~ Covers over 2000 customers and 3,50,000 lives ~
Bangalore, December 20, 2022: Plum, one of India’s leading providers of employee health insurance, has grown 4X in premium in 2022, surpassing 2000 customers and 3,50,000 lives covered. The company is on track towards covering 10 million lives by 2025. 2022 has been pivotal as Plum crossed 1,00,000+ touch points across insurance, health and wellbeing and also strengthened its product offerings by launching Endorsement Checkout Experience, an e-commerce-like check out experience for HRs and FlexiCare, a flexible health and insurance benefits.
Giving further impetus to Plum’s growth is the latest IRDAI regulation that allows Corporate Agents to tie up with 27 insurers. Through this regulation, customers can now benefit with more choice and flexibility in selecting the right health insurance policy for their employees.
Plum Highlights 2022:
Added customers like Swiggy, Urban Company, Oyo and Navi.
75% of Plum’s customers include first-time buyers of insurance.
Partnered with more insurers to offer a wider choice to customers.
● Tech and product:
Endorsement Checkout Experience, an e-commerce-like check out experience for HRs.
FlexiCare, a flexible health and insurance benefits.
● Health and wellness:
1,00,000+ touch points through Plum’s health and wellness suite (across teleconsultations, health checkups, curated wellness sessions and medicine delivery).
“Plum is committed towards providing its customers with access to quality healthcare and insurance. We have grown 4X, added some marquee customers and continue on our mission to insure the missing middle; with 75% of Plum’s customers being first time insurance buyers,” says Abhishek Poddar, Cofounder and CEO of Plum. He further added, “In 2022, we saw some positive developments by the insurance regulator IRDAI, such as the inclusion of mental health coverage under all health insurance products and the removal of limitations for corporate agents. IRDAI’s efforts to promote inclusivity and accessibility in the insurance industry are a welcome step forward. This year we also completed 3 years of our journey and look forward to the next 97 years of building Plum.”
Plum will now work with a range of insurers to provide customers and prospects with a lot more choice. “IRDAI has committed to enable ‘insurance for all’ by 2047. The focus of IRDAI is threefold: 1) making the right products available to customers 2) boosting innovation and distribution efficiencies and 3) facilitating ease of doing business in the insurance sector. Previously, Corporate Agents were allowed to tie up with only nine insurers. The new regulation enables companies like Plum to offer a wider choice to its customers from different insurers, making it easier for customers to compare and select the right policy for their needs. We are happy to see IRDAI take this important step to modernise and improve the insurance market in India,” said Aditya Bagarka, Head of Strategy and Innovation at Plum. He further added, “this will also help Plum offer relevant solutions for customers whilst building deep tech integrations with more forward-looking insurers.”
Furthering its tech prowess, Plum launched FlexiCare, a product that allows employees to be part of their healthcare journey from day 1 as they enrol for personalised and flexible insurance and health benefits. Additionally the company launched an industry-first Endorsement Checkout Experience (ECE), an e-commerce-like checkout experience for HRs. Through this simplified interface, HRs can manage all benefits in a single transaction and add new employees into the health insurance cover just like one adds items to a cart in a regular e-commerce purchase. With this experience, companies can now get real time cover for new employees. Together, these solutions are helping CHROs and Founders save time in onboarding employees to the dashboard, increasing insurance access and making insurance a truly inclusive healthcare product.
In a country like India where health insurance penetration is just ~5%, the insurtech industry is moving beyond a supporting role. India’s Insurtech sector offers a $339 bn market opportunity and 2023 will shift the spotlight to this sunshine sector.