Oscar Health has named former AIG executive Sid Sankaran as its fresh chief financial officer starting March 1, to succeed CFO Brian West who departed the company in November, as the health insurer looks to expand into the growing Medicare market next year.
“Sid embodies an unmatched breadth in addition to also also depth of experience in subjects critical to any company, such as capital in addition to also also strategy, as well as those particularly important at Oscar, such as actuarial in addition to also also risk” knowledge, said Oscar CEO Mario Schlosser within the company’s announcement of the appointment.
Sankaran served as CFO of American International Group by 2016 until late last year, during a period in which the item fought off activist investor Carl Icahn’s push to break up the company. within the six years prior, Sankaran served as AIG’s chief risk officer. Oscar’s announcement credits him with being a “key member” of the executive team which helped the insurer through its restructuring in addition to also also relisting in an IPO, after the financial crisis.
Sankaran’s appointment comes three years after West was named president in addition to also also CFO of Oscar. West departed in November to assume the CFO role at Thomson Reuters Refinitiv’s financial in addition to also also risk unit.
Oscar’s former chief operating officer, Kevin Campbell, who had been appointed along with West in 2016, left shortly after in addition to also also has not been replaced; he is actually right now CEO of global consulting at BackOffice Associates.
The management modifications come as Oscar prepares to launch fresh Medicare Advantage plans in 2020. The company received a $375 million investment by Google parent Alphabet last August to help fund its expansion into the market for senior health plans, boosting the 7-year-old start-up a valuation to roughly $3 billion.
Oscar is actually hoping to leverage its tech-enabled service, which includes access to health coaching in addition to also also telemedicine consults through its phone app, to enroll baby boomer seniors who want more help managing chronic conditions.
This kind of year, Oscar offered Obamacare exchange plans in nine states, up by six states last year.
Correction: Oscar’s former COO left the company in 2016. An earlier type misstated the year he departed the company.