Unicorn report: Oscar Health - disrupting health insurance
Founded in 2012, Oscar Health has managed to become one of the most technologically disruptive forces in InsurTech and an industry unicorn.
Currently serving over 250,000 individuals and businesses and with projected revenues of USD$2bn by the end of 2020, the company has attained a valuation in excess of $3bn; a rare feat and one which places it in the top echelon of companies in the sector.
Reflecting on Oscar’s humble origins, the company website claims that it all started from the personal experiences of CEO Mario Schlosser when dealing with the complexities of the US’ insurance sector:
“Confronted with a maze of insurance jargon and no practical way to identify the best obstetrician, their first meaningful experience with the health care system put them at a loss as to how to navigate care or hold anyone accountable.
“Mario’s friend Josh Kushner had recently had his own frustrating encounter following what should’ve been a routine treatment for an injury. Mario and Josh knew that their experiences were reflective of a larger problem in health care: consumers were powerless. That spring, they founded Oscar Health.”
Ushering in changes
Available in nine states across the US and staffed by over 1,000 employees, Oscar seeks to make a difference by actively engaging with its members through easy-to-use online and mobile apps, as well as providing high-quality care by partnering with 3,500 nationally-ranked doctors, 140 specialists 10 of the country’s best health systems.
Members are able to use the in-built resources of their smartphone (i.e. photos, videos, messaging, etc) to quickly provide information, which is subsequently reviewed and responded to within a very short time-frame.
Adaptable and flexible, Oscar was quick to add COVID-19-related augmentations to its service, enabling users to track potential symptoms, perform an at-home risk assessment, find a testing centre and discuss their results with a doctor over the phone.
Additionally, the company offers a regularly updated COVID-19 resource centre to provide members with up-to-date information and guidance on how to mitigate their risk from the virus.
Image courtesy of Oscar Health