Insurtech is building a 0-1 tech stack to reimagine digital-first insurance
FinTech BizNews Service
Mumbai, 26 October 2023: Plum, India’s leading insurtech platform offering group health insurance and business insurance solutions to over 3500+ corporations, has launched ‘e-imburse’, a digital first solution for reimbursement claims.
Traditionally known to be a cumbersome process, reimbursement claims are a type of claim where the employee pays for the medical cost and treatment upfront and later claims the expense from the insurance provider. Documents required to make a reimbursement claim include:
Industry-wide reimbursements form 40% of overall health claims and we have observed a similar trend at Plum. The growing preference for reimbursements can be attributed to the limited number of hospitals under Insurer's cashless network and the hassle of last-minute coordination with multiple parties.
Despite being arduous and mostly manual; involving a lot of paperwork, this process remained untouched by technology for years. With a user-centric approach, Plum has been able to drastically reduce the time it now takes to file a reimbursement claim from at least 7 days to just an hour.
‘E-imburse’ introduces several key features that redefine the insurance claim submission process:
Saurabh Arora, Co-Founder and CTO, Plum, stated, "The Indian insurance industry is undergoing a tech transformation from the ground up, and Plum is leading the way in driving these advancements. At Plum, our mission is to develop technology products that benefit not only policyholders and insurance partners but also elevate the entire insurance landscape. ‘E-imburse’ is a testament to that commitment. Plum is taking distinct steps to simplify insurance, making it more accessible and understandable for everyone."
Ashish Khandelwal, Director – Products, Plum, said, “Simplifying insurance is a long journey and we have only started. Striving to create an impact on our customers’ lives is our core mission and ‘e-imburse’ is a step in that direction. This is a first, not only at Plum but for the entire insurance industry. We have been able to harness capabilities of various technologies like ML and OCR, to create a solution that didn’t exist before. We expect that going forward the reimbursement claims journey for our customers is simplified and less time consuming.”
Plum's digital innovations are being built to truly leverage the efficiencies of tech in insurance. From PolicyGPT's industry-first Gen-AI tool simplifying policies, to the swift generation of Health IDs through the Endorsement Checkout Experience, Plum prioritises user convenience. With an industry-leading Net Promoter Score (NPS) of 91 for Plum Telehealth, an end-to-end app-only telehealth service, and fully paperless claims journeys facilitated through API integrations with insurers, Plum continues to set new standards in the insurance industry. These innovations highlight Plum's dedication to making insurance more accessible, efficient, and user-friendly for all.
Plum aims to reach a milestone of 10 million lives insured by 2025. It launched Plum Business in July 2023, thereby extending its product offerings to cover the health and wellness of employees and businesses as a whole. Plum is currently in the Series-A stage and has raised $20million till date. It is backed by marquee investors, Tiger Global and Peak VX Partners.
