All three of the companies improved their year-over-year losses in the first quarter of 2023.
- Bright Health Group posted a $169.5 million loss in the first quarter of 2023, down from $180.6 million in the first quarter of 2022.
- Oscar Health posted a $39.6 million loss in the first quarter of 2023, down from $77.3 million in the same time period in 2022.
- Clover Health posted a $72.6 million loss in the first quarter, down from $75.5 million in the first quarter of 2022.
The insurtech companies have also made adjustments to their business strategy in the past year.
Bright Health Group is looking to exit the insurance business entirely, seeking a buyer for its California Medicare Advantage business.
Oscar Health said it plans to exit the California ACA exchange in 2024, part of a strategy to make its insurance operation profitable.
Clover Health’s revenue is down year over year, after the business ended a substantial portion of its ACO Reach dealings.
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