Mario works as one of the pioneers and the current CEO of the health insurance startup. He partnered with a colleague to launch the company in 2012 when he was expecting his first child. During his wife’s pregnancy, they visited insurance carriers in New York, and they were caught in a maze of complicated legal terms used in the industry.
As young parents, they had a hard time when searching for the best obstetrician, navigate care, or ensure the accountability of health practitioners. According to the Oscar Health CEO, he realized that the country’s healthcare system was broken, and many people end up feeling overwhelmed after visiting health centers. The seasoned entrepreneur decided to solve the problem and make things better for all patients.
They acknowledged that the journey would not be easy as it meant developing a new approach to healthcare. Currently, the organization has grown, and its team comprises about 1,400 professionals, who serve over 420,000 clients. The customer base includes individuals, families, and small businesses. In a recent interview, Mario revealed that his organization plans to expand operations to 19 states and more markets in 2021.
Oscar Health made history as the first direct-to-consumer health insurance carrier. Under his guidance, the startup has experienced unprecedented growth and has succeeded in creating a better and affordable health insurance experience for clients. It has developed and released innovative products over time, including a telemedicine service.
Before the launch of the startup, the CEO studied computer science and spent a lot of time trying to find different ways of understanding the world, develop innovative products, and make the world a better place. His mother and sister are professional nurses, and this enabled him to have a connection to the health sector. While working at Oscar, the businessman sees a large volume of data through its system.
Mario Schlosser believes that every insurance firm should focus on helping clients get quality and more efficient healthcare services. His advice to upcoming entrepreneurs is to spend time carrying out extensive research before they implement their ideas. When Mario and his business partner realized there was a need to develop products that would improve the customer experience, they spent several months researching.
In 2012, the Supreme Court made a verdict, which allowed insurance firms to go directly to members. For the CEO and his colleague, this was a good opportunity to establish an insurance company that would meet the consumers’ changing needs. They focused their time and resources on creating products that their clients would refer their friends and families to.
How Did the Founders Come Up With the Name of the Company?
The brand name was derived from the co-founder’s grandmother’s name. According to Mario, the name was perfect. Like other entrepreneurs, the CEO acknowledges that his startup has experienced numerous challenges since its inception. Launching an insurance firm in New York not easy, and his company was the new first health insurer at the time in over a decade. Some of the challenges that insurance startups in the city face include strict regulations, high capital requirements, and complicated legal procedures.
The seasoned business executive maintains that health insurance is one of the most precious things in a person’s life. He has been committed to ensuring the organization operates flawlessly to improve the customer experience. One of the things that have enabled Oscar to experience a positive growth rate over the years is the management’s efforts to build a team made of experts with diverse backgrounds.
He takes the recruitment exercise seriously. From the beginning, the startup has hired specialists such as actuaries, medical practitioners, and employees from other insurance carriers. Oscar’s operations have made it an industry leader. The company’s CEO notes that referrals have been crucial in the expansion of the customer base. Its customers love the products and refer their friends and colleagues to go for them. One of the sources of motivation for him is the people at the firm.