Oscar Health

Oscar Health Insurance
Private
Industry Health Insurance
Founded 2012
Founder Mario Schlosser, Kevin Nazemi, Josh Kushner
Headquarters New York City
Key people
 Mario Schlosser (CEO)
Website https://www.hioscar.com

Oscar Health Insurance is a health insurance company founded in 2012 and headquartered in New York City.[1][2]

Oscar sells individual health insurance plans, both directly and through health insurance marketplaces. For 2016, it will serve select areas in New York, New Jersey, California, and Texas.[3][4]

On August 23, 2016, Oscar emailed their customers living in New Jersey to inform them that they would be exiting the New Jersey Marketplace at the end of 2016.[5] In 2015, the company lost $92.4 million,[6] and was reported to be struggling and reducing its footprint.[7]

History

The company was founded in 2012 by Mario Schlosser, Kevin Nazemi, and Josh Kushner, who were classmates at Harvard Business School.[2][8] Oscar was named after Kushner's great-grandfather.[9] Kushner was inspired to start the company after receiving an explanation of benefits from his health insurer that he was unable to understand.[9]

Oscar began insuring members in New York in 2014 and had around 16,000 members. In 2015, it expanded coverage to New Jersey and grew to about 40,000 members.[1][4]

The company has raised venture capital from Thrive Capital, General Catalyst Partners, Khosla Ventures, Founders Fund, Formation 8, Horizons Ventures, Wellington Management Company, and Goldman Sachs.[1][8][9][10] In September 2015, Oscar announced a funding round with Google Ventures and Google Capital, valuing the company at $1.75 billion.[3][4]

References

  1. 1 2 3 Bertoni, Steven (April 20, 2015). "Obamacare Startup Oscar Health Hits A $1.5 Billion Valuation"
  2. 1 2 Khouri, Andrew (October 18, 2015). "Insurance start-up Oscar seeks to shake up healthcare through its app"
  3. 1 2 MacMillan, Douglas (September 15, 2015). "Google Backs Startup Oscar Health Insurance"
  4. 1 2 3 Xu, Rena (October 29, 2015). "Can Selling Insurance to Patients Transform Health Care?"
  5. ↑ Schlosser, Mario (August 23, 2016). "Changes To Our 2017 Map"
  6. ↑ http://www.vox.com/2016/7/26/12257926/oscar-health-networks-new-york
  7. ↑ http://www.nytimes.com/2016/08/30/upshot/obamacare-marketplaces-are-in-trouble-what-can-be-done.html
  8. 1 2 Coombs, Bertha (February 25, 2014). "Venture-backed Oscar off to a good start under Obamacare"
  9. 1 2 3 Fenn, Donna (June 24, 2014). "Insurance in the U.S. is Broken. Oscar Wants to Fix It"
  10. ↑ Merced, Michael (April 20, 2015). "Oscar, a Health Insurance Start-Up, Valued at $1.5 Billion"
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