IRDAI licensed Acko Life Insurance and Credit Access Life Insurance

Insurance Regulatory and Development Authority (IRDAI) has approved the insurance license of 2 new companies in India. IRDAI has given this approval to Eko Life Insurance Limited and Credit Access Life Insurance Limited in its 121st meeting to be held on March 25, 2023.
IRDAI has given this approval to do insurance business after 12 years. Earlier in the year 2011, approval was given for the license. After granting licenses to these two companies, the number of insurance business operating companies in India has increased to 26.
IRDAI has issued a statement saying that apart from these two companies, the licenses of 20 insurance companies are pending in different stages of registration.
Acko already runs an insurance company named Acko General Insurance. It is bagged by companies such as General Atlantic and the Canada Pension Plan Investment Board (CPPIB). After becoming a unicorn in October 2021, the company is now trying to raise capital. Acko currently offers insurance in the Auto, Health and Travel segments. Also, Eko has partnered with cab aggregators Ola and Amazon to provide small-size insurance through their apps.
Insurtech companies like Acko, Digit and Plum have raised huge amounts of money post the COVID-19 pandemic. After the Corona epidemic, a large number of customers bought insurance with small insurance coverage.