Tiger Global-backed insurtech startup Plum forays into business insurance space

Plum Insurance, an insurtech firm backed by venture capital company Tiger Global, has expanded into the business insurance space with the launch of Plum Business, the company said in a press note. This is the third line of business that Plum has launched after Employee Insurance and Employee Health Benefits.

With this business expansion, Plum Insurance looks to expand its revenue streams by focusing on startups and small and medium enterprises (SMEs) customers.

Plum Insurance was started in 2019 by Abhishek Poddar and Saurabh Arora. It is an employee health insurance platform. The company provides health benefits to corporations and now plans to offer curated and customisable business insurance products, aiming to empower businesses to thrive in an increasingly complex and challenging landscape.

Commenting on the business expansion plans, Poddar said, "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."

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

Plum Insurance competes with the likes of Digit, PaisaBazaar, and Probus. It is utilising both the advantages of generative AI for its consumers as well as for its personnel within its operations.