Prima facie, offerings from Acko look too good to be true.
100% digital process, cashless claims, quick settlement, and so many other promises.
Especially in a market like India which is still agent driven and known for the lengthy and cumbersome claims process.
While I have purchased an Acko insurance policy myself, I haven’t made any claim till now.
So the explorer inside me was curiously looking out to interview someone who has gone through Acko’s claim process and could provide me with his first-hand experience.
This post is based on my communication (in QnA format) with a friend named Gaurav, and his experience while filing a car insurance claim with Acko.
Q. Which vehicle do you own? Which insurance company were you with before switching to Acko?
A. I own a Honda City for the past 3 years and was on Honda Assure insurance plan which was working seamlessly for me.
I have raised a claim with Honda Assure earlier and it had served me well.
As a result, I was actually not too keen to switch my insurance provider.
Q. Then what made you switch to Acko?
A. I read about Acko on YourStory.
I am always an early adopter of stuff so I called their customer support to check further on the company and their claims process.
Most of the things sounded too good to be true and I was skeptical that these might be just a sales pitch.
Moreover, there were not enough user reviews available online based on which I could take a buying decision.
Just out of curiosity, I wrote to the founder of the company on LinkedIn.
I was pleasantly surprised by his quick response. Only after his assurance, I made a purchase, though I was still doubtful of the promises the company was making.
However, the biggest trigger point was that the same insurance policy was costing me Rs. 10,000 less with Acko, when compared to other general insurance companies.
That was a big amount and that’s when I thought of giving Acko a try.
Switching to Acko was, in fact, a big risk as the brand was still unknown at that time (I am talking about April 2018).
Q. What damage happened to your car?
A. My car was involved in a road accident and the bonnet and the fender were badly damaged.
Q. Please tell us something about the claims process with Acko.
A. As soon as the accident happened, I initiated a claims process with Acko through their website.
From there on, the entire claims procedure was managed by Acko over phone calls.
They sent a surveyor to the workshop in Gurgaon where the car was getting repaired.
Though they didn’t have a cashless facility with that garage, I was impressed with the overall professionalism and the service that Acko offered.
Q. Were you promptly informed at each stage of the claim process?
A. The flow of information was good..
All the updates were sent over email & SMS and I was informed well in time.
However, lot of co-ordination and followups were required from my end with the people involved from Acko.
It would had been a delight had the people from Acko been a little more pro active.
Moreover, since it was a cash claim, I was a skeptic that the company might raise some objection.
However, I was paid in full after one day of the billing from the garage.
So I have to pay to the garage from my own pocket but my claim was settled the very next day.
Q. What did you like the best about Acko?
- Their car insurance premium is pretty cheap.
- They offer zero depreciation policy.
- And they fulfill what they promise.
Q. What were your biggest pain point(s) during the claims process?
- Lack of cashless facility with the garage. I think the network will expand as time goes by.
- Multiple followups required from my end. That’s a clear improvement area for Acko.
Q. On a scale of 1 to 10 (with 1 being the best), how much will you rate the Acko insurance on:-
- Ease of lodging the claim: 10
- Follow-ups required: 6
- Time to claim settlement: 10
All in all, Gaurav had a good claim settlement experience with Acko.
While he couldn’t get a cashless claim, his claim was settled within 1 day post billing which I think is reasonably quick.
If you are planning to buy a motor insurance, I would suggest you to get a FREE quote from Acko and check on their policy before finalizing.
And if you are an existing Acko customer and have filed for a claim, don’t forget to leave a comment below highlighting your experience with the company.