Quick Overview

About ACKO

ACKO, since its establishment in 2016, has not just redefined insurance, but revolutionised it. It has transformed the dreaded & cumbersome process of acquisition into a seamless digital-first experience. The company takes pride in its underwriting technology - they’re constantly improving their algorithms to make the insurance experience extremely scalable, and affordable, with a delightful end-user experience. They have over 2.8 crore customers today with over 8 crore policies issued. 

Core Value Proposition

1. Digital-first, cutting out on unnecessary paperwork 

2. Customer-centric

3. Affordable 

4. One-stop shop for all your insurances 

5. Highly-rated claim settlement process 

Why ACKO?

ACKO isn't just another insurance company - they're a revolutionary insurtech platform that puts the customer at the forefront of everything they do. From the simplicity of their processes to their extremely competitive pricing and commitment to reliable claim settlements, every aspect of ACKO’s service is designed with the customer’s convenience and satisfaction in mind.

ICP 

For this project, I connected with two kinds of users - 

1. ACKO power users

2. 1. Users who have purchased/ported at least two insurances, and

   2. Have not claimed, but paid premium for >18 months, or

   3. have claimed at least once, and

   4. have rated their claim settlement experience >4

3. ACKO’s potential power users 

4. 1. Users who are digital-first, savvy individuals living in tier1/metro cities, and

   2. Have a company health insurance, but

   3. Want to insure a larger sum to be prepared for unforeseen emergencies

💡 Why narrow down on the above ICPs? 

After user interviews, broader trend research, and speaking to a couple of folks at ACKO, the conclusion could be drawn that the above characteristics are somewhat in sync with common traits displayed by the best retained cohorts at ACKO. 

Jobs to be done (JTBD)

Primary Goal - Financial

“To be financially prepared for any and every unforeseen circumstance through easy, affordable insurance.”

Secondary Goal - Personal

“To protect my family in times of medical emergency.”

Activation Metrics

Hypothesis 1: First policy purchase

Metric: Number of users who purchased a health insurance within the first 30 days

Buying your first policy with a company signals trust in the brand and is the first touchpoint where the user becomes a paying customer. As for the 30 days time period, we’ve taken the industry health insurance average lead to sale conversion time period of 30 days. 

Hypothesis 2: Multiple policy purchases

Metric: Number of users who purchased second policy within 12 months of first purchase

Buying multiple policies with the same company signals customer satisfaction and trust - two very important things while measuring champion user cohorts and overall retention.

Hypothesis 3: Renewals

Metric: Number of users who renewed their existing insurance beyond initial term within the grace period

Renewals signal satisfaction and contentment. These users are ones who won’t churn unless they have a significantly bad experience. 

Hypothesis 4: Porting

Metric: Number of users who ported at least one insurance within 6 months of first purchase 

Porting your insurance means you’re switching from an existing comfortable spot, and taking the effort to port to ACKO - this signals immense trust in the brand since insurance is a buy and forget product that people usually don’t want to move around too often. 

Hypothesis 5: App installs after web purchase

Metric: Number of users who installed the app within 3 days of purchasing insurance

App installs signal intent to actively monitor or at least, intent to engage more often. This is a good sign for ACKO when thinking about cohorts to pick for engagement and cross-selling. 

Metrics to Track:

1. No. of sign ups
2. Load time taken after each CTA
3. Session time on each
4. MAU
5. Average sum asurred being opted
6. No. of policies sold
7. Average Premium
8. Lead to sale conversion rate
9. No. of top-ups of existing policy
10. Sum assured choosen for top ups
11. NPS

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Onboarding Teardown

View the full teardown showdown here: https://drive.google.com/file/d/1p8c1A23-OkbPJVom3n4AHWSb99WBoefW/view?usp=sharing

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