Founded in 2012, Oscar Health has built a distinctive healthcare model combining insurance offerings with a cloud-native technology platform aimed at improving member experience and operational efficiency. Serving approximately 2 million members across 18 states as of end-2025, it leverages its +Oscar platform to engage providers, payors, and expand through brokerage and enrollment services focused on ICHRA products. Despite revenue growth reaching $11.7 billion in 2025, the company faces ongoing challenges including widening losses, regulatory uncertainty over ACA subsidies, capital requirements for expansion, and stiff competition within the individual insurance market. Oscar's moat centers on its integrated technology and personalized service model; however, execution risks and market dynamics remain substantial headwinds.