India’s leading private sector non-life insurance company ICICI Lombard General Insurance, has partnered with Plum, India’s fastest -employee health insurance startup, which focus to re-imagine and co-create India’s first technologically backed group health insurance projects.
ICICI Lombard and Plum plan to solve four major areas of group health insurance, which includes real-time pricing, onboarding, policy management, and claims. About 0.29% of GDP being spent on the health sector and only 2% of the health care expenditure is being covered by health insurance providers.
Ayushman Bharat, IRDAI’s Sandbox, and National Health Stack are some initiatives by the Central Government. But in the case of the group health insurance market, it covers only 15% of the overall insured population and gained a growth of 25% in y-o-y. In this situation, the partnership between ICICI Lombard and Plum is aiming at increasing group insurance coverage.
ICICI Lombard and Plum in close tie-up have come up with the automated process for data cleaning, validation, fraud detection, and underwriting which helps in the reduction of time taken for price estimates. Most of the employees are unaware of the policies and benefits of insurance. To solve this problem, employees will be taken through a digital onboarding process, where they will be able to understand everything easily.
Another challenge faced by such an organization is managing a large number of employees. ICICI Lombard and Plum have started a new program that enables health insurance of the employees as soon as they join the organization. One of the crucial factors of any insurance is providing customer experience and satisfaction. Now the two companies are working on an online submission tool for employee together with a real-time tracking system.
ICICI Lombard and Plum together have been able to onboard more than 100 companies within six months of their launch. Startups like Fampay, StayAbode, Revv, Swiflearn, Posist, The Label Life and Grow Fit are onboarded. In addition to this, MNCs like Twilio, Instawork and Livongo and company’s like Lambda group, Sunidhi Group and Rosmerta group have also been a part of this.
ICICI Lombard has always been the beginner in introducing technological solutions for its customers. This new strategic partnership strengthens this commitment of the insurer to the customer and their well-being.