ACKO Life CEO outlines opportunity — 'Collaboration is better way out instead of competition'

He emphasized that Insurtech has been instrumental in transforming the insurance sector, which was previously slow to adopt digital solutions. "Now, along with Insurtechs, we are accelerating market penetration," he added.

Regarding his transition from CFO to CEO, Goenka noted that both roles come with their challenges.

On fundraising, he mentioned that ACKO Life is "well-funded" to ensure continued growth. He acknowledged that there were initial hurdles but expressed confidence, saying, "I aspire to make our company a Rs 500 crore entity in the next five years."

When discussing claim settlement, he revealed that, as of the interview, ACKO Life had settled over 2,300 claims, boasting a settlement ratio of more than 99%. "Our focus is on the speed of settlement," he affirmed.

Further, Goenka shared insights on the demographics of insurance product adoption, stating that 95% of buyers are aged 44 or below. He also noted that 50% of these buyers are first-time purchasers, while the other 50% already have insurance but feel it is insufficient to meet their needs.gh to meet thier needs.​