itself was the first big win and then came the license and then when we sold our first policy," says Ruchi. In 2021, the company became Unicorn after raising $255 million in a Series D.
In 2023, Ruchi took another shot at entrepreneurship by launching Airloom, which is boostrapped as of now with Jolene as flagship brand. "Jolene was born from the frustration of continually purchasing basic work and lifestyle clothes that barely lasted a few months because market is just flooded with trendy, mass market and gimmicky clothes when in reality on a day to day basis we wear basic staples and something that is bare necessity is only hard to find in the clutter of fast fashion. With Jolene, our aim was to fill this void by creating products that are not only stylish but also durable and comfortable."
Ruchi advises all women 'to always speak their mind and be fearless'.
