Sidecar Health Success Story - Insuring Lives at Affordable Prices

Anagha S Anagha S
Apr 3, 2023 7 min read
Sidecar Health Success Story - Insuring Lives at Affordable Prices

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Sidecar Health.

With the rising cost of healthcare, having a health insurance policy has become a necessity rather than a choice. Health insurance is what provides financial protection to individuals and families against the high costs of medical treatments and services.

In today's time, having access to quality medical care without incurring significant financial burdens has become critical. Given the increased demand for health insurance among people, many new insurance companies are emerging to provide the best possible solutions to individuals and businesses.

Sidecar Health, an American health insurance company based in El Segundo, California, is one such company. In this article, learn about Sidecar Health, its founders, startup story, business model, and more.

Sidecar Health - Company Highlights

Company Name Sidecar Health
Headquarters El Segundo, California
Sector Health Insurance
Founder Patrick Quigley, Veronica Osetinsky
Founded 2018
Website sidecarhealth.com

Sidecar Health - About
Sidecar Health - Industry
Sidecar Health - Founders and Team
Sidecar Health - Startup Story
Sidecar Health - Mission and Vision
Sidecar Health - Name and Logo
Sidecar Health - Business Model
Sidecar Health - Funding and Investors
Sidecar Health - Growth
Sidecar Health - Competitors
Sidecar Health - Future Plans

Sidecar Health - About

Sidecar Health is a personalized health insurance platform that strives to make health care more transparent, personalized, and affordable. This American company is headquartered in El Segundo, California. Its plans cover employees through employer-sponsored coverages, families, and individuals. Apart from covering the treatment requirements from consultation to medical billing, it also provides insurance claim assistance solutions. With a well-rooted health insurance plan integrated with a tech-forward approach, Sidecar Health equips users to make smart decisions and helps them provide a seamless experience and excellent care to its clients.

Sidecar Health - Industry

Sidecar Health belongs to the US health and medical insurance industry which is the largest of its kind in the world. As per the reports of the National Association of Insurance Commissioners, more than 68% of health care coverage is being provided by various private insurance programs. With increasing medical inflation, employment, and health awareness, the health and medical insurance industry will continue to grow in the years to come. Further, the increasing popularity of individual and employee-sponsored health coverage will also contribute to this growth.

The global health insurance market was valued at approximately $2.10 trillion in 2021, is expected to grow at a CAGR of 9.50%, and is anticipated to reach over USD 3.619 trillion by 2028.


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Sidecar Health - Founders and Team

Sidecar Health was founded by Patrick Quigley and Veronica Osetinsky to tap the sparsely tapped market of health insurance in Texas.

Today the team is led by Patrick Quigley as the Chief Executive Officer, Veronica Oestinsky as the Chief Operating Officer, Rodney Barlow as the Chief Technology Officer, Alex Coonce as Chief People Officer, and Monica Auciello as the Vice President, General Counsel, and Chief Compliance & Risk Officer,

Patrick Quigley

Patrick Quigley - Chief Executive Office, Co-founder, Sidecar Health
Patrick Quigley - Chief Executive Office, Co-founder, Sidecar Health

Patrick Quigley is the Chief Executive Officer and Co-founder of Sidecar Health. With more than 20 years of experience in marketing, product, and engineering, Quigley has employed all of his expertise to fuel the growth of his brainchild. He worked as the Chief Executive Officer of Katch apart from being a part of the founding management team at QuinStreet which is a consultant at McKinsey & Company.

Veronica Osetinsky

Veronica Osetinsky - Chief Operating Officer, Co-founder, Sidecar Health
Veronica Osetinsky - Chief Operating Officer, Co-founder, Sidecar Health

Veronica Osetinsky is the Chief Operating Officer and Co-founder of Sidecar Health. Veronica leads the company with attention to even the smallest details ensuring that the ideas cascade into reality. She played a significant role in a key leadership position at her previous workplace - Katch- where she helped the company grow from its nascent stage to become one of the significant businesses in the area of Katch in over 5 years. She had also worked with QuinStreet, Bank of America, and Paramax Capital.

Other prominent team members of Sidecar Health are:

  • Rodney Barlow - Chief Technology Officer
  • Alex Coonce - Chief People Officer
  • Douglas Lynch - Chief Actuary
  • Monica Auciello - VP, General Counsel, and Chief Compliance & Risk Officer
  • Chris Bussard - VP of Product
  • Jason T. Delimitros - VP of Insurance Operations
  • Chris Patton - VP of Channel Sales
  • Emily Porter - VP of Government Affairs
  • Meghann Seidner - VP of Marketing

Sidecar Health - Startup Story

Sidecar Health was founded in 2018 by Patrick Quigley and Veronica Osetinsky who were working in Katch (formerly Vantage Media). They initially opened only in Texas to provide affordable insurance to the uninsured. With their innovative strategies and intuitive approach, they were able to build a niche of their own in the industry. They ensured that their plans and processes are not only user-friendly but also transparent. Sidecar's simple policies and transparent approach were a breath of fresh air for the commoners. Health insurance ceased to be a mystery to them. Further, the customers were able to avail of services at prices 40% lesser than the rest of the insurance companies. From being a small insurance company in Texas, Sidecar Health has expanded its services to 18 states in the US today.

Sidecar Health - Mission and Vision

The company works towards its mission to make healthcare affordable and accessible to everyone across the United States of America. It also aims to ensure transparency for its clients, so that they are aware of all the transactions and processes involved.

Sidecar Health Logo
Sidecar Health Logo

The idea behind the company's name seems to represent its mission to provide an additional layer of support to traditional health insurance.

The logo of Sidecar Health appears to represent protection and security, while the cross in the center represents the idea of health and healing.

Sidecar Health - Business Model

Sidecar Health has a flexible insurance model that offers policies at varying costs depending on factors such as age, location, and health status. This flexibility has made it a popular choice among the more than 30 million uninsured people in the country. It allows its customers to pay their bills directly through the Sidecar Health payment card which helps them get the best deals that are 40% cheaper than traditional health insurance companies. Thus, reducing the overhead for care providers.

It has various products that will cater to the needs of different strata of society. However, its prime focus is on those individuals who earn more than $45,000 and less than $75,000 a year.

Sidecar Health has a cash pay model where it has also earned a popular reputation amongst the people for its extremely transparent functioning which further attracts more members to Sidecar Health.

Using Sidecar Health Payment Card at an ER

Sidecar Health - Funding and Investors

The funding details for Sidecar Health are listed below:

Date Funding Round Money Raised Lead Investors
Jan 26, 2021 Series C $125M Drive Capital
Jul 23, 2020 Series B $20M Cathay Innovation
Aug 6, 2019 Venture Round $18M GreatPoint Ventures, Morpheus Ventures

Sidecar Health is funded by the following investors:

Investor Name Lead Investor Funding Round Partners
Tiger Global Management Series C
Alpha Edison Series C
GreatPoint Ventures Series C
Drive Capital Yes Series C Molly Bonakdarpour
Bond Series C Noah Knauf
Menlo Ventures Series C Steve Sloane
Cathay Innovation Series C Alexandre Lazarow
Cathay Innovation Yes Series B Alexandre Lazarow
Comcast Ventures Series B
Anne Wojcicki Series B

Sidecar Health - Growth

Sidecar Health grew popular because of the unique ways in which it addressed the existing gaps in the market. It focused on people who are not eligible for a government subsidy but cannot afford the cost of traditional plans either. The platform tailored its plans to open up affordable health insurance plans, which inadvertently got them millions of customers who were otherwise left out by the traditional plans.

It was launched in Texas in 2018 and soon expanded to Alabama, Arkansas, Florida, Georgia, Kentucky, and North Carolina by the end of the year. Today, it operates in 18 states across the United States of America, namely Alabama, Arkansas, Arizona, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Michigan, Mississippi, Ohio, Oklahoma, North Carolina, South Carolina, Tennessee, Texas, and Utah.


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Sidecar Health - Competitors

Sidecar Health is a recent endeavor that has garnered widespread support. It competes with other health and medical insurance firms like Oscar, Devoted Health, Clover Health, PaySpan, and Friday Health Plans, among others. They all have well-integrated technological systems wherein they try to deliver the best plans for the clients.

Sidecar Health - Future Plans

On 1st January 2023, Sidecar Health announced a new plan for its Ohio employers where in they can choose one plan that covers those services that are frequently availed without any cost-sharing. These include primary care provider visits, Telehealth visits, specialist provider visits mental health provider visits, and generic Rx drugs. Very well anchored to its plan to offer better access and better coverage, Sidecar Health hopes to further reduce administrative costs without cutting down benefits. It is also on its path to achieving its goal - to provide affordable and accessible healthcare services to everyone in the US.

FAQs

What is Sidecar Health?

Sidecar Health is a personalized health insurance platform that strives to make health care more transparent, personalized, and affordable.

When was Sidecar Health founded?

Sidecar Health was founded in 2018.

Who founded Sidecar Health?

Sidecar Health was founded by Patrick Quigley and Veronica Osetinsky to tap the sparsely tapped market of health insurance in Texas.

Who are the competitors of Sidecar Health?

Sidecar Health competes with health and medical insurance firms like Oscar, Devoted Health, Clover Health, PaySpan, and Friday Health Plans, among others.

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