Bengaluru-based insurance tech company Plum is expanding into business insurance with the launch of its new offering Plum Business. This is the third line of business that Plum has launched after employee insurance and employee health benefits. The company offers its employee health and wellness solutions to more than 3,000 corporations.
Plum has been seeing a 3x year-on-year growth. With the new offering, the company is expecting to turn profitable by the financial year 2025.
Abhishek Poddar, co-founder and CEO of Plum, said, “The financial well-being of a business is directly proportional to the financial well-being of its employees. Today, businesses are prone 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.”
According to the company, the decision to venture into the business insurance space comes at a crucial time when startups and businesses face multiple challenges around corporate governance, and the idea is to enable businesses to protect their people, profits and runways. The products would be curated and customizable.
“We are designing holistic solutions for organizations based on their growth journey and risk appetite, understanding that risks in the business landscape are constantly evolving. We help customers in designing their bespoke insurance programs that evolve as they grow and enable them to build their businesses better by guiding them in transferring and mitigating risks effectively, “ said Aditya Bagarka, Head of Strategy and Innovation at Plum.
Founded in 2019, Plum is backed by Tiger Global and Sequoia Capital.
