Shelby Livingston has a story at Insider about how OSCAR, the venture backed health insurance company, thinks it just might be profitable for the first time in 2024. This will be after a decade plus and $3 billion dollars in outside capital. I’ve always contended that being an insurer is hard and boring. For a decade I can’t figure out what OSCAR does better than my former co-workers besides get good press and lose billions of dollars.
There is one quote in the story that made me roll on the floor laughing. Oscar was trying to price its plans for 2014. And an expert was saying that structurally Oscar was going to get a lot of things very wrong:
Are there problems in the health insurance industry?
Is everyone in the industry an idiot?