Urban Company with ACKO Insurance rolls out health insurance for service professionals

Urban Company, Asia’s largest tech-enabled home services marketplace, today announced that it is introducing a comprehensive health insurance plan for its service partners in India.

Urban Company with ACKO Insurance rolls out health insurance for service professionals
Urban Company with ACKO Insurance rolls out health insurance for service professionals

Health insurance plan to benefit 40,000+ service partners in India

Service partners can avail up to 12 free-of-cost online doctor consultations in a year

Urban Company already provides Group Life and Accidental Insurance cover to all the service partners associated with the platform  

Mumbai: Urban Company, Asia’s largest tech-enabled home services marketplace, today announced that it is introducing a comprehensive health insurance plan for its service partners in India. The company has tied up with ACKO Insurance to craft this insurance cover.

Under the newly launched health insurance policy, all UC Plus service partners will get an insurance cover of INR 2 lac. The policy will also provide family medical insurance for spouse and two children and up to 12 free medical consultations per year. 

This is in addition to the existing Group Life and Accidental Insurance cover. Service partners without UC Plus subscription will benefit from a health insurance cover of INR 1 lac, with up to 12 free medical consultations per year for self, along with the existing benefits of the Group Life and Accidental Insurance cover.  

Commenting on the initiative, Varun Khaitan, COO & Co-founder Urban Company, said, “Health insurance provides a shield against unexpected medical expenses that can throw individuals and families in dire financial situation. 

To protect our service partners from such a scenario, we are introducing a specially designed health insurance plan. At Urban Company, our priority has always been the well-being of our partners and we constantly strive towards that through our continued focus on safety net and wealth creation for them.”

Brijesh Unithan, Senior Vice President of Partnerships, ACKO Insurance said “Health Insurance has become a critical aspect in financial planning, and kudos to Urban Company for planning this on behalf of their service professionals. 

We are excited about the partnership and will keep refining the benefits with more experience to make it a one-stop shop for Urban Company’s service professionals to access all their health insurance needs.

ACKO Group Medical Cover (GMC) empowers partners to choose from a wide range of benefits offering flexibility to change benefits as per the changing needs of the family and reduces the burden of expensive medical care and the soaring medical inflation. In addition, ACKO GMC eliminates the tedious paperwork by making the entire insurance journey accessible on the app.

Urban Company has a structured approach towards partner development and well-being centered around 4 key pillars: improved earnings, safety net, training and wealth creation. This announcement is part of the Urban Company’s efforts to further strengthen the safety net it offers to its partners. 

All active partners on the UC platform in India are covered under the Group Life and Accidental Insurance cover. Some of the key aspects covered under the policy are life insurance (INR 6 lakhs), disability cover (INR 6 lakhs), accidental hospitalization (INR 70,000), accidental OPD treatment (INR 10,000), among others.

Recently, Urban Company also announced an industry-first ‘Partner Stock Ownership Plan (PSOP)’ initiative for its service partners. Under this initiative, the Company plans to award stocks worth INR 150 Cr. to thousands of service partners over the next 5-7 years. This will enable Urban Company service partners, including plumbers, electricians, cleaners, beauticians, and massage therapists etc., to become equal stakeholders in the company’s growth.

About Urban Company

Founded in November 2014, Urban Company is Asia’s largest tech-enabled home services marketplace. The company offers services such as beauty and spa at home, cleaning, plumbing, carpentry, appliance repair, painting, etc. through its mobile app and website. It operates in 40+ cities in India, the UAE, Singapore, Australia and The Kingdom of Saudi Arabia. 

It has a partner network of over 40,000 handpicked service professionals, who are empowered through training, technology, financial services, tools, product procurement and a host of other ecosystem enablers, thereby transforming them into organized and high-quality micro-entrepreneurs. 

This full-stack approach helps the company live up to its promise of delivering high-quality, delightful services at home.

About ACKO

??ACKO is one of India's first digital-native insurers with its entire operations offered through the digital platform. Founded in 2016 by Varun Dua and Ruchi Deepak, ACKO’s entire process is designed to provide a better customer experience and to eliminate the pain points associated with the traditional model, with processes that require zero paperwork, from purchase and claims to renewals. 

ACKO has pioneered the direct-to-consumer auto insurance space in the country. It also has one of the largest market shares in embedded insurance products like mobility and gadget insurance in  partnership with 35+ leading players in the internet ecosystem such as Ola, Oyo, redBus, Zomato, HDB Financial Services and Urban Company. 

Within a year of its launch, ACKO’s Group Health Insurance product has on-boarded 70+ new age, people-first companies including Virtusa, Swiggy, Razorpay, CRED, Akzo Nobel, Xiaomi and Go-MMT and insured nearly 2.8+ lac lives. 

In a span of 3 years of operations, the company has distributed insurance policies to over 70+ Mn unique customers and issued 1 Bn+ insurance policies.