Insurtech company Oscar has confidentially filed to go public, it announced Monday.
The New York City-based startup submitted a draft registration statement for its proposed initial public offering to the U.S. Securities and Exchange Commission, but the size and price range for the IPO has yet to be determined.
Oscar must now wait for the completion of the SEC review process before its IPO can be released.
WHY THIS MATTERS
Oscar describes itself as the "first-ever technology-driven health insurer.” It offers direct-to-consumer health plans that seek out and guide members toward optimal and cost-effective care options – which can include the 24/7 virtual care services offered by Oscar itself, named Doctor on Call.
THE LARGER TREND
Tech-enabled insurance companies, known as insurtech, are becoming more and more popular among consumers for their ability to keep healthcare costs low.
These sorts of companies have recently received a significant amount of attention and funding from investors.
Others in the space include Bright Health, which raised $500 million in a Series E round this fall and announced plans to expand access to its Medicare Advantage, individual and family-plan products in select areas, and to add fully-insured small-business plans to its available products in certain markets.
There's also Clover Health, which recently announced plans to go public through a SPAC merger with Social Capital Hedosophia Holdings Corp. III. The deal rated Clover at an enterprise value of about $3.7 billion.