Oscar Health – The start-up of health insurance that wants to revolutionize healthcare
Oscar health simplifies the user experience, by giving the insured the power to reduce their premiums, thanks to portable devices, and by allowing them to consult directly with the physicians to reduce the number of applicants hospitalized
Oscar Health was founded in 2012 with the vision to “change the user interface of health insurance”. This means health care plans and benefits easy-to-understand tools such as watches and smart monitors fitness that save you time and health insurance premiums at a reduced price.
At the base, Oscar uses technology to streamline the experience and expertise of health insurance in a way that the insurer’s disease traditionally has not been able to do. For example, customers can use the app Oscar to consult a doctor at any time and obtain orders without ever leaving their homes. Another example is the use of geotagging and geolocation data to allow members Oscar to choose from a list of doctors available and relevant to their location. They can also monitor their health history with a chronology and take advantage of discounts financial to stay active thanks to tracking no Misfit free.
Oscar invoice to its customers an annual fee that varies depending on the risk profile of each client. The company uses an algorithm of risk assessment to determine its price. The amount each guest pays is directly related to the age, income, geography, and to the extent of the coverage.
How does Oscar Health:
- Using a computer or smartphone application, the members of Oscar Health can be used to describe their symptoms or health problems in order to identify a range of health problems underlying possible.
- Users see a list of primary care physicians or specialists that they can consult free of charge. In the event of a diagnosis, the insurance plan of Oscar takes responsibility for the costs associated in accordance with the individual policy.
- The application and website are also users of other useful information, including the frequency with which a doctor treats patients of your age, your gender, and if your health plan Oscar covers the full scope of your health problem.
- The other features of the app and website include trackers and fitness free of charge. Users can earn gift cards for Amazon to reach their goals in daily exercises.
Oscar currently offers plans for individuals, couples, and families living in New York, New Jersey, California, and Texas who do not receive health insurance for employees. Oscar is remarkable because it is a rare example of start-up insurance, which has reached a valuation of several billion dollars in the middle of strict regulation. With over 40,000 XNUMX members across New York and New Jersey, the company has recently expanded its coverage to some cities in California and Texas.
In the end, Oscar has already proven to be a great part of what he had intended to do, simplify the user experience of the health insurance system, to give the insured the power to reduce their premiums through trackers and fitness / portable devices and allow consumers to consult directly with the physicians to reduce the number of asylum seekers admitted to hospital.
Benefit for customers
- Better user experience – Access to professional support 24 hours / 7
- Real-time Diagnostic
- View and manage instant access to your entire health history
- Rewards for being active
- Assistance on call by experts in health care internal
The advantage to the insurer
- Transform the value proposition of a health insurance company into a provider of health services
- Become a national insurer is able to compete with established players in a very short time
- The processing time of claims reduced through the scanning reduces costs and increases customer loyalty
- Competitive differentiation through a client-centered approach
- Control a huge amount of customer data that can be exploited for future business benefits
Oscar disrupts the u.s. market for health care by making something usually unpleasant, more attractive, and acceptable through the use of digital technology. Oscar illustrates the process of integration of the technology at an operating model technology to retain digital customers. That said, it remains to see how great traditional players such as United Health Group and Aetna will answer the challenge of the Oscars.