Plum, the Bengaluru-based insurance tech company, is expanding its offerings with the launch of Plum Business, its new business insurance line. This move comes after the company’s successful forays into employee insurance and employee health benefits. Plum currently provides its health and wellness solutions to more than 3,000 corporations and has experienced impressive 3x year-on-year growth. With the introduction of Plum Business, the company is aiming to achieve profitability by the end of the financial year 2025.
Abhishek Poddar, co-founder, and CEO of Plum, emphasized the direct correlation between a business’s financial well-being and the financial well-being of its employees. Poddar highlighted the various risks faced by businesses today, including financial, operational, legal, people, and governance-related risks, many of which remain uninsured. Plum Business seeks to create a sustainable ecosystem that protects both businesses and their employees. Poddar expressed the company’s commitment to consulting companies and providing evolved benefit solutions, while also driving its existing business forward.
Plum’s decision to enter the business insurance sector comes at a crucial moment when startups and businesses encounter multiple challenges related to corporate governance. The objective behind expanding into business insurance is to enable businesses to safeguard their people, profits, and runways. Plum Business will offer curated and customizable insurance products, designed to cater to the specific growth journey and risk appetite of organizations. The company acknowledges the ever-evolving nature of risks in the business landscape and aims to assist customers in effectively transferring and mitigating these risks.
Since its establishment in 2019, Plum has gained support from prominent investors, including Tiger Global and Sequoia Capital. The company’s expansion into business insurance demonstrates its commitment to addressing the insurance needs of businesses. By providing holistic solutions tailored to each organization’s growth journey, Plum aims to help businesses build their operations while managing risks effectively.
In summary, Plum’s entry into the business insurance market marks the company’s third line of business after successfully offering employee insurance and health benefits. By diversifying its offerings, Plum aims to achieve profitability by FY25. The company’s focus on creating a sustainable ecosystem that protects both businesses and their employees demonstrates its commitment to addressing the evolving risks faced by organizations today. Plum Business will provide curated and customizable insurance solutions, designed to guide businesses in transferring and mitigating risks effectively. As Plum continues to consult and drive its existing business forward, it remains dedicated to delivering evolved benefit solutions to companies.
