Varun Dua, originating from a middle-class family in Mumbai, revolutionized the insurance sector by leveraging technology, capturing significant industry attention. His innovative strategies rapidly garnered substantial backing, leading to remarkable success. As the founder and CEO of ACKO General Insurance Company, Varun achieved an impressive milestone by building a company valued at Rs 1,759 crore in just eight years, despite not attending prestigious institutions like IIT or IIM.
Background
Varun Dua attended Mumbai University and the Mudra Institute of Communication (MICA) in Ahmedabad. He was born in Delhi and grew up in Mumbai. After serving as an intern at Leo Burnett Advertising in 2003, he went on to work at Tata AIG Life Insurance. He didn’t last long in his employment since he was driven by a desire to launch his own company. His first business venture was Glitter Work Technologies, which, in 2010, changed its name to Coverfox, an online insurance agency. He was the company’s CEO in addition to being one of its co-founders.
ACKO’s launch
According to reports, Varun Dua envisioned making insurance more transparent by utilizing technology. He developed a model that simplifies the process of purchasing insurance and making claims. This vision led to the creation of ACKO General Insurance Company in 2016, which operates entirely online. The digital-based model successfully attracted numerous investors.
Being successful
Varun Dua’s path was difficult as, in the insurance business, building trust is essential before making sales. After introducing group health insurance solutions, ACKO progressively gained the trust of its clients and, two years later, added Swiggy, Razorpay, and Cred to its list of clients. Currently, the business serves more than 8 lakh clients. ACKO General Insurance allegedly made Rs 1,759 crore in the fiscal year 2022–2023.