Mumbai:
ICICI Lombard General Insurance, has partnered with Plum, an employee health insurance startup, to provide India’s first technologically backed group health insurance products.
The goal is to offer employers and employees flexibility, transparent pricing, and exceptional healthcare experience.
With the use of latest technologies, ICICI Lombard and Plum intend to solve four major areas of group health insurance – real time pricing, onboarding, policy management and claims.
ICICI Lombard and Plum together have been able to onboard more than 100 companies within the first six months of launch. These companies include startups like Fampay, StayAbode, Posist, Jiny, Revv, Swiflearn, The Label Life, and GrowFit. In addition to that, MNCs like Twilio, Instawork and Livongo, and companies like Lambda Group, Sunidhi Group, Rosmerta Group have also been onboarded.
Alok Agarwal, executive director, ICICI Lombard General Insurance stated, “In these unprecedented times, with the pandemic far from over, this initiative will not only help us safeguard our group insurance clients but will also ensure that each and every covered individual is prepared to restart the new normal, the right way. ”
Abhishek Poddar, Co-founder & CEO of Plum added, “The group insurance health market in India is projected to grow to Rs 100,000 crores by 2025, and will see the rise of innovative insurance products not available in advanced markets. With partners like ICICI Lombard, we hope to provide 700 million people with employer-sponsored insurance and become the de facto health insurance platform for one million corporates in India.”