Plum Insurance: Revolutionizing Group Health Insurance for SMEs
In India, healthcare insurance remains a distant dream for most of the workforce, with fewer than 30% of people covered by any form of health insurance. The COVID-19 pandemic exposed the stark reality of inadequate healthcare benefits for employees, highlighting a significant gap in the employee health insurance sector. To address this issue, Abhishek Poddar and Saurabh Arora launched Plum Insurance, a Bangalore-based startup, in 2020.
Plum Insurance offers a straightforward, affordable platform for comprehensive group health insurance tailored to SMEs and startups, delivering coverage within 60 minutes. Designed to simplify the insurance process, Plum provides three customizable insurance plans suited to varying company needs.
The platform facilitates access to a range of healthcare services including dental care, fitness, nutrition, mental wellness, health checkups, and virtual doctor consultations. As a registered broker with the IRDA, Plum ensures a seamless digital experience for both employers and employees.
Traditional insurance purchasing can be cumbersome, opaque, and costly. Plum Insurance addresses these issues by offering a transparent, accessible, and cost-effective solution specifically for smaller companies. With partnerships with nine insurance companies and over 100 companies onboard, Plum has experienced a 30% month-on-month growth.
Securing a $4.1 million investment led by Sequoia Capital India’s Surge and Tanglin Venture Partners in November 2020, Plum is now looking to raise $10-15 million in its upcoming funding round with Tiger Global. The additional funds will support the startup’s expansion into new markets, enhance product and technology development, and establish new distribution channels.
Plum Insurance aims to provide group insurance to small companies, starting with just five employees, without the need for third-party assistance. The platform includes a user-friendly dashboard to monitor insurance coverage, 24/7 customer support via an app, and immediate coverage for treatments including COVID-19, pre-existing conditions, maternity, and newborn care. Plum Insurance offers a seamless experience, even for non-tech-savvy users, providing much-needed relief during these challenging times.
Explore Plum Insurance to discover the ideal group insurance plan tailored to your company’s needs!