Plum to invest $6 mn over next 2 yrs to enter personal insurance segment

Insurtech platform Plum has said it will invest $6 million over the next 24 months to expand into the personal insurance segment, targeting 10 million insured lives by 2025. It has appointed Atul Mishra to spearhead the sector.

 

“The company aims to simplify and democratise access to health coverage for individuals. With over $120 million in premiums managed through its corporate health insurance business, Plum is now bringing its technology-driven, customer-first approach to meet the growing demand in the personal insurance market,” according to the press release.

 

As India faces a significant health insurance coverage gap, and considering its corporate insurance business with Tata, Twilio, and Zomato, among others, Plum sees this as an opportunity to bridge the gap between employer-sponsored insurance and Indians without adequate coverage.

 

Abhishek Poddar, co-founder and chief executive officer (CEO), Plum, said: “With over 400 million Indians currently without adequate coverage, we believe this is a unique opportunity to bridge the gap and provide more transparent, accessible, and affordable options. Our vision goes beyond just selling policies; we want to improve health outcomes, reduce hospitalisations, and ultimately make health coverage work for everyone.”

 

Poddar added: “We had run a pilot on our existing customer base. Within the first few months of launch, we are seeing almost 4 to 5 per cent of our user base taking some kind of personal insurance. Eventually, it is on the cards to open it up for members outside Plum, but it is probably a few months away for us, likely this year itself.”