Plum expands into personal insurance sector, to invest $6M over two years
As it broadens its footprint beyond corporate health coverage, the Bengaluru-based Insurtech startup aims to cover 10 million individuals by 2030.
Insurtech startup Plum plans to invest $6 million over the next two years as it expands into the personal insurance sector. It aims to cover 10 million individuals by 2030.
As it broadens its footprint beyond corporate health coverage, the Bengaluru-based company has appointed Atul Mishra to head personal insurance.
A former executive at The/Nudge Institute and Belong.co, Mishra’s experience in consumer-focused digital distribution is expected to drive adoption in a segment traditionally dominated by legacy insurers.
"Our technology-driven, customer-first approach has already transformed corporate health insurance, and we are now bringing that same innovation to individuals. 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," said Abhishek Poddar, CEO, Plum.
"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.
Co-founded in 2019 by Abhishek Poddar and Saurabh Arora, Plum claims to have facilitated over $120 million in premium through its corporate health insurance business. It now aims to bring the same technology-driven approach to individuals.
Plum will integrate personal insurance into its existing mobile platform, which serves more than 1 lakh active users, offering telehealth services, wellness programmes, and claims assistance.
The company, which is backed by investors including Tiger Global and Peak XV Partners, expects to process over 1 lakh claims in the personal insurance segment this financial year.
Plum joins the wave of Indian fintech and insurtech startups betting big on personal finance solutions. They include PB fintech, GoDigit, and InsuranceDekho.
Edited by Swetha Kannan