Synopsis
Plum has raised $20 million (Rs 193 crore) led by Peak XV Partners, with participation from existing investor Tanglin Venture Partners and new investor GMO Venture Partners. The funds will be used in talent, technology, and AI innovation.The funds will be used in talent, technology, and AI innovation. The company plans to go beyond insurance claim solutions and enter preventive care, primary care, mental wellness, and telehealth solutions for its clients, founder and CEO Abhishek Poddar told ET.
“We are going to double down on the (insurance) claim experience. We want to cut down the reimbursement process from days to hours and even minutes,” Poddar said, adding that the platform will be expanding its go-to market and distribution channels. Plum has processed over 500,000 claims on its platform since inception in 2019.
Currently, Plum operates in the domain of employee health benefits, which includes insurance and related services.
The Bengaluru-based company has 450 employees and serves more than 6,000 organisations across India, including CRED, Meesho, PhonePe, Swiggy, Zomato, and WeWork.
Today, around 78% of the claims on Plum are processed without human intervention, compared to 34% in 2022, according to the company. It plans to utilise a part of its new funding to enhance its AI-driven claims operations.
The company says it has reduced the median cashless hospital discharge time to 47 minutes from 180 in 2019. Similarly, its median reimbursement time has dropped to 1.5 days from 25 in 2019.
“Plum has reimagined employee health insurance by focussing on one of the things that matters most to users: the claim,” said GV Ravishankar, managing director, Peak XV.
Plum competes with the likes of Acko Insurance, ClaimBuddy, Policy Bazaar’s ClaimSetu, and more.
