Episode Summary
This podcast episode provides an insightful discussion with Kyle, Market Director at Oscar Health, focused on their innovative approach to disrupting the health insurance industry.
The conversation begins with a look back at Oscar's origins in 2012 when the company was founded to use technology to improve the healthcare experience. Kyle joined in 2015 to help Oscar expand into the Texas market. At the time, they were still a small New York-based startup with around 200 employees and 40,000 members.
Over the past few years, Oscar has experienced massive growth across the US while staying true to their founding vision. They now have over 1,000 employees and 400,000+ members across 15 states. Kyle attributes their success to a focus on member experience - leveraging telemedicine, user-friendly mobile apps, and dedicated concierge service teams to provide personalized support.
A key strategic move was building tailored networks and negotiating competitive rates with high-quality providers. This has enabled Oscar to help stabilize premiums in the volatile ACA marketplace. Their partnership with Teladoc also reduces claims costs by offering convenient telemedicine visits as an alternative to ER trips.
As Kyle highlights, many brokers exited the complex individual insurance market in the early days of the ACA. He sees a major opportunity now, as commissions are rising in the stabilizing market. Oscar aims to be an agent-friendly carrier that is easy to work with.
Looking ahead, Oscar recently announced an innovative partnership with Cigna to provide ACA-compliant small business plans. This joint venture combines Cigna's distribution with Oscar's consumer-focused tech. Oscar also sees potential in the new ICRA rule that allows employers to reimburse individual plan premiums.
The discussion provides valuable insights into Oscar Health's impressive growth trajectory. Their consumer-oriented technology and focus on service have fueled their rise to become a leading disruptor in the health insurance space.
Timestamps
(0:00:07) - Mike Smith interviews Kyle from Oscar Health about plan benefits
(0:00:29) - Mike Smith welcomes Kyle from Oscar Health to the Broker Link podcast
(0:00:58) - Mike Smith was working for Oscar Health when Copco came to Texas
(0:02:10) - You're the market director of the central region for Oscar Health
(0:05:17) - Why did you pick health insurance as your career path
(0:08:07) - Your app really pushes Teladoc as an option
(0:09:32) - Oscar has helped stabilize the Affordable Care Act market
(0:12:13) - Oscar and Cigna recently announced a joint venture to focus on small business
(0:13:49) - About 71% of small employers don't offer group health insurance
(0:16:07) - Kyle has been active in several professional associations over the years
(0:18:13) - What motivates you about the future of health insurance brokerage Oscar Carra
(0:21:57) - Broker Link helps agents sell more, earn more, and stay independent
