Plum, an insurtech platform in India catering to over 3500 corporations with group health insurance and business insurance solutions, has announced the release of ‘e-imburse’. This digital solution is poised to transform the way reimbursement claims are processed.
- ‘e-imburse’ offers a digital solution to traditionally paperwork-heavy reimbursement claims.
- Reimbursement claims account for 40% of overall health claims in the industry.
- With ‘e-imburse’, the time to file a reimbursement claim can be reduced from 7 days to just one hour.
- Features include paperless efficiency, a user-friendly interface, and enhanced security through optical character recognition (OCR) technology.
Reimbursement claims typically involve employees fronting medical expenses and then seeking refunds from their insurance providers. This method often requires a myriad of documents, such as a filled and signed claim form, original hospital bills, diagnostic and lab reports, medical certificates signed by doctors, and an original discharge summary.
One of the reasons for the rising inclination towards reimbursements is the limited number of hospitals in the insurer’s cashless network, coupled with the challenges of coordinating with multiple parties.
Plum’s ‘e-imburse’ seeks to redefine this. The platform eliminates the need for physical documents entirely, allowing for a seamless paperless process. It boasts an intuitive interface, ensuring ease of use for policyholders. Enhanced security features have been integrated, assuring users of the confidentiality of their information. Additionally, the use of OCR technology helps in scanning official documents for their authenticity, streamlining the claim settlement process.
Saurabh Arora, Co-Founder and CTO of Plum, remarked, “The Indian insurance industry is in the midst of a technological overhaul. Plum aims to be at the forefront of this change. Our goal is to craft technological products that uplift the entire insurance ecosystem. ‘E-imburse’ embodies this vision.”
Ashish Khandelwal, Director – Products at Plum, commented, “Our journey towards simplifying insurance is ongoing. ‘e-imburse’ is one of our strides in this direction. By harnessing technologies like ML and OCR, we have devised a solution previously nonexistent. We hope this will make the reimbursement process smoother and more efficient for our customers.”
Plum’s other digital initiatives also underscore their commitment to harnessing technology for enhancing insurance accessibility and efficiency. Their innovations, such as the PolicyGPT’s Gen-AI tool and the generation of Health IDs via the Endorsement Checkout Experience, aim to elevate user experience in the insurance domain.