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PLUM: Group health insurance made fast and simple

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(L-R) Co-founders Saurabh Arora and Abhishek Poddar(L-R) Co-founders Saurabh Arora and Abhishek Poddar

The world is witnessing new and surprising illnesses daily—Covid-19 is a stark instance of this. Remedy of those illnesses can wipe out the complete financial savings of a family. That is resulting in elevated consciousness and penetration of medical insurance, however not many Indians can afford it. Most want their employers to sponsor insurance coverage.

Nonetheless, the present medical insurance stack isn’t ready to serve this market shift of speedy adoption of worker medical insurance. When buying medical insurance for his or her groups, even one of the best companies expertise challenges round accessibility, affordability and usefulness.

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Plum, a gaggle medical insurance startup, is re-imagining the worker medical insurance stack by forging new underwriting and fraud detection algorithms that enable corporations with as few as seven staff to learn from group insurance coverage. Its real-time insurance coverage design and pricing permits corporations to purchase insurance coverage in simply three clicks. It additionally affords staff a hassle-free claims expertise by way of an built-in digital course of.

Plum, based in late 2019 by Abhishek Poddar and Saurabh Arora, just lately introduced it had raised $15.6 million in Collection A funding from traders led by Tiger International with participation from earlier traders—Sequoia Capital India’s Surge, Tanglin Enterprise Companions, Incubate Fund and Gemba Capital. With over 600 corporations on-boarded, it has been witnessing a development charge of 110% quarter-on-quarter and leads the trade with a Claims NPS of 79. Plum’s shopper base contains SMEs, corporates and fast-growing startups in India, together with Groww, Unacademy, Twilio, CleverTap, UrbanLadder, smallcase and Simpl.

Poddar, co-founder & CEO, Plum, stated, “Plum goals to achieve a milestone of 10 million lives insured by 2025, by altering the worker medical insurance area. We’re making the method clear, reasonably priced and straightforward, utilizing tech at scale. The adoption of medical insurance by startups, SMEs and corporates is growing exponentially, additional accelerated by the pandemic. We’re constructing Plum to allow a top quality healthcare expertise for each single worker and their members of the family. ”

India’s group medical insurance market, which is almost 50% of the $3.5 billion medical insurance market, has been rising at round 25% yearly the previous couple of years, doubling each three years.

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