We talked to Abhishek Poddar, the co-founder, and CEO of Plum, an Indian InsurTech aiming to re-imagine and co-create group health insurance products from the ground-up. While the retail health insurance space has been digitised thanks to players like PolicyBazaar, group health insurance is still widely manual. Plum is planning to change that.
Michael and Abhishek talk about how SMEs lack access to quality employee benefit solutions which leads to low penetration. Another challenge small and medium-sized companies are facing, is that they cannot afford a benefits manager to analyse and select the best policy for the company. Plum aims to tap into this market by providing easily accessible and easily understandable employee benefits solutions.
Abhishek explains how, in his opinion, the current pandemic has changed from a push-market to a pull-market. In his view, traditional agents will not disappear but the market share for direct channels will increase substantially and half of the volume could be sold via online channels.