September is Life Insurance Awareness Month, reminding people to plan for the unthinkable. AOAExcel® offers that peace of mind through group term and individual term life insurance for AOA members.

Original Source: aoa.org

Plum, a Bengaluru-based group health insurance startup that works with corporates, has raised Rs 7 crore in seed funding. 

 

The round was led by Incubate Fund with participation from Gemba Capital and Tracxn Labs along with angel investors, including Abhijit Gupta and Ram Sahasranam of Praxify Health, Sudheendra Chilappagari of Belong.co, Nitin Jayakrishnan of Pando, and Alvin Tse of Xiaomi. 

 

Plum

L-R: Saurabh Arora (CTO) and Abhishek Poddar (CEO)

Also Read[Funding alert] GigIndia raises Rs 7.3 Cr in pre-Series A round led by Incubate Fund

The company said it planned to use the funding to scale business and engineering teams so as to solve some of the toughest engineering challenges in insurtech and build innovative distribution channels.

Working with nine insurance companies, Plum claimed to have over 100 companies as customers within just four months of launch.

Abhishek Poddar, Co-founder and CEO, Plum, said, 

 

“We want to be the de-facto platform for employee health insurance, initially in India, and later in other developing markets like Southeast Asia and Latam.”

 

The startup, through its online platform, is on a mission to enable employee health insurance for over 1.1 million companies in India by reinventing how health insurance works. It understands the needs of a corporate and guides them on setting up their group health insurance in less than 60 minutes. 

 

Plum additionally helps employees with improved health benefits including doctor consultations, health check-ups, fitness and yoga, mental wellness, nutrition, and dental care. The platform, which has an insurance intermediary licence from IRDA, enables ease of experience for employees with guided claims support.

In the current situation, Plum also offers COVID-19 to its clients, including Twilio, Instawork, Posist, RevvSales, The Label Life, Growfit, StayAbode, Fampay, myHQ, and Jiny. 

 

Plum was founded in late 2019 by Abhishek Poddar and Saurabh Arora, who comes with experience in financial technologies and insurance distribution.

 

Saurabh Arora, Co-founder and CTO of Plum, said,  “At Plum, we are imagining group health insurance products from the ground-up. We have built underwriting and fraud detection rails with insurance companies that never ever existed. This has enabled us to offer pricing that may be up to 80 percent cheaper than existing market pricing, to companies as small as seven employees. At Plum, we are building a truly online insurance platform that covers front end (distribution) and back end (pricing, carrier and compliances).”

 

According to the startup, the group health insurance market in India, which is almost 50 percent of the total health insurance market, is expected to grow to Rs 100,000 crore by 2025. It has seen an annual growth of about 25 percent in the last few years, and is doubling every three years.  

 

Nao Murakami, Founder and General Partner at Incubate Fund India, said, 

 

“Group health insurance is a very complicated product in nature and the entire customer process, from buying to claiming, is still very manual in India. So, there is a huge gap between insurance companies, employers, and employees. Plum is filling this gap by bringing transparency and efficiency through beautiful technology and product.”

(Edited by Teja Lele Desai)

Want to make your startup journey smooth? YS Education brings a comprehensive Funding Course, where you also get a chance to pitch your business plan to top investors. Click here to know more.

Original Source: yourstory.com

3 Ways To Motivate People Via Behavioral Science

The science of human behavior is a river of with exclamations, curiosities, prevarications and humble confusion. But among the currents and eddies often there are useful insights that help us navigate daily life.

One such notion was introduced by Jason Hreha, a Stanford graduate and one-time co-author with Dan Ariely. Hreha is now Global Head of Behavioral Sciences at Walmart, the world’s largest employer.

About a year and a half ago, Hreha was talking with a former member of President Obama’s Social and Behavioral Sciences Team.

According to Hreha in a recent email, the small group became a roaming behavioral economics consultancy during the final three years of Obama’s presidency. They worked on various projects, big and small, across various agencies.

After a few different case studies, says Hreha, it became clear — the Social and Behavioral Sciences Group was all about simplification.

Every single project the person described to Hreha, involved taking some bloated government process or solution — and making it smaller, quicker, easier.

An example. Pretend the Department of Health and Human Services (DHHS) wants to increase the health insurance application rate, but it just so happens the application process is 45 minutes long and requires people to fill out a health-status questionnaire.

The behavioral sciences SWAT team would want to cut down the application length as much as possible (from 45 minutes to 10) by eliminating or shortening steps. In this case, the team might ask DHHS to re-design the form so that healthy applicants can fill out the health-status portion with a couple of clicks (“I am a healthy person”, etc.).

Since healthy applicants are the ones least likely to use health insurance, a tweak like this could increase the application rate for this group — important because this group pays for health care they rarely use.

Bureaucrat-designed processes tend to be longer than necessary, so a behavior-change strategy focused on shortening and simplifying government forms makes a lot of sense.

Which brings us to the three types of behavioral interventions.

1. Simplification
2. Motivation
3. Instigation

Simplification is all about making a behavior easier.

Motivation is all about making a behavior more enjoyable or exciting.

Instigation is all about making a behavior salient or top-of-mind. It’s about reminding people to do a behavior.

The White House behavioral team was focused on simplification, which made sense for the types of problems faced in government.

But in our personal lives and the business world, points 2 and 3 are equally important.

Whenever you’re facing a behavior problem related to brand or business, it’s useful to think about these three categories.

Ask yourself: Is there a way to make this behavior simpler? Is there a way to make this behavior more intentional, enjoyable or exciting? Is there a way we can make sure this behavior is memorable and repeated?

Contributed to Branding Strategy Insider by: Patrick Hanlon, Author of Primal Branding

The Blake Project Can Help: Get actionable guidance from experts on Brand, Growth and Purpose strategy.

Branding Strategy Insider is a service of The Blake Project: A strategic brand consultancy specializing in Brand Research, Brand Strategy, Brand Growth and Brand Education

FREE Publications And Resources For Marketers

Original Source: brandingstrategyinsider.com

Young doctors joined the AOA seeking help with consolidating student loans, finding authoritative clinical resources and saving on group purchases such as insurance. They also discovered, through the AOA’s 24/7 advocacy efforts on the state and federal levels, that there is power in numbers.

Original Source: aoa.org

Visit Us On TwitterVisit Us On FacebookVisit Us On YoutubeVisit Us On Instagram