The world of Fintech has become a darling for investors and consumers alike. The lucrative possibilities offered by Fintech in terms of products and services, and returns have made it a defining aspect of our current business ecosystem.
The Fintech industry is growing rapidly in India, but the insurance sector doesn’t seem to have caught up with it. Abhishek Poddar and Saurabh Arora, the CEO and CTO of Plum, are set to change that.
CEO Abhishek Poddar is a former product manager at Google, and CTO Saurabh Arora is a seasoned techie.
Plum employs a unique B2B2C (business-to-business-to-consumer) model, leveraging their extensive tech and product expertise in the realm of employee benefits. Both founders have a history of building startups and were deep in startup ecosystems from Silicon Valley to Berlin, before launching Plum.
The duo launched Plum at the end of 2019, with a focus on health insurance and boasts over 4,000 customers today. “They range from 10-person teams to 10,000-strong enterprises,” Poddar said during a webinar. These companies span various cities and industries across India. “We’ve impacted over 500,000 people so far, and our goal is to reach millions of Indians,” Poddar added. To date, Plum has processed around 70,000 claims on its platform.
They are forging strong partnerships with established insurers, such as ICICI Lombard, and targeting an addressable market of businesses ready for innovation.
Plum’s customer base includes some of India’s favourite startups, such as Swiggy and Groww, as well as the Indian operations of renowned foreign software companies like Twilio and Atlassian. According to Tracxn, revenues surged from ₹5.7 crore in FY22 to ₹25.8 crore in FY23. “Our revenues have grown 7x in the last two years,” Poddar noted, projecting FY24 revenues to be around ₹40 crore.
Plum continues to upgrade tedious manual processes with technology. According to Poddar, 60-70 percent of the claims processes are now tech-driven. Plum’s partnerships have helped bring in ₹11,000 in annual savings – on average – to members of the corporates they serve.
As more companies seek to offer better plans to attract and retain talent, customers are likely to prefer vendors with superior technology solutions, positioning Plum for continued growth and success.
