Why Venture Capital Is Betting Against Insurance Carriers in 2026

11 snips

Mar 3, 2026

Norm Volsky, Managing Partner at DRI and founder of MVP Growth Partners, is a former executive recruiter turned VC investor in digital health and employer benefits. He discusses why investors are backing companies that carve high-margin services out of big insurers. Short takes cover radiology and fertility carve-outs, crowdsourced deal due diligence, at-risk pricing, and why incumbents resist lowering costs.

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ANECDOTE

How Norm Broke Into Employer Tech Recruiting

Norm Volsky landed Livongo as his first major employer-tech recruiting client by persistently learning the new market and coaching himself through unfamiliar hires.
He won exclusivity after proving he could recruit health-plan sellers and commercial talent despite no prior direct-to-employer experience.

ANECDOTE

Catching Hinge Health At The Earliest Pitch

Norm took an early bet on Hinge Health after meeting founders Dan and Gabriel and believing their MSK vision despite the market being unknown.
His conviction and active evangelism helped Hinge attract top talent and grow into a multibillion-dollar company.

INSIGHT

Recruiting Data Becomes Venture Due Diligence

Recruiting across all functions gives a unique dataset to spot which digital health businesses truly scale and why.
Norm's firm used hires in product, clinical, sales, finance, and ops to detect winning unit economics and repeatable models.

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“Show me an incentive structure and I'll show you human behavior... until employers realize they have more power than they give themselves credit for, this can't continue."

My guest this week is Norm Volsky, Managing Partner at DRI and Founder of MVP Growth Partners. Norm has spent the last decade as one of the top executive recruiters in the digital health and employer benefits space - placing the commercial teams that helped build unicorns like Livongo and Hinge Health.

In this episode, Norm explains why the next wave of healthcare innovation isn't about adding more "point solutions" to an already fatigued market. Instead, smart money is betting on companies that carve out high-margin, inefficient services directly from the major insurance carriers - like radiology, fertility, and specialty infusion.

We discuss how Norm built an "army" of over 500 industry executives to crowdsource due diligence, why the traditional VC model fails in healthcare, and why employers and their benefits leaders are finally at a watershed moment where they must demand true fiduciary alignment from their vendors.

If you want to know where the smart money is moving in employer healthcare, and why the "BUCA" carriers should be worried, this episode is a must-listen.

Thank you to our 2026 sponsors!

ParetoHealth: ParetoHealth empowers midsize employers with a long-term solution to reduce volatility and lower overall health benefits costs. Visit ParetoHealth.com to learn more.

Samaritan Fund: A program that connects those who need help to the support they need. We are proud to offer the Samaritan Fund Program. Visit SamaritanFundProgram.com to learn more.

Vālenz Health: We're Vālenz Health, your partner in improving health literacy, reducing plan spend, and delivering high-value healthcare. Visit ValenzHealth.com to learn more.

Imagine360: Imagine360 helps self-funded employers save on healthcare with smarter health plans. Cut expenses by 20-30% with custom solutions. Contact us today at Imagine360.com.

Chapters:

[00:00:00] Intro: Recruiting in the Early Days of Digital Health

[00:04:12] The Livongo Story: Selling Healthcare Direct to Employers

[00:08:44] What Makes a Great Salesperson in Healthcare?

[00:11:46] Spotting the Next Unicorn: The Hinge Health Experience

[00:17:28] Private Equity vs. Venture Capital

[00:20:00] Using Recruitment Data to Drive VC Investments

[00:23:41] The "One Imaging" Pitch & Carving Out Radiology

[00:30:40] Building an Army: Crowdsourcing VC Due Diligence

[00:36:26] Why MVP Growth Partners Only Invests in "At-Risk" Pricing

[00:41:40] Point Solution Fatigue & Identifying the "Good Actors"

[00:46:17] Why Employers Must Demand Fiduciary Responsibility

[00:50:41] The Future: The Erosion of the Big 3 PBMs and Carriers

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