Google Backs Startup Oscar Health Insurance

via Wall Street Journal

Insurance startup Oscar Health Insurance Corp. has a powerful new ally in its uphill battle to win customers from entrenched insurance giants: Google Inc.

Google Capital, the Internet company’s growth-equity fund, has invested $32.5 million in Oscar, the startup’s CEO said in an interview. The deal values two-year-old Oscar at $1.75 billion, up from a valuation of $1.5 billion when it last took funding in April, said a person familiar with the transaction.

Oscar has amassed a war chest of more than $350 million in its bid to use data and technology to make the insurance business work more like an Internet service, drawing on things such as telemedicine. In the process, it is going up against such leaders in the field as UnitedHealth Group Inc. and Anthem Inc.

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About thebenefitblog

Eric is a Producer at Lockton Insurance Brokers, Inc., the world’s largest privately held commercial broker. Eric has over 23 years of experience in the insurance industry and has spent the last 11 years with Lockton. Eric specializes in Health & Welfare Benefits, Retirement Planning, and Executive Benefits. Eric's clients utilize his expertise in the areas of Plan Due Diligence, Transaction Structure, Fiduciary Oversight, Investment Design, Compliance and Vendor negotiation to improve the operational & financial outcome for each client. The Benefit Blog is a place to share that expertise and industry news.
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