The startups are taking on some of the biggest companies in the US, like UnitedHealth Group and CVS Health.
They're trying to get a foothold in massive insurance markets, with the bet that technology can help them provide better care to their members.
Business Insider looked through regulatory filings of four startups — Oscar Health, Devoted Health, Bright Health, and Clover Health — to get a sense of how the startups fared. Devoted's results were the the first financials since the company launched health plans at the start of 2019 in Florida. The results were mixed, with Oscar and Bright reporting profits and Devoted and Clover posting losses. Bright Health's enrollment more than doubled, while Oscar and Clover also increased their membership, but at a slower clip. The startups mainly sell health insurance to individuals in the Affordable Care Act's markets and to seniors in the form of Medicare Advantage health plans.
The filings also reveal the startups' plans to expand their geographic footprints in the coming years.
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