Plum, an insurtech firm providing comprehensive health and wellness benefits to corporates through group health insurance, is aiming at a 600-700% growth target over the next 2-2.5 years with plans to insure 10 million people by 2025 from the current number of 250,000.
Founded in late 2019, Plum is offering large corporations, early-stage start-ups and small and medium enterprises with health and wellness plans, some of which are different from the traditional covers that health insurance companies provide.
One of its innovative health covers includes gender reassignment surgeries as part of the standard group medical cover through LGBTQ health covers which enables it to offer these policies to all clients by default. Among other offerings under group health insurance, the company provides a WhatsApp claim service which it said has helped in making the claims process easy and efficient. Its employee wellness and benefits programme includes a Telehealth facility for self, family and even pets. There is also a focus on the enhanced cover of maternity benefits and IVF (in vitro fertilisation).
Abhishek Poddar, co-founder and CEO of Plum told FE that the group health insurance market is an underpenetrated market in India at present but with a potential to grow exponentially over the next decade — with Covid-19 giving a fillip to the demand and increasing awareness about it. “Currently, this market is at $10 billion, but is expected to go to $40-45 billion by 2030,” he said on the sidelines of FinTech Festival India held by Temasek-backed Constellar.
So far, Plum has raised $20 million in funding over three rounds and its latest funding was a Series A round led by Tiger Global, with participation from earlier investors — Sequoia Capital India’s Surge, Tanglin Venture Partners, Incubate Fund, and Gemba Capital.
The insurtech firm claims close to 2,000 organisations as its clients, some of which include unicorns with the likes of Swiggy, Meesho, Tata Cliq, OYO, Slice, Groww, Upstox and Unacademy. In the last year, the company has hired 200 more employees and its staff strength has gone up from 100 to 300. Plum plans to scale it to 1,000 by the end of March 2023.
Going forward, Poddar said that the company is not looking to raise further funds but will focus on launching more insurance products. “Almost 75% of those funds are still unutilised, so we are not actively raising funds and will remain focussed on product development,” he said.
While the company’s products are focused on the employer-employee health insurance segment, for now, it is working on products that will target individual policies as well, which will be launched soon.