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Plum Ventures Into Business Insurance, Aims Profitability By FY25

Through Plum Business, the company will offer curated and customizable business insurance products, aiming to empower businesses to thrive in an increasingly complex and challenging landscape

Plum Ventures Into Business Insurance, Aims Profitability By FY25

Outlook Start-Up Desk

POSTED ON July 06, 2023 1:49 PM

Bengaluru-based Indian insuretech company Plum has ventured into the business insurance category with the launch of Plum Business. The development came after the company forayed into two separate categories like employee insurance and employee health benefits. 

Through Plum Business,  the company will offer curated and customizable business insurance products, aiming to empower businesses to thrive in an increasingly complex and challenging landscape.

Founded in 2019, Plum has achieved its contribution margin positivity with a 3x year-on-year (Y-o-Y). The company is eying to become profitable by 2025, with its latest venture. 

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.”

Aditya Bagarka, Head of Strategy and Innovation at Plum, added, "At Plum, we do not believe in selling products in silos. 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."

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