Tyler Crowe

And using Oscar's kind of platform, the employer would basically reimburse the individual for it.

And that would allow them to meet their compliance for insuring their customers while giving them more employees, excuse me, while giving them more options.

And actually it was a way of relatively controlling costs because there were some subsidies related to using the marketplaces.

So it kind of worked for a while, but when the marketplaces, Obamacare marketplaces were doing well, but many insurers have left that program and it's been kind of like walking in the woods trying to figure out what it wants to do next and figure this out.

And it's starting to gain traction here.

It's now more focused on providing individual insurance themselves, taking more of the underwriting burden.

And so far, they've done a decent job.

Their combined ratios are...

have been varying.

I think their health like loss ratios were like 70% in the most recent quarter.

Combined ratios, 87, 88, which by insurance standards is quite good.

Any insurance, almost any line that you're looking at below a 90% coverage loss ratio, which is basically how much you have to pay out in costs for healthcare or auto claims or anything like that relative to the premium bring in.

So, you know, it's basically saying you have a 10% operating margin.

margin.

Industry lingo, I know it's kind of silly, but it works pretty well for an insurer.

And despite the fact that they've been kind of winding down some big name programs, like they had a program with Cigna that didn't quite work out, they've been focusing more on the individuals, it seems to be working.

We're not saying they're out of the woods yet, and I'm not wholeheartedly going to pound the table to say this is an awesome company.

No, but it's very interesting to see.

And obviously, the stock is reflecting the fact that they are getting some traction with what they're doing.

Coming up next, we're going to get into listener questions about all these massive IPOs coming to market.