The world is witnessing new and unexpected ailments every single day—Covid-19 is a stark instance of this. Treatment of these ailments can wipe out the complete savings of a household. This is major to enhanced awareness and penetration of overall health insurance coverage, but not lots of Indians can afford it. Most want their employers to sponsor insurance coverage.
However, the existing overall health insurance coverage stack is not ready to serve this marketplace shift of speedy adoption of employee overall health insurance coverage. When acquiring overall health insurance coverage for their teams, even the very best companies encounter challenges about accessibility, affordability and usability.
Plum, a group overall health insurance coverage startup, is re-imagining the employee overall health insurance coverage stack by forging new underwriting and fraud detection algorithms that enable firms with as couple of as seven staff to advantage from group insurance coverage. Its true-time insurance coverage style and pricing enables firms to invest in insurance coverage in just 3 clicks. It also delivers staff a hassle-free of charge claims encounter by way of an integrated digital approach.
Plum, founded in late 2019 by Abhishek Poddar and Saurabh Arora, not too long ago announced it had raised $15.6 million in Series A funding from investors led by Tiger Global with participation from earlier investors—Sequoia Capital India’s Surge, Tanglin Venture Partners, Incubate Fund and Gemba Capital. With more than 600 organizations on-boarded, it has been witnessing a development price of 110% quarter-on-quarter and leads the business with a Claims NPS of 79. Plum’s client base incorporates SMEs, corporates and quick-expanding startups in India, like Groww, Unacademy, Twilio, CleverTap, UrbanLadder, smallcase and Simpl.
Poddar, co-founder & CEO, Plum, mentioned, “Plum aims to reach a milestone of 10 million lives insured by 2025, by changing the employee health insurance space. We are making the process transparent, affordable and easy, using tech at scale. The adoption of health insurance by startups, SMEs and corporates is increasing exponentially, further accelerated by the pandemic. We are building Plum to enable a high quality healthcare experience for every single employee and their family members. ”
India’s group overall health insurance coverage marketplace, which is almost 50% of the $3.5 billion overall health insurance coverage marketplace, has been expanding at about 25% annually the last couple of years, doubling every single 3 years.