Bangalore, 20th February 2025: Plum, India’s leading insur-tech platform founded in 2019 by Abhishek Poddar and Saurabh Arora, has announced its expansion into the personal insurance sector. The company aims to simplify and democratize 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.
India faces a significant health insurance coverage gap, with fewer than 35% of its population of over 1 billion covered (Source:Report by NITI Aayog). The personal insurance market is growing at nearly 18% annually, and Plum is well-positioned to provide a more transparent and user-friendly alternative to traditional insurers.
Building on its successful corporate insurance business and strong relationships with over 5,000 corporate clients, including leaders like Tata, Twilio, and Zomato, Plum sees a timely opportunity to bridge the gap between employer-sponsored insurance and the millions of Indians without adequate coverage. This expansion into the personal insurance sector comes as the company aims to meet the growing demand for accessible health coverage across the country.
Plum has appointed Atul Mishra as Head of Personal Insurance to spearhead its expansion in the sector. With over a decade of leadership experience at The/Nudge Institute, Belong.co, and Quizizz, Mishra brings deep expertise in consumer needs and digital-first distribution models, positioning Plum for strong growth in the personal insurance space.
Abhishek Poddar, CEO and Co-founder of Plum, said, “We are excited to expand into the personal insurance market with a clear mission to simplify and democratize access to health coverage for millions of Indians. 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. Our vision goes beyond just selling policies; we want to improve health outcomes, reduce hospitalizations, and ultimately make health coverage work for everyone.”
Plum’s AI-powered platform has set new industry benchmarks, achieving a 95% customer retention rate among enterprise customers—far surpassing the industry average of 82%. Plum’s Net Promoter Score (NPS), a key indicator of customer satisfaction, consistently exceeds 70, highlighting the quality of service and trust customers place in the company. Additionally, with an average cashless claim settlement time of just 30 minutes—compared to the industry standard of 4 to 5 hours—Plum is leading the way in efficient claims processing. The company aims to improve health outcomes and reduce hospitalization rates by 30% over the next five years.