NEW YORK – Alphabet, the parent company of Google, has invested $375 million in technology-driven insurer Oscar Health.
“We’re humbled that Alphabet’s coming in,” said Mario Schlosser, co-founder of Oscar Health, in an interview with Wired magazine, where he made the announcement. “It will really allow us to focus fully on the core model we’ve been building for the past six years, which is: use technology, use data, use design, use a human approach to build a very different health care experience.”
Schlosser said the funding will allow the company to hire more engineers and data scientists, product designers and clinicians. The company will also be launching new product lines, including Medicare Advantage, for 2020.
“So we’re coming into an additional business market,” Schlosser said. “We’re in the individual market, we’re in the small employer market and we’re going into Medicare Advantage in 2020.”
Oscar also announced the addition of Salar Kamangar, a senior executive at Google, to its board of directors.