Mygate enters insurance distribution business, partners with Acko
Mygate has entered the insurance distribution business, having received the aggregator licence from the Insurance Regulatory and Development Authority of India (IRDAI) to distribute insurance policies.
The Bengaluru-based company has partnered with insurtech startup Acko General Insurance to distribute its insurance products. It is integrating Acko General Insurance’s services into its platform to provide access to insurance for four million households on the Mygate app.
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The companies intend to broaden their product range beyond motor insurance, incorporating health and life insurance into their offerings. This will include solutions such as outpatient department (OPD) coverage and liability insurance for resident welfare associations (RWAs).
“We are already seeing a very positive reception to the launch and availability of car insurance via the Mygate app, and are excited to uncover what the future holds, as we continue to bolster this partnership and innovate with Acko,” said Abhishek Kumar, CEO, Mygate.
Founded in 2016 by Kumar, Arisetty and Daga, the company last raised Rs
