Plum introduces ‘e-imburse’ a tech-driven approach to streamline health insurance claims

~The company is building a 0-1 tech stack to reimagine digital-first insurance~

Bengaluru, 26 October 2023: Plum, India’s leading insurtech platform offering group health insurance and business insurance solutions to over 3500+ corporations, has launched ‘e-imburse’, a digital first solution for reimbursement claims.

Traditionally known to be a cumbersome process, reimbursement claims are a type of claim where the employee pays for the medical cost and treatment upfront and later claims the expense from the insurance provider. Documents required to make a reimbursement claim include:

● Duly filled and signed claim form

● All original hospital bills, including prescriptions and pharmacy bills and receipts

● Diagnostic and Lab Reports

● Medical Certificates signed by the doctor

● Original Discharge Summary

Industry-wide reimbursements form 40% of overall health claims and we have observed a similar trend at Plum. The growing preference for reimbursements can be attributed to the limited number of hospitals under Insurer’s cashless network and the hassle of last minute coordination with multiple parties.

Despite being arduous and mostly manual; involving a lot of paperwork, this process remained untouched by technology for years. With a user-centric approach, Plum has been able to drastically reduce the time it now takes to file a reimbursement claim from at least 7 days to just an hour.

‘E-imburse’ introduces several key features that redefine the insurance claim submission process:

● Paperless efficiency: There is no need to fill or print any claim form from the user or even to submit physical bills/ printouts.

● User-friendly interface: An intuitive interface that ensures policyholders can effortlessly navigate the claims process.

● Enhanced security:

○ For the user: wherein policyholders can trust in the safety and confidentiality of their sensitive information.

○ For the insurer: Through optical character recognition (OCR) technology, official documents can now be scanned for authenticity and originality, thereby bringing about efficiency in the claim settlement process

Saurabh Arora, Co-Founder and CTO of Plum, stated, “The Indian insurance industry is undergoing a tech transformation from the ground up, and Plum is leading the way in driving these advancements. At Plum, our mission is to develop technology products that benefit not only policyholders and insurance partners but also elevate the entire insurance landscape. ‘E-imburse’ is a testament to that commitment. Plum is taking distinct steps to simplify insurance, making it more accessible and understandable for everyone.”

Ashish Khandelwal, Director – Products at Plum, said, “Simplifying insurance is a long journey and we have only started. Striving to create an impact on our customers’ lives is our core mission and ‘e-imburse’ is a step in that direction. This is a first, not only at Plum but for the entire insurance industry. We have been able to harness capabilities of various technologies like ML and OCR, to create a solution that didn’t exist before. We expect that going forward the reimbursement claims journey for our customers is simplified and less time consuming.”

Plum’s digital innovations are being built to truly leverage the efficiencies of tech in insurance. From PolicyGPT’s industry-first Gen-AI tool simplifying policies, to the swift generation of Health IDs through the Endorsement Checkout Experience, Plum prioritises user convenience. With an industry-leading Net Promoter Score (NPS) of 91 for Plum Telehealth, an end-to-end app-only telehealth service, and fully paperless claims journeys facilitated through API integrations with insurers, Plum continues to set new standards in the insurance industry. These innovations highlight Plum’s dedication to making insurance more accessible, efficient, and user-friendly for all.

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