PriyaPatel
TLDR:
- Plum Benefits Insurance Brokers is bringing fintech innovation to health insurance in India.
- The co-founders, Abhishek Poddar and Saurabh Arora, are leveraging their tech and product expertise to impact over 500,000 people.
Plum Benefits Insurance Brokers, founded by Abhishek Poddar and Saurabh Arora, is revolutionizing the employee health insurance sector in India. With backgrounds in tech and product management, the duo is combining their expertise to bring innovative solutions to the industry. By partnering with large insurers like ICICI Lombard and targeting businesses of all sizes, Plum has already reached over 500,000 customers, including major startups and multinational companies operating in India.
The company’s revenues have seen significant growth, jumping from ₹5.7 crore in FY22 to ₹25.8 crore in FY23, with a projected revenue of ₹40 crore for FY24. Plum’s focus on sustainability and contribution margin positivity sets it apart in the industry, ensuring each sale contributes towards meeting variable costs. By leveraging technology, Plum has automated claims processes and partnered with various businesses to offer discounts to its corporate customers, resulting in significant savings for employees.
As the demand for better employee benefits increases, Plum’s innovative solutions position it as a preferred vendor in the market. By continuing to enhance its tech-driven processes and expand its customer base, Plum is poised for further growth and success in the employee health insurance sector.
