Plum Unveils ‘e-imburse' for Streamlined Health Insurance Claims Processing

Plum's 'e-imburse' promises to reduce the claims processing time from seven days to just one hour with a user-centric approach.

Plum, an insurtech platform in India known for providing group health insurance and business insurance solutions, has introduced a digital-first solution for reimbursement claims named 'e-imburse.'

This system aims to simplify and expedite the traditionally cumbersome reimbursement process, transforming it into a user-friendly and efficient digital experience.

Saurabh Arora, cofounder and CTO of Plum, said, "The Indian insurance industry is undergoing a tech transformation from the ground up, and Plum is leading the way in driving these advancements. Our mission is to develop technology products that benefit not only policyholders and insurance partners but also elevate the entire insurance landscape. 'e-imburse' is a testament to that commitment. Plum is taking distinct steps to simplify insurance, making it more accessible and understandable for everyone."

Reimbursement claims are a common type of insurance claim where the insured party pays for medical expenses upfront and later seeks reimbursement from their insurance provider.

The conventional method required claimants to submit a range of documents, including a duly filled and signed claim form, original hospital bills, prescriptions, pharmacy bills, receipts, diagnostic and lab reports, medical certificates endorsed by a healthcare provider, and the original discharge summary.

In the insurance industry, reimbursement claims typically constitute 40% of overall health claims. The increasing preference for reimbursement claims can be attributed to the limited number of hospitals within an insurer's cashless network and the challenges associated with last-minute coordination with multiple parties.

Despite the prevalence of reimbursement claims, the process remained largely untouched by technological innovation, characterised by manual procedures and extensive paperwork. However, Plum's 'e-imburse' claims to change this practice with a user-centric approach, significantly reducing the time required to file a reimbursement claim from at least seven days to just one hour.

'e-imburse' introduces several features that promise to redefine the insurance claim submission process. It enables a paperless and efficient workflow, eliminating the need for users to fill or print claim forms and submit physical bills or printouts.

The system boasts an intuitive, user-friendly interface that helps policyholders to navigate the claims process effortlessly. Additionally, it prioritises enhanced security for both policyholders and insurers.

Director of Products Plum, Ashish Khandelwal, said, "Simplifying insurance is a long journey and we have only started. Striving to create an impact on our customers' lives is our core mission and 'e-imburse' is a step in that direction. This is a first, not only at Plum but for the entire insurance industry. We have been able to harness capabilities of various technologies like ML and OCR, to create a solution that didn't exist before. We expect that going forward the reimbursement claims journey for our customers is simplified and less time-consuming."

By harnessing technology and focusing on user-centric design, this initiative by Plum claims to reduce the processing time for the claims while improving overall accessibility and security for policyholders and insurers.

In another development in the insurance sector, last month Star Health and Allied Insurance jointly introduced a user-friendly payment option using UPI QR codes for policy purchases and renewals, simplifying the customer process. The companies stated that this personalised solution streamlines the customer purchase experience, making it a seamless process with just a few clicks.