New Delhi. Varun Dua, hailing from a middle-class family in Mumbai, made waves in the insurance sector by effectively utilizing technology, catching the industry's attention. His innovative approach quickly gained significant support, propelling him to great success. Varun is the founder and CEO of ACKO General Insurance Company. He didn't attend prestigious institutions like IIT or IIM, yet he built a company valued at Rs 1759 crore in just eight years.

Background

Varun Dua, born in Delhi and raised in Mumbai, studied at Mumbai University and Mudra Institute of Communication (MICA) in Ahmedabad. He interned at Leo Burnett Advertising in 2003 and later worked at Tata AIG Life Insurance. Driven by a desire to start his own business, he didn't stay in his job for long. He began his entrepreneurial journey with Glitter Work Technology, which was rebranded as Coverfox (an online insurance brokerage firm) in 2010. He co-founded the company and also served as its CEO.

Launching ACKO

According to reports, Varun Dua conceived the idea of making insurance more transparent by leveraging technology. He designed a model that simplifies purchasing insurance and making claims. This vision led to the establishment of ACKO General Insurance Company in 2016, which operates entirely online. This digital-based model attracted numerous investors.

Gaining success

Varun Dua’s journey was challenging, as establishing trust in the insurance industry is crucial before selling products. ACKO gradually built customer confidence and, within two years of launching group health insurance products, added companies such as Swiggy, Razorpay, and Cred to their client list. The company now serves over 8 lakh customers. In the financial year 2022-23, ACKO General Insurance reportedly earned Rs 1,759 crore.