Life Insurance is Baffling—Acko’s CEO Thinks He Can Fix That
By Arunima Rajan
Sandip Goenka, Chief Executive Officer of Acko Life, wants to make life insurance less of a labyrinth and more of a lifeline. In an interview with Arunima Rajan, he unpacks the company’s mission to cut through the clutter and bring financial resilience within reach for more Indians.
As the CEO of ACKO Life, how do you envision reimagining the life insurance landscape in India?
At ACKO Life, we aim to demystify life insurance and position it as a critical enabler of financial resilience, particularly in a country like India where the sudden loss of a breadwinner can leave families in financial turmoil. We see life insurance as a vital tool for safeguarding financial well-being, not just for individuals but for entire families.
Our vision is to move beyond the traditional perception of life insurance as merely an investment or tax-saving tool and refocus on its core purpose—protection. India faces two significant protection risks: the “Risk of Dying Early, ” which leaves dependents financially vulnerable, and the “Risk of Living Too Long, ” where individuals outlive their savings. At ACKO Life, we aim to become the protection destination for consumers, addressing both these challenges. For example, our pure term insurance solutions ensure that dependents are financially secure in case of an untimely death. In the future, we envision introducing innovative products to tackle the longevity risk, ensuring individuals maintain financial independence in their later years. Our approach combines simplicity, relevance, and accessibility. By leveraging digital tools, we make purchasing and managing insurance policies seamless, while also empowering customers to view life insurance as a cornerstone of financial resilience. With this holistic perspective, ACKO Life is reimagining life insurance to protect and empower Indian families across all stages of life.
Sandip Goenka, Chief Executive Officer, Acko Life
You’ve navigated multiple insurance domains—life, health, general—and now steer a direct-to-consumer model. How have these varied experiences shaped your leadership at ACKO Life, and what does this mean for the kind of value you want to create?
My journey across diverse insurance verticals has taught me the importance of addressing core customer pain points, whether it's the complexity of policy terms, cumbersome claims processes, or limited access to coverage. Each domain brought unique lessons. In health insurance, I learned the importance of speed and empathy during claims. In general insurance, I saw the value of leveraging technology to simplify experiences. At ACKO Life, this translates into a laser focus on delivering customer-centric, technology-driven solutions. For example, we are leveraging digital tools to make purchasing and managing policies as seamless as booking a cab. These experiences have also taught me that true value lies in transparency and trust—principles that guide every decision at ACKO Life.
Your actuarial background and exposure to international markets like the UK and Singapore provide a unique vantage point. How do you see global trends influencing the trajectory of the Indian life insurance sector?
There are two key trends globally: the rise of customer-first insurance models driven by data analytics and an increased focus on preventive care. Countries like the UK and Singapore have successfully integrated these elements to build ecosystems where insurers actively help policyholders manage risks before they materialize. My actuarial background provides a strong foundation for understanding and applying these trends in a uniquely Indian context. For instance, while working as an actuary, I developed a deep appreciation for risk modelling, which allows us to design products that balance affordability with comprehensive coverage. In India, we’ve used similar principles to develop simpler, more inclusive term insurance products that meet the needs of diverse income groups. In India, where insurance penetration is still growing, the above trends provide a blueprint. For instance, leveraging AI to predict customer needs or tailoring coverage to specific life stages can make policies more relevant. However, cultural nuances like family-first decision-making and varied financial literacy levels require localized strategies. ACKO Life bridges this by combining global best practices with a deep understanding of Indian consumers, making life insurance a more integral part of their lives.
In a world increasingly driven by algorithms and digital ecosystems, what role does technology play in crafting life insurance products that feel genuinely relevant to Indian consumers?
Technology at ACKO Life isn’t just an enabler, it’s the backbone of our mission. AI, data analytics, and digital platforms allow us to anticipate customer needs and personalize experiences. For instance, by analysing behavioural data, we can offer policy suggestions tailored to life milestones like marriage, parenthood or retirement. An example is our instant claims settlement process, which combines AI-driven fraud detection with human oversight, ensuring both speed and fairness. Technology also helps us address a wider demographic by making products accessible via mobile-first platforms, particularly crucial in rural and semi-urban areas.
Policy management and claims processes can often feel opaque and cumbersome. How are you using digital transformation to simplify these experiences for policyholders?
Simplifying policy management and claims is at the core of our digital strategy. At ACKO Life, we've introduced a mobile-first approach where customers can buy, manage, and renew policies in a few clicks. Claims, often the most stressful part of insurance, are handled with an “instant resolution” mindset. For example, our digital claims platform uses AI to pre-verify documents, enabling faster payouts. During a recent pilot, a claim was approved within hours, a process that traditionally would have taken days. Transparency is another priority; we provide real-time updates to customers whether it’s about their insurance proposal or underwriting or claims, removing ambiguity from the process.
If regulatory shifts allow life insurers to offer health indemnity plans, how is ACKO Life preparing for this new frontier?
ACKO Life sees this potential shift as an opportunity to redefine the way health and life insurance converge. Our focus will be on creating bundled solutions that not only provide financial protection but also encourage preventive care. For instance, a term life policy integrated with wellness rewards could incentivize healthier lifestyles while offering comprehensive coverage. Another solution could be flexibility between health and life coverage for the same premium. We’re already building data-driven models that combine insights from health and life risk factors, ensuring that we’re prepared to launch innovative, relevant products when the regulatory environment permits.
Partnerships with hospitals and healthcare providers seem poised to redefine the insurance value chain. Where do you see the sweet spot in collaborating with these institutions?
Collaborations with hospitals and healthcare providers enable us to offer value beyond financial coverage. For example, by integrating health check-ups and diagnostics into our insurance plans, we can provide proactive health management. A partnership with a hospital network could also facilitate cashless claims for policyholders for medical expenses, reducing out-of-pocket expenses.
How can life insurers like ACKO help usher in more accessible, comprehensive coverage for rural and semi-urban communities?
Accessibility begins with simplicity. In rural and semi-urban areas, where insurance awareness is low, ACKO Life focuses on designing products with straightforward terms and affordable premiums. Our digital-first approach allows us to reach these areas without the traditional constraints of physical infrastructure. For example, we’re piloting an initiative where policies are explained via regional-language videos, making insurance more relatable. Additionally, partnering with local community organizations helps us build trust and address specific needs.
How do you plan to respond to evolving consumer needs post-pandemic, ensuring that life insurance is a pillar of genuine financial protection?
The pandemic highlighted the importance of financial resilience, shifting consumer priorities toward comprehensive protection. ACKO Life responds by designing products that go beyond coverage, focusing on wellness and proactive financial planning. For instance, our policies are being integrated with tools that help families assess and plan for financial risks, providing peace of mind during uncertain times. ACKO provides a free ambulance service to all its customers. The same can be booked through the app at a click of a button.
How are you thinking about product design and distribution to ensure accessibility and affordability?
Our approach to product design centers on modularity, where customers can build policies that suit their exact needs. For distribution, we’re leveraging mobile platforms and digital ecosystems to reduce costs, ensuring affordability. Individuals can sign up in minutes via our app.
What are the key operational hurdles you anticipate in running a D2C life insurance business, and how do you plan to navigate them?
A primary challenge is building trust in a market that traditionally relies on agents. We address this through transparency and a robust digital interface that makes every interaction seamless and reassuring. Another hurdle is ensuring scalability while maintaining personalized experiences. Here, AI and automation play a crucial role, enabling us to grow without diluting customer focus. Purchasing a policy can be intimidating for consumers. We have embedded video explainers through our onboarding journey where consumers can learn and make decisions themselves. This helps us avoid any mis-selling. Further, we plan to have a clutter-free experience for easier decision-making. This means limited SKUs that truly meet the needs of the customers without any frills.
Looking forward a decade, what do you hope ACKO Life will have achieved?
A decade from now, I envision ACKO Life being synonymous with trust, simplicity, and innovation in life insurance. We aim to redefine consumer expectations, making life insurance not just a safety net but a proactive partner in financial and health management. I hope we’ll have achieved significant penetration in underserved areas and become a leader in consumer-first, tech-driven insurance solutions, leaving a lasting impact on how Indians perceive financial security.