Clover Health co-founder Andrew Toy to take reins as CEO in 2023
Since joining Clover Health in 2018, Toy has worked to launch Clover Assistant and a new line of business in fee-for-service Medicare.
Photo courtesy of Clover Health
Clover Health co-founder and President Andrew Toy will take the reins as CEO of the insurtech company when current CEO Vivek Garipalli transitions out of the role at the end of the year. Garipalli will stay on with the company as its executive chairperson and will work closely with Toy on the transition.
According to Garipalli, the move is the culmination of a succession plan that's been in place since Toy joined Clover as CTO and led the development of Clover Assistant. Toy joined Clover from Google, where he coordinated enterprise activities for the Android team and ran Machine Learning, Enterprise Search and Analytics.
Garipalli said the right long-term leader for Clover would have a technology-first mindset.
"Andrew is a unique technologist and business strategist," said Garipalli. "He's a true founder in every sense of the word – having built companies from scratch, he has an abundance of grit needed to solve the hardest problems in healthcare."
Clover Health said the roles of CEO and executive chairperson have been crafted so as to be symbiotic, with Garipalli serving in a more "strategic fashion."
"While Vivek would no doubt continue to be an incredibly successful CEO of Clover for years to come, I know that his true passion is big picture strategy and the rapid, scrappy uncertainty that exists in the building stages of a company," said Toy. "In this more strategic role, he can continue to lean into his strengths and bring outsized value to Clover and to me as CEO."
WHAT'S THE IMPACT
Prior to Google, Toy was the CEO and co-founder of Divide, a company focused on creating a split between work and personal data on mobile devices. Google acquired Divide in 2014. Toy earned his BS and MS in computer science from Stanford University.
Since joining Clover Health in 2018, Toy has worked to launch Clover Assistant and a new line of business in fee-for-service Medicare. He has served as a member of the company's board of directors since 2018 and became president in 2019.
THE LARGER TREND
Clover Health has experienced a surge in Medicare Advantage enrollment this year, with 25% growth over the prior year.
This outpaces the overall industry growth average of about 10% year-over-year. Clover began the year already above its 2022 average MA membership guidance of 82,000 lives.
Perhaps for that reason, the company will be expanding its Medicare Advantage footprint and will push into 13 new counties across three states in 2023: Georgia, South Carolina and Tennessee.
Clover currently offers its MA plans in 209 counties, covering about 85,000 members. The planned expansion will make its MA plans available in 220 counties across eight states: Alabama, Georgia, Mississippi, New Jersey, Pennsylvania, South Carolina, Tennessee and Texas.
However, Clover will be exiting two of its smaller markets, the counties of El Paso, Texas, and Pima, Arizona. The company attributed this to a focus on "sustainable membership growth."
Twitter: @JELagasse
Email the writer: jeff.lagasse@himssmedia.com
