Health insurance start-up Oscar Health has entered into a multi-year quota-share reinsurance transaction agreement with
AXA’s International Employee Benefits (IEB) Division.
The partnership’s announcement comes as Oscar doubled its individual market presence to six states – New York, New Jersey, Texas, California, Ohio, and Tennessee.
A release said that the partnership will help Oscar “accelerate expansion efforts and enable long term, capital efficient growth,” while utilising “AXA’s blue-chip balance sheet and IEB’s extensive expertise in both healthcare and reinsurance.”
“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 healthcare,” said Oscar Health chief strategy and policy officer Joel Klein. “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.”
“AXA is transforming its model from a payer of claims to a partner for its clients,” added AXA senior vice-president of international employee benefits Mattieu Rouot. “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 healthcare more customer-centric.”
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