Plum Insurance, a Bengaluru-based enterprise focused group insurance platform helps modern enterprises provide group employee health benefits. Thanks to Plum, companies with even 5 team members can now get group health insurance. Plum’s USP is that they don’t harbour hidden costs or bombard customers with out-of-pocket expenses. SMEs and start-ups can now avail affordable insurance for their employees in less than 60 minutes.
The start-up was quick to identify that Indian employees mainly belonged to the SME and start-up sector which became their prime area of focus. Essentially, Plum is enabling access to group health insurances for the SME and start-up community in the country.
Plum Insurance recently raised a seed funding round from Sequoia Capital and have recently announced a month-on-month growth rate of 30%.
How are they providing group health insurance to start-ups and SMEs in 60 minutes?
Plum Insurance is a new-age start-up that leverages smart underwriting and fraud detection algorithms in their technology product. They are creating an integrated digital insurance experience for customers. The technology product quickly understands the needs of a company and guides them through a set up process to avail group insurance for employees.
Plum’s customers will also be able to file insurance claims without the need for intervention. Employees covered by Plum can enjoy doctor consultations, health check-ups, fitness and yoga, mental wellness, nutrition, and dental care.
The platform has an intermediary registered with IRDA (Insurance Regulatory and Development Authority) as well as a broker registered for IAGIA.
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Employees covered by Plum can enjoy doctor consultations, health check-ups, fitness and yoga, mental wellness, nutrition, and dental care.
How Plum’s Insurtech works
First, the company registering with Plum must enter basic details about the organisation as well as about their employees. The system will present three insurance plans to choose from, based on the information. The customer can then customize according to their requirements and an appropriate pricing plan will be provided. After the payment is complete, the insurance plan is instantly activated for the company and its employees.
What’s in it for me?
When start-ups and SMEs think of ‘health insurance’ most back out because its seen as a huge expense. Also, there’s very less avenue to get access to employee health insurances without depleting company funds. ‘Affordability’ and ‘Accessibility’ are the key words which explain why SMEs and start-ups are not prioritising health insurances as part of their employee benefits.
In fact, neither employees nor employers are aware about the immense benefits of health insurance. Small businesses who are already on the lookout for health insurance for their employees don’t need to go far. Group health insurance is the solution that you need which your entire organisation (including employees) can get on board with in a matter of minutes.
Earlier, it was very hard to acquire group health insurances and claims were tougher. In fact, there was no guidance available and typically, a company faced a TAT of up to 90 days to successfully avail and enable group health insurance for all employees. Small businesses also had to deal with rigid insurance firms who were in the market long enough to disregard small businesses and prioritise only large corporates. The pricing couldn’t be customized for start-ups. But now that Insurtech start-ups like Plum Insurance are in town, there’s hope for small businesses to keep their employees covered under health benefits, especially when the second wave of Covid-19 is raging on.
