Oscar Health Enters into Partnership with AXA International Employee Benefits (IEB) and Announces Multi-Year Reinsurance Agreement

Jan 15, 2018

Published

Jan 15, 2018

Financing Arrangement Will Help Oscar Health Accelerate Growth and Access AXA International Employee Benefits’ Global Insurance Expertise

New York, NY -- Oscar Health, a technology-driven health insurance startup, announced an agreement today with the International Employee Benefits (IEB) Division of AXA, the world’s most trusted insurance brand, to form a partnership and enter into a multi-year quota-share reinsurance transaction. This announcement comes as Oscar doubles its individual market presence to six states: New York, New Jersey, Texas, California, Ohio, and Tennessee. The partnership will help Oscar accelerate expansion efforts and enable long term, capital efficient growth while leveraging AXA’s blue chip balance sheet and IEB‘s extensive expertise in both health care and reinsurance. Oscar will gain in AXA IEB an expert health care partner with a focus on preventative health, consumer experience and a globally renowned insurance brand.Oscar Health’s Chief Strategy and Policy Officer Joel Klein: “As Oscar prepares for its next phase of growth and pursues its mission to use technology to deliver better care at a lower cost, we will benefit from this strategic partnership with AXA and its global scope, deep reinsurance expertise, and a shared vision for the future of health care. We look forward to collaborating with AXA as we work to expand and bring the simple, easy, and innovative Oscar Health experience to more consumers.”Mattieu Rouot, Senior Vice President of International Employee Benefits, AXA: “AXA is transforming its model from a payer of claims to a partner for its clients. Our focus is on building relationships and empowering our customers. We aim to use both insurance and services as tools to help our customers lead long, healthy lives. We share the same vision for the role of insurers and the future of health with Oscar, so this is a natural partnership for us. We look forward to working together to make health care more customer-centric.”About Oscar HealthOscar Health is a technology-driven, consumer-focused health insurer that is making it easier for patients to access and choose quality, affordable care. It does this by integrating deeply with doctors and hospitals; building a new, clinically-focused insurance platform from scratch; and giving members personalized, technology-enabled service that proactively guides them along their health journey. The Oscar member experience includes a personalized concierge team, a free, 24/7 telemedicine service for members on the go, and a tightly integrated, curated network of first-rate physicians and hospitals. Members can easily access their health history and account information via hioscar.com and our iOS and Android apps. Oscar currently offers individual and small group plans and its 2018 coverage areas include New York, California, Texas, New Jersey, Ohio alongside Cleveland Clinic, and Tennessee with a small group plan alongside Humana. You can learn more at https://hioscar.com or follow us at https://twitter.com/OscarHealth.