Oscar Health, the health insurance company co-founded by Jared Kushner’s brother Joshua, has applied for a IPO and has announced that Barack Obama’s former campaign chief David Plouffe will join his board of directors. administration.
Why it’s important: Oscar Health is one of the most interesting attempts to break the health insurance industry.
Background: Oscar was launched to provide health insurance to people under the Affordable Care Act, but has since diversified into other health insurance markets.
By numbers:
- Income: The company earned $ 1.671 billion in 2020, up from $ 1.04 billion in 2019. However, net losses expanded to $ 406.83 million in 2020, from $ 261.18 million in 2019.
- Members: Oscar has a total of 402,044 insurance customers by the end of 2020, with just under 2,000 covered by Oscar’s Medicare Advantage plan, while the rest are individuals or small groups. In 2019 it had a total of 229,818 members.
The main shareholders of Oscar Health they include Alphabet (Google’s parent company), Fidelity, Formation8, Founders Fund, General Catalyst, Khosla Ventures and Thrive Capital (Joshua Kushner’s VC firm).
Editor’s Note: The story has been updated with additional details of the presentation.