A company called Oscar is looking to change the insurance industry with the help of wearables. Backed by top-shelf investors such as Founders Fund, Thrive Capital, Khosla Ventures and General Catalyst Partners – the New York-based company wants to make and keep its customers active.
Under the deal, those signing up with Oscar will get a Misfit fitness tracker, and earn breaks on their premiums for healthy behavior patterns.
“The more steps they take, the more money Oscar will give,” the company said.
Oscar guarantees that a physician will return patient phone calls within 25 minutes.Aside from counting steps and sleep, the wearable will also transmit the data to Oscar’s mobile app, which will serve the relevant information to healthcare providers in Oscar’s network.
The insurer’s site allows customers to search for doctors by typing in their symptoms. Moreover, patients can screen doctors to make sure they’re in the network prior to booking an appointment.
To further sweeten the deal, Oscar guarantees that a physician will return patient phone calls within 25 minutes, while handful of calls are provided free of charge. Free generic drugs and a number of free primary care appointments come included as well.
Oscar was cofounded by venture capitalist Joshua Kushner, and has (unsurprisingly) managed to close a $30 million round early this year, bringing its funding total up to $75 million.