Centivo

Centivo operates as a third-party health plan administrator, not a risk-bearing insurer. It earns administrative fees from self-funded employer clients for managing their health plans, including network contracting, claims administration, and care coordination. The actual medical claims are paid by the employer, with stop-loss insurance from a separate carrier capping catastrophic risk. This structure decouples Centivo's revenue from underwriting gain or loss.

There is no current corporate relationship. The through-line is founder and CEO Ashok Subramanian, who co-founded the private benefits exchange Liazon and sold it to Willis Towers Watson in 2013. After the acquisition, Subramanian served as Managing Director for the firm's Group Exchange business before departing to start Centivo. Former Willis Towers Watson Chief Health Actuary Dave Osterndorf and strategy leader Stuart Roth later joined Centivo's leadership team.

Centivo is a venture-backed operating company, not an investment firm. Capital allocation is a management decision led by CEO Ashok Subramanian and CFO Sarah Fraser, subject to board oversight. The board includes representatives from institutional backers F-Prime Capital, Maverick Ventures, B Capital Group, and JPMorgan Chase. There is no dedicated internal investment committee of the type found at an asset manager or family office.

No. Centivo does not underwrite medical claims risk. Each employer client self-funds its own plan, meaning it pays for the actual healthcare claims incurred by its workforce and dependents. The employer purchases stop-loss insurance from a separate carrier to protect against unexpectedly large or aggregate claims. Centivo's role is administrative: network design, provider contracting, claims processing, and member support.

Centivo has raised over $200 million from a group that includes Maverick Ventures, F-Prime Capital, B Capital Group, Silversmith Capital, and JPMorgan Chase. Board members representing some of these investors include Ambar Bhattacharyya from Maverick Ventures, Jon Lim from F-Prime Capital, Karen Page from B Capital Group, and Peter Scher from JPMorgan Chase, alongside independent directors and CEO Ashok Subramanian.

A traditional PPO offers a broad network of providers but exposes members to high deductibles and coinsurance. Centivo builds a curated, narrow network of providers who meet specific price and quality standards, then eliminates deductibles for primary care and sets low, fixed copays for most other services. Every member must choose a primary care physician who acts as a gatekeeper for specialist referrals, with the aim of reducing low-value imaging, avoidable emergency room visits, and fragmented care.

Centivo is not available in all states. As of its latest published disclosure, it operates in fourteen states: California, Colorado, Connecticut, Florida, Iowa, Kansas, Missouri, New Jersey, New York, North Carolina, Pennsylvania, Texas, Washington, and Wisconsin. The firm targets employers with 50 or more employees and sells exclusively through benefits brokers and consultants. It asks prospects to confirm specific market availability by contacting its regional sales team.