ACKO Elevates Sandip Goenka As CEO Of Its Life Insurance Biz

SUMMARY

ACKO has promoted Sandip Goenka from CFO to CEO of its life insurance division, where he will lead business and customer strategy, operational efficiency, and financial performance.

Goenka brings extensive experience from previous roles at Exide Life Insurance and Tata AIA Life Insurance, enhancing his capability to drive growth at ACKO Life.

Founded in 2016, ACKO has expanded its offerings beyond life insurance to include vehicle, health, and travel insurance, serving over 78 million unique customers and issuing more than 1 billion policies.

Bengaluru-based insurtech company Acko has elevated chief financial officer (CFO) of its life insurance business ACKO Life, Sandip Goenka, to the role of chief executive officer (CEO).

In his new role, Goenka will oversee business and customer strategy, operational efficiency, financial performance, investor relations, and corporate governance for ACKO Life, the company said in a statement.

“The role aligns perfectly with my passion for driving growth and delivering exceptional value and I look forward to leading the team in building a strong and sustainable life insurance business that meets the evolving needs of Indian consumers,” Goenka said.

Prior to joining ACKO, Goenka was the CFO at Exide Life Insurance from June 2021 to January 2023. He also held positions at Tata AIA Life Insurance as VP & Head of Financial Planning & Analysis from 2017 to 2021, and at Prudential UK as Head of Actuarial for Prudential Global Services from 2015 to 2017.

Varun Dua, founder of ACKO, said, “Sandip has been instrumental in establishing the life insurance business at ACKO and we are certain his vast experience in the insurance industry will be a catalyst in driving business.”

ACKO, founded in 2016 by Varun Dua, offers insurance for vehicles, health, and travel. The company claims to have distributed insurance policies to over 78 Mn unique customers and issued more than 1 Bn policies to date.

In July, ACKO acquired OneCare, a digital chronic care management company. The company has also launched ‘ACKO Drive Service Centre’ for car repair and services.

ACKO has raised over $450 Mn in funding from investors including Amazon, General Atlantic, and Multiples Private Equity. In FY23, the company reported a net loss of INR 738.5 Cr, up 53% year-on-year, while its operating revenue grew 32% to INR 1,758.6 Cr.

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