Insurtech Oscar expands in the US
New York-based Oscar Health, a technology-focused health insurance company, has announced its plans to expand into six new markets across Florida, Arizona, and Michigan — and three additional large metro areas in Ohio, Tennessee, and Texas.
Oscar has filed to offer health insurance in nine states and 14 markets in 2019, nearly doubling its current footprint. The company claims that it generated an underwriting profit in 2017 and enrolled nearly 250,000 members. It is projecting more than $1 billion in gross premium revenue.
In April 2018, the company closed a $165 million funding round to fuel its next phase of growth. The start-up was co-founded by Mario Schlosser and Joshua Kushner in 2012.
"Our sustained expansion positions Oscar as one of the fastest-growing insurers in the country and speaks to the power and effectiveness of our unique playbook," Oscar CEO Schlosser said in a statement. "In each new city, Oscar will attract and engage significant membership, guide members to the right care with the best consumer product in the industry, and work in close alignment with the highest value hospitals and doctors to deliver efficient, quality care."
"In 2019, this approach will aim to serve hundreds of thousands of members on a national scale, from Spanish-speaking freelancers in San Antonio to small businesses in New York City and aerospace entrepreneurs in Florida."
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