AN AFFORDABLE GROUP INSURANCE PLATFORM – PLUM INSURANCE

Healthcare Insurance is a unicorn for the majority of the workforce in India, none of them have seen it. With less than 30% of the population covered by any type of health insurance policy, health insurance remains a growing segment of India’s economy. When the COVID-19 pandemic hit, the reality of the healthcare industry was out and the benefits afforded to the employees/workers were practically non-existent. Identifying this gap in the employee health insurance space, Abhishek Poddar and Saurabh Arora founded the Bangalore-based health insurance startup ‘Plum Insurance’ in 2020. 

Plum Insurance is an easy, affordable and accessible platform that provides comprehensive group health insurance to SMEs and startups in 60 minutes. Aiming to provide a seamless digital experience to corporates and startups, Plum recommends three different types of insurance plans which can be tailored according to the company’s requirements.

With healthcare providers ranging across dental care, fitness, nutrition, mental wellness, health checkups and virtual doctor consultations, Plum acts as a registered broker and intermediary with IRDA enabling an easy digital solution for the employees and employers, alike.

The insurance purchasing process is considered to be tedious, opaque, lengthy and expensive and Plum eliminates this completely. These core challenges with respect to SMEs and startups were identified by Plum through this platform which provides an affordable, transparent and accessible solution to the smaller companies. With nine (9) insurance companies partnered and 100 companies onboard, the  startup claims a 30% month-on-month growth.

Plum Insurance curates the right group health insurance plan for your employees at the right price, enabling you to secure your employees without going through the hassle of the old ways of insuring your employee force.

Securing a $4.1-million investment led by Sequoia Capital India’s Surge and Tanglin Venture Partners in November 2020, Plum Insurance has been in talks with Tiger Global to raise about $10-15 million in an upcoming round, according to sources. With the influx of funds, the startup intends to expand into new markets, while focusing on building the product and technology, and setting up new distribution channels. Plum Insurance aims to secure group insurance to small companies with as many as five employees without the need for any external third-party help. With a dashboard to track the employee’s insurance and a 24×7 customer support on the employee’s app to resolve any queries or claims, Plum Insurance provides a seamless user experience for users of any age group, even the non-tech savvy ones. With coverage including COVID-19 treatment, pre-existing ailments, maternity and newborn care, the affordable health insurance provided by Plum starts immediately without any waiting period. In these times of crisis where health has become a prized possession, providing health care benefits to your employees by insuring them provides a sliver of hope for the employees who cannot bear this burden suddenly. 

Explore Plum Insurance and find out the various group insurance plans offered based on your Company’s requirements!