Anthem intends to become Elevance Health in a major rebranding designed to focus the health insurance company on “whole health” of customers and patients, the health insurer said Thursday.
Anthem, which operates an array of government and commercial health insurance including Blue Cross and Blue Shield plans in 14 states, is the nation’s second-largest provider of health benefits behind UnitedHealth Group’s UnitedHealthcare. The Anthem Blue Cross Blue Shield health plan names will not change, but Anthem does expect “to streamline the number of other brands in the market to reduce complexities and improve consumer experiences,” the company said Thursday in announcing what it called an “intent for corporate rebranding.”
The corporate rebranding, which will be the company’s second in less than a decade, is being done to reflect the company’s businesses and operations, which have changed dramatically under the four-year reign of chief executive officer Gail Boudreaux. She has engineered several acquisitions, invested heavily in digital capabilities to engage consumers and overseen the launch of the health insurer’s own pharmacy benefit management company, IngenioRx.
“We have made a number of acquisitions,” Boudreaux said in an interview Thursday afternoon after the company’s branding plan was announced.
In making the announcement,. Boudreaux said “improving health means more than just treating what ails us.”
“We must address whole health and the physical, behavioral, and social drivers that impact it,” she added. “As Elevance Health, we will continue to work toward a healthcare system that better serves the needs of our consumers, care providers, communities, partners, and associates.”
The name change to Elevance Health from Anthem will need shareholder approval at the company’s annual meeting scheduled for May, Anthem said.
Less than a decade ago, the company was known as Wellpoint before changing the name to Anthem in 2014. At that time, company CEO Joe Swedish, who preceded Boudreaux, said the name change was designed to help “better communicate our values and simplify the way we connect with our associates, consumers, investors, and the communities we call home.”
But Boudreaux said “Elevance Health represents who we are today.”
“Powered by industry-leading capabilities and a digital platform for health, Elevance Health’s companies will serve people across the entire care journey, connecting them to the care, support, and resources they need to lead healthy lives,” Boudreaux said. “By simplifying every step and making health more equitable and accessible, Elevance Health will remain committed to helping everyone reach their full potential.”
Anthem didn’t say when the rebranding would be complete or how many businesses under the Elevance umbrella would take on the new brand. Those decisions would be rolled out in coming months, Boudreaux said.
But given Anthem’s size and reach, the effort will be a large undertaking. Anthem has more than 90,000 employees and serves nearly 600 national employers, the company said. The company also operates an array of Medicare Advantage plans and works with many states to administer Medicaid health benefits for low income Americans.
Source: Forbes
