Employee insurance startup’s member base grows 20x YoY
Plum, the Indian employee health insurance startup that provides health benefits to startups, SMEs and corporates has crossed a milestone of 100,000 members insured, growing at over 30% MoM since its inception. Plum’s best-in-class offering has led to a strong pull amongst employee-first organizations across India. Plum’s early adopters include some of India’s fast-growing and progressive startups and SMEs: Groww, Unacademy, Twilio, CleverTap, SmallCase and Zinnov.
Plum’s growth has been driven by first time buyers of health insurance, with 82% organizations on the platform bringing health insurance and health benefits for the first time. What’s more remarkable is the fact that over 70% of the customers came via word-of-mouth recommendations, highlighting the quality of experience the company has delivered to its members.
Plum is a new-age insurance startup that is redefining corporate health insurance by offering innovative, pioneering products with best-in-class benefits including no pre-existing disease exclusions, no waiting periods and no disease-wise capping. The company has co-created unique products for startups and SMEs with teams as small as 5 employees that cannot afford to pay large annual premiums. The company also recently announced LGBTQ partner cover for companies, allowing employees to enroll same-sex partners in their corporate health insurance policy.
Prior to Covid, health insurance and health benefits were typically restricted to large organizations with thousands of employees. Over the last 18 months, Plum has seen a significant spike in awareness and demand from startups and SMEs for health insurance and health benefits for their team members and their families. Plum has helped companies utilize health insurance for their employees through a WhatsApp-enabled Claims system—an industry-first initiative. Plum goes beyond health insurance for their members, offering comprehensive employee benefits, including health checkups, doctor teleconsultations, mental wellness, dental care, fitness, diet, and yoga.
The company is solving these problems by building deep API integrations with leading insurers including ICICI Lombard, Care Health, Star Health and New India Assurance.
Abhishek Poddar, Co-founder, Plum, said, “We are committed to disrupting health insurance in India by focusing on group health insurance as most individuals find it expensive to purchase otherwise. Plum’s team is constantly working on innovative products and solutions to provide customer-centric health insurance plans and health benefit offerings to enable even the smallest of organisations to provide quality, yet affordable cover to their teams and their family members. With the innovation in this space, we expect 50% of SMEs to offer health insurance to their employees in the coming years”.
Plum is expanding rapidly and has grown the team from just 10 members to over 60 members over the past year.
