28 Aug, 2025
NeueHealth's Mikan tops insurtech CEO pay list in 2024
NeueHealth Inc.'s George Mikan was the highest-paid CEO among US-listed insurtechs in 2024, according to an S&P Global Market Intelligence analysis.
Mikan received $13 million in total compensation, up 30.9% from the prior year. Of that total, $6.9 million came from cash compensation and $6.1 million came from equity grants.
The second-highest paid CEO was Root Inc.'s Alex Timm, who received $10.7 million in total compensation, up 22.6% from 2023. Of that figure, $800,000 was in the form of cash, $6.5 million was from stocks granted and $3.4 million came from a non-equity incentive plan. Of the insurtechs that released employee salary data, Root recorded the largest gap with the CEO making 148x as as much as the median employee.
Neither NeueHealth nor Root responded to requests for comment.
Pay falls for several top execs
The compensation packages for four of the 10 CEOs in this analysis shrank year over year, all of whom work in the managed care space.
Oscar Health Inc. CEO Mark Bertolini saw the sharpest decline in 2024, as his total pay plunged 97.9% year over year to approximately $900,000, the lowest on the list. Bertolini's compensation consisted of approximately $600,000 in cash and $300,000 in a non-equity incentive plan. Bertolini's compensation was still 8x higher than that of a median Oscar Health employee.
Alignment Healthcare Inc. CEO John Kao's total compensation package dropped 55.4% year over year, though he was still the fourth-highest paid insurtech CEO. His compensation totaled $6.4 million, consisting of $1.8 million in cash, $3.3 million in stocks granted and $1.2 million in a non-equity incentive plan. Kao's compensation was 90x higher than that of the median Alignment Health employee.
The third-largest decline was at eHealth Inc. where Francis Soistman's pay tumbled 31.4% year over year. Soistman's compensation totaled $3.4 million in 2024, consisting of $800,000 in cash, $1.3 million in stocks granted and $1.4 million in non-equity incentive plan compensation.
Clover Health Investments Corp.'s Andrew Toy saw his compensation tick down 6.7% from 2023 to 2024. Toy received $9.5 million in total pay, the third-highest among insurtech CEOs, with $7.9 million coming in the form of equity granted. His compensation was 62x larger than the median Clover Health employee's salary.
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Triple-digit compensation growth
Of the six CEOs to see their compensation grow in 2024, four posted double-digit increases.
The sixth-highest compensated insurtech CEO overall, Lemonade Inc.'s Daniel Schreiber, saw the biggest jump year over year. His compensation shot up 129.9% year over year to $4 million. Schreiber's compensation was 36x more than the median salary of a Lemonade employee.
EverQuote Inc. CEO Jayme Mendal posted the second-largest increase at 38.7%. Mendal was the fifth-highest compensated CEO in the analysis, bringing home a total of $5.7 million in 2024.
Stock options decline
More than half the CEOs in this analysis saw their stocks granted fall in 2024.
The sharpest decline was experienced by Oscar Health's Bertolini, who reported no stock options granted at all in 2024. Root's Timm saw the largest growth, receiving $4.4 million more in stock options granted in 2024 than 2023. He was followed by Lemonade's Schreiber, who received $2.1 million more than he did a year earlier.
