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Surviving Insurtechs Predict They Will Break Even in 2024, but Bright, Friday Face Down Creditors

  • Nov 10
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    Nov 10, 2023

    The beleaguered startup insurers known as “insurtechs” continued to post losses during the third quarter, but executives from Oscar Health, Inc., Clover Health Investments Corp. and Alignment Healthcare, Inc. all said they expected to at least break even in 2024.

    However, Bright Health Group and Friday Health Plans, two insurtechs that have ended their insurance operations, together owe billions in unpaid risk adjustment payments to other insurers that participate in the Affordable Care Act marketplaces. CMS on Oct. 27 released details of payment plans for both firms.

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    • Peter Johnson

    Peter has worked as a journalist since 2011 and has covered health care since 2020. At AIS Health, Peter covers trends in finance, business and policy that affect the health insurance and pharma sectors. For Health Plan Weekly, he covers all aspects of the U.S. health insurance sector, including employer-sponsored insurance, Medicaid managed care, Medicare Advantage and the Affordable Care Act individual marketplaces. In Radar on Drug Benefits, Peter covers the operations of (and conflicts between) pharmacy benefit managers and pharmaceutical manufacturers, with a particular focus on pricing dynamics and market access. Before joining AIS Health, Peter covered transportation, public safety and local government for various outlets in Seattle, his hometown and current place of residence. He graduated with a B.A. from Colby College.

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