Plum Expands Offerings with Launch of Plum Business, Providing Comprehensive Business Insurance Solutions

• ByStartupStory     |    July 5, 2023

Plum, India’s leading insurtech company specializing in employee health and wellness solutions for over 3,000 corporations, is taking a significant step forward by extending its services to cover business insurance through the introduction of Plum Business. This expansion marks a significant milestone in Plum’s journey, as it becomes the third line of business launched by the company, following Employee Insurance and Employee Health Benefits.

Established in 2019, Plum has experienced remarkable growth with a 3X year-on-year increase and a positive Contribution Margin. Building on this success, Plum is now introducing curated and customizable business insurance products, aiming to empower businesses to thrive in an increasingly complex and challenging landscape.

Abhishek Poddar, co-founder and CEO of Plum, emphasized the importance of financial well-being for both businesses and their employees. He stated, “Today, businesses are exposed to various risks – financial, operational, legal, people, and governance-related – yet unfortunately, many remain uninsured. With Plum Business, we aim to create a sustainable ecosystem that safeguards both. We have brought the conversation of ‘benefits’ and ‘wellness’ to the spotlight, and we will continue to consult companies on the best and most evolved benefits solutions while driving our existing business forward.”

Poddar also added, “With this new business foray, we expect to turn profitable by FY 2025.”

Plum’s decision to enter the business insurance domain comes at a critical time when startups and businesses face numerous challenges concerning corporate governance. The company recognizes the need for businesses to prioritize revenue, sustainability, and risk management. By offering comprehensive business insurance coverage, Plum enables businesses to protect their people, profits, and runways while fostering trust and confidence among stakeholders.

Plum will offer the following products under Plum Business.

Aditya Bagarka, Head of Strategy and Innovation at Plum, emphasized the company’s approach of providing holistic solutions tailored to organizations’ growth journey and risk appetite. Bagarka stated, “We help customers design their bespoke insurance programs that evolve as they grow, enabling them to build their businesses better by guiding them in transferring and mitigating risks effectively.”

As businesses find themselves increasingly involved in litigation, the need to address insurable risks becomes paramount. The rising number of complex legal cases and growing litigation costs in India, accounting for 0.5 to 0.7% of the country’s GDP, underscores the importance for businesses to protect themselves. Industries such as IT/ITeS, EdTech, Fintech, and growth stage startups have been identified as having the highest requirements for business insurance, and Plum is ready to cater to their specific needs.

With its commitment to delivering exceptional and holistic insurance solutions, coupled with its track record of steady growth, Plum is well-positioned to guide businesses towards long-term viability and success.

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