The startup has galloped at a lightning pace since it started operations in January 2018. But what it is attempting isn't easy
Varun Dua, founder and CEO, Acko General Insurance
For roughly 13 years, Varun Dua failed to move the needle his way. After a fleeting tryst with the marketing and advertising world—an internship at Leo Burnett in 2002 after finishing college—Dua landed in the ‘premium’ world. A freelance insurance project convinced the young lad that his calling lay in the business of providing ‘cover’. Subsequent stints at Tata AIG and Franklin Templeton for the next couple of years gave him a firm footing, and understanding, of the complex insurance sector. Still, something was missing. As an employee, there was a limit to how much he could push the envelope in terms of decision making.
Dua took a leap of faith in 2009 and turned entrepreneur by starting a CRM (customer relationship management) and contact centre company for insurance and financial services. The venture had a decent start. In two years, it had 300 people and $3 million in revenues. Dua was not satisfied. There was no technology involved, no real value addition or creation for customers. He exited the business, and decided to create a tech back-end for the insurance sector.
Next came GlitterBug Technologies, a software venture that built web apps assisting online insurance sales. The startup integrated complex insurance legacy systems to simplify and automate workflows by offering cloud-based voice record storage and mobility solutions apart from a bunch of other services. The show went on for two and a half years. Until Dua met up with Anupam Mittal, founder of Shaadi.com.
In his hunt for funding, Dua had a meeting with Mittal. Within 20 minutes, Mittal declined to invest. After a few days, Mittal pointed out the reasons over a cup of coffee. First, the business won’t scale. Though as an entrepreneur, Dua could make a neat stash, there was nothing for a backer. Second, Dua and his venture failed to capture the larger picture; they were confined to building software only.