Oscar Health, Inc.

quarter 2021 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there'll be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press the pound key. Thank you. I would now like to turn it over to Cornelia Miller, Vice President of CorpDev and Investor Relations to begin the conference.

Thank you, Mike, and good afternoon, everyone. Thank you for joining us for our inaugural earnings call, which will focus on our first quarter 2021 earnings results, recent developments in our business, and our outlook for the full year 2021. Mario Schlosser, Oscar's co-founder and chief executive officer, and Scott Gladley, Oscar's chief financial officer, will host this afternoon's call, which can also be accessed through our investor relations website at ir.hioscar.com. Full details of our results and additional management commentary are available in our earnings release, which can be found on our investor relations website at ir.hioscar.com. Any remarks that Oscar makes about the future constitute forward-looking statements within the meaning of safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by those forward-looking statements as a result of various important factors, including those discussed in our perspective dated March 2, 2021, filed pursuant to Rule 424 and our other filings with the SEC. Such forward-looking statements are based on current expectations as of today. OSCAR anticipates that subsequent events and developments may cause estimates to change. While the company may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. The call will also refer to certain non-GAAP measures. A reconciliation of these measures to the most directly comparable GAAP measures can be found in our first quarter 2021 press release, which is available on the company's investor website at ir.hioscar.com. With that, I would like to turn the call over to our CEO, Mario Schlosser.

Thank you, Cornelia. I'd like to welcome all of you to our first earnings call. We are to share with you our strategic position, our first quarter results, and our guidance for the full year 2021. I want to start by grounding everyone in our distinctive positioning in the healthcare industry. Since day one, we've set out to be a different kind of health insurer, using data and a modern technology stack to make healthcare more affordable and easier to understand for the consumer. We built our own technology to provide a superior experience to our members, but also to create a platform that would allow us to power more of the healthcare ecosystem around us. And we set out to create a unique brand that people value because it's simple, transparent, and relatable. We think of the business as, one, an insurance business that includes our risk-based individual, small employer, and Medicare Advantage product lines. And two, our Plus Oscar platform business, where we generate revenue by making our technology stack available to providers and third-party payers and enable others to grow risk revenues. For the past nine years, we have built an impressive business. We have delivered 73% year-over-year direct policy premium growth in 2020 and 44% year-over-year direct policy premium growth in the first quarter of 2021, while simultaneously achieving meaningful improvements in our medical loss ratio, or MLR, and our administrative expense ratio. We can tie those improvements directly to our technology investments and to our growing scale. This insurance business is strengthened by the growth in the individual markets, and it's strengthened by our diversification across insurance product lines. Now, our superior consumer experience and our performance is powered by Plus Oscar, the technology platform that enables the full suite of interactions that our members and our providers have with us.