PlumHQ

About PlumHQ

PlumHQ, founded in Bengaluru, India, in November 2019 by serial entrepreneurs Abhishek Poddar and Saurabh Arora, operates as an insurtech platform focused on employee health insurance and benefits. The company targets a significant gap in the Indian market: providing accessible group health insurance to small and medium-sized enterprises (SMEs), a segment often overlooked by traditional insurers. Plum's business model is centered on partnering with companies to offer their employees comprehensive health and wellness plans underwritten by major insurers like ICICI Lombard, New India, and others.

The founders' backgrounds are deeply rooted in technology and product development. Abhishek Poddar, the CEO, is an alumnus of IIT Kanpur and Stanford Business School who previously worked at McKinsey and Google, where he was involved in launching Google Pay's NFC payments in the U.S. and also founded startups like RentZeal and HyperTrack. Saurabh Arora, the CTO, previously served as the Head of Product at FreshWorks after his startup, Airwoot, was acquired by the SaaS giant. Their combined experience in building scalable tech products informed their decision to tackle the sleepy and complex insurance industry, aiming to disrupt it with a high-quality user experience.

Plum offers a digital-first platform that streamlines the entire insurance lifecycle, from purchasing a policy to filing claims. For employers, the platform provides HR dashboards for automated employee enrollment and management. A key feature is the ability for companies to get a real-time price estimate and activate a policy in under an hour, a process that traditionally took weeks. For employees, Plum provides a mobile app to download health cards, track claims, locate network hospitals, and access a suite of wellness benefits. These benefits extend beyond standard insurance to include doctor consultations, health check-ups, mental wellness tools, dental care, and access to gyms. The company generates revenue through this comprehensive B2B2C model, and by May 2021, had raised $20.7 million in funding from investors including Tiger Global and Sequoia Capital's Surge.

The company offers a range of insurance products, including group health insurance, personal accident insurance, term life insurance, and specialized business coverage like Directors & Officers (D&O) and cyber liability insurance. By focusing on a seamless digital experience and transparent pricing, Plum aims to solve the friction points that have historically made it difficult for smaller companies to provide quality health benefits to their workforce. The company's stated mission is to insure 10 million lives by 2025 and positively impact the health and financial well-being of individuals.