Insurtech company Plum has announced its foray into the personal insurance market with a $6 million investment over the next two years. The initiative aims to simplify health insurance access and reach 10 million insured individuals by 2025, while processing 100,000 claims in the current financial year. This move builds on Plum’s existing corporate insurance business, which manages over $120 million in premiums for major clients such as Tata, Twilio, and Zomato.
The company is integrating personal insurance offerings into its mobile app, which already serves more than 100,000 users through telehealth services and wellness programs. By expanding into individual health insurance, Plum seeks to enhance accessibility and transparency in coverage.
Atul Mishra, a seasoned professional with over 10 years of experience in consumer-focused digital distribution, has been appointed as Head of Personal Insurance to spearhead this expansion.
CEO and Co-founder Abhishek Poddar emphasized the significance of addressing India’s health insurance gap, where over 400 million people lack sufficient coverage. He stated, “Our technology-driven approach has revolutionized corporate health insurance, and we are now bringing the same innovation to individuals. Our goal extends beyond selling policies—we aim to improve health outcomes, reduce hospitalizations, and ensure health coverage works effectively for everyone.”
Plum’s AI-powered platform boasts impressive metrics, including a 95% customer retention rate, an NPS score above 70, and an average cashless claim settlement time of just 30 minutes—significantly faster than the industry average of 4-5 hours. With the personal insurance sector growing at 18% annually, Plum’s expansion aligns with India’s increasing demand for affordable and transparent health coverage solutions.
