Alphabet is investing $375mn in Oscar Health as the insurer is focused on big data to transform its industry.
Oscar co-founder and CEO Mario Schlosser, in an interview with Wired, said: “…pretty much everything that we do internally to manage people’s health care was reinvented and rebuilt from a technology perspective. And so that’s what we can now go faster toward.” A spokesperson for Alphabet said the company has invested in Oscar Health over several years and is “thrilled to invest further to help Oscar in its next phase of growth.”
Oscar is one of the many insurers that wants to capitalise on the Affordable Care Act and the health insurance market. However, the company faced challenges with the rise of Obamacare. The insurer declined to comment on the investment. Last year, it expanded into new geographic areas and plans to enter the Medicare Advantage business in 2020.