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