Tech-focused insurance upstarts vying for a slice of the trillion-dollar, highly concentrated insurance market like Bright, Oscar Health and Clover Health struggled during the coronavirus with medical costs, more vulnerable to COVID-19 headwinds than their larger, more diversified peers.
Following a series of disappointing financial releases closing out 2021, Minneapolis-based Bright’s stock price has plunged amid the departure of two top executives, layoffs of about 5% of its workforce and a recent $1 million fine from Colorado’s insurance department over operational issues at the insurer.
