Marketing Strategy of Acko General Insurance: Detailed Review

Acko General Insurance, a leading name in the digital insurance industry, is renowned for its innovative approach to insurance solutions, offering products such as car insurance, health insurance, and mobile insurance. Known for its customer-centric services and seamless digital experience, Acko General Insurance has established itself as a major player in the sector.

In this case study, we will delve into understanding the marketing strategy of Acko General Insurance from a marketing perspective. We’ll explore the latest updates about the company, examine the marketing strategies it employs, and assess its performance in the digital landscape. This analysis will provide a comprehensive overview of Acko General Insurance’s marketing approach.

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Acko General Insurance – Company Overview

Source: Google

Founded in 2016 by Varun Dua, Acko is a leading digital insurance provider in India. The company offers a range of affordable and convenient insurance products, including car, bike, health, travel, electronics, and hotel stay coverage. Acko’s customer-centric approach, with features like instant renewals and hassle-free claims, has disrupted the traditional insurance industry.

Partnering with major digital platforms like Zomato, Amazon, Ola, and RedBus, Acko has expanded its reach and made insurance more accessible to a wider audience. With a focus on technology and customer satisfaction, Acko has rapidly grown its customer base to over 50 million in just three years.

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What’s New With Acko General Insurance?

• Revenue (2023): Thanks to the brilliantly created marketing strategy of Acko General Insurance, the company managed to generate a revenue of $150 million (Source: Acko General Insurance Annual Report).
• Number of Employees: Over 800 employees (Source: Acko General Insurance Corporate).
• Market Share: 1.5% of the Indian general insurance market (Source: IRDAI).
• Customer Satisfaction: 90% customer satisfaction (Source: J.D. Power).

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1. Business News

As a result of the marketing strategy of Acko General Insurance, the company raised $150 million in a Series D funding round, valuing the company at $1.1 billion and solidifying its status as a unicorn in the year 2023.

2. Product Launch

Acko recently launched a new health insurance product tailored for millennials, featuring affordable premiums and extensive coverage for lifestyle diseases.

3. Marketing News

In line with the marketing strategy of Acko General Insurance, the company initiated a new marketing campaign, ‘Insurance Made Easy,’ focusing on educating customers about the benefits of digital insurance and simplifying the insurance process.

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4. Celebrity News

Keeping in line with the marketing strategy of Acko General Insurance, the company partnered with the Bollywood actress Alia Bhatt for a campaign that promoted its car insurance products, highlighting ease of purchase and quick claim settlements.

Buyer Persona

A buyer persona gives a detailed description of Acko General Insurance’s ideal customer. Acko General Insurance’s marketing strategy is based on its audience’s motivations, preferences, challenges, and online activities.

Based on the detailed breakdown, it’s no surprise that the marketing strategy of Acko General Insurance leverages social media platforms like Facebook, now called Meta, and Instagram to execute its marketing campaign. Here, the company can feature the elements of technology and personal finance that meet the requirements of Acko’s target audience.

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Marketing Strategy of Acko General Insurance

As a newly launched startup in 2016, Acko’s primary focus was on building brand awareness. To achieve this, the company sought high-visibility platforms to reach a wide audience. Their strategic partnership with Disney+ Hotstar, coinciding with the start of the Indian Premier League (IPL), proved to be a game-changer. This collaboration offered Acko an unparalleled opportunity to introduce its brand to a massive viewership.

Segmentation: Acko initially focused on economically developed cities as its core target market.

Targeting: The company aimed to reach a wider audience within these target cities. A partnership with Disney+ Hotstar during the IPL provided an ideal platform to achieve this goal.

Positioning: Acko differentiated itself by emphasising a paperless, brokerage-free, and instant claims process. This unique positioning helped the company stand out in the competitive insurance market.

By combining these elements, the marketing strategy of Acko General Insurance helped the company successfully acquire 47 million customers, demonstrating the effectiveness of its marketing strategy.

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Digital Marketing Strategy of Acko General Insurance

Let’s dive deep and learn about the marketing strategy of Acko General Insurance and how it has expanded over the years.

1. Social Media Marketing

Social media marketing has been instrumental in Acko’s growth, offering cost-effective ways to reach and engage customers. Thanks to the marketing strategy of Acko General Insurance, the company can derive valuable insights into consumer behaviour.

Acko boasts a significant following on Facebook and LinkedIn but has room for improvement on Instagram and Twitter, now called X. The company actively engages with its audience through Q&A sessions and rewards programs.

In addition to social media, Acko’s sponsorship of IPL teams has enhanced brand visibility through jersey and helmet placements. The company’s promotional content is both engaging and informative.

While Acko has made strides in digital marketing, there is potential for further growth and expansion across various social media platforms.

2. SEO Strategies

SEO, a crucial element of the marketing strategy of Acko General Insurance, is the process of optimising a website to improve its ranking in search engine results. In today’s digital landscape, a strong online presence is crucial for businesses.

One key metric for SEO success is the number of organic keywords (terms used to search information online) a website ranks for. With an impressive 90,500 organic keywords, Acko General Insurance demonstrates a robust SEO strategy. This high number indicates strong online visibility and potential for attracting a large audience.

People across the country, especially the ones residing in Mumbai and South Delhi want to explore SEO (an important component of digital marketing). This has led them to search for information using the keywords, ‘digital marketing courses in mumbai’ and ‘digital marketing courses in south delhi’.

3. Influencer Marketing

Source: Google

As part of the marketing strategy of Acko General Insurance, the company has effectively leveraged influencer marketing (Promoting brands through influential individuals) to promote its ‘zero commission premium’ feature. By partnering with Bollywood actor Arshad Warsi and Mumbai Indians players, Acko has successfully raised brand awareness and highlighted the simplicity of its insurance offerings. The tagline ‘Acko app check kar lo’ reinforces the call to action, encouraging consumers to experience the benefits firsthand.

Additionally, Acko’s sponsorship of three IPL teams, Gujarat Titans, Kolkata Knight Riders, and Lucknow SuperGiants, has further amplified its brand visibility and reached a wider audience.

4. E-Commerce

Acko also has a website through which it sells cars, taxis, bikes, and health insurance. It is a very user-friendly website. As soon as we go on their page we get an option to enter details and based on these details we get quotes on the price of various insurance policies. To start buying insurance on Acko we need to register ourselves and sign up and we are good to go. We can buy, claim and renew our policies from the website itself and it is instantly done without having to wait.

5. Mobile Application

Acko General Insurance has a mobile application called ‘Acko Insurance’, available both in the Play Store as well as App Store. It can be downloaded free of cost and it is highly effective and user-friendly. More than 1 million people have downloaded the app which is a very good number. The best aspect is that the team from Acko reaches out to people facing any type of query as mentioned in the comments section and they don’t shy away from negative comments or feedback. This is an excellent sign that the company is open to criticism.

6. Content Marketing Strategies

Acko General Insurance employs a relatable approach in its digital marketing campaigns, depicting everyday scenarios where customers benefit from the company’s low insurance premiums. The focus is on clear communication and highlighting the ease of the digital-only process.

Acko’s social media strategy emphasises the range of insurance products offered, highlighting the brokerage-free model and streamlined claim settlements.

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Marketing and Advertising Campaign Designed by the Marketing Strategy of Acko General Insurance

1. Time Nahi Lagega

Keeping in line with the marketing strategy of Acko General Insurance, the company has launched a new marketing campaign ‘Time Nahi Lagega’ to highlight the company’s quick claim settlement. The campaign was launched to counter the general perception of insurance claims being a complicated and time-consuming process.

Acko aimed to highlight its swift and uncomplicated claims process through a relatable and humorous campaign. By comparing claim settlement times to everyday occurrences, the company effectively communicated its product differentiation and resonated with the audience.

2. Murgi Pehle Aaya Ya Anda?

Considering the motive behind this marketing strategy of Acko General Insurance, its advertising campaign featured a compelling dialogue between two friends who effectively communicated the benefits of choosing Acko for car insurance. The ad highlighted the company’s competitive pricing and encouraged viewers to opt for Acko over traditional insurance providers. This campaign played a pivotal role in transforming Acko from a digital insurance startup to a rapidly growing industry leader, offering potential savings of up to 50,000 rupees.

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3. Blind Date With Acko

Source: Google

While the world is full of gender stereotypes, Acko started to think and question by blinding the people and giving the horrible car drive. After all, they questioned everyone who do you think they took a drive with? 85% of the people answered the opposite gender. In the end, they knew their same gender took them for a drive. The theme of the video was to be aware that people who let stop the biases, and gender shouldn’t have anything to do with driving. The video got plenty of views because of the content and its marketing strategy.

The Marketing Strategy of Acko General Insurance That Failed

As part of the marketing strategy of Acko General Insurance, in 2019, the company launched a campaign that aimed at attracting younger audiences by using humour to explain various insurance products. The ads featured lighthearted scenarios intended to make insurance more relatable and less intimidating.

Issue: The campaign faced criticism for its humorous approach to serious insurance issues.

Backlash: The ad was perceived as insensitive and trivialising the importance of insurance. The backlash included negative media coverage and customer complaints.

Response: Acko responded by quickly withdrawing the campaign and issuing a public apology, reaffirming their commitment to respectful and customer-focused advertising.

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Top Competitors

Acko General Insurance is not the only company that dominates this industry. Many other players can have a huge impact on the formulation of the marketing strategy of Acko General Insurance:

• PolicyBazaar: A leading online insurance aggregator in India, known for its extensive comparison tools and user-friendly platform.
• Digit Insurance: A digital-first insurance company offering a range of products, including car, health, and travel insurance, with a focus on simplicity and transparency.
• Bajaj Allianz General Insurance: A well-established insurance provider in India, offering a wide range of insurance products and strong customer service.
• ICICI Lombard: One of the largest private sector general insurance companies in India, known for its comprehensive insurance solutions and innovative products.
• HDFC ERGO General Insurance: A prominent player in the Indian insurance market, offering a variety of insurance products with a focus on customer satisfaction and digital innovation.

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