Shareholders approve Anthem's rebrand as Elevance Health

Photo: AJ Mast/Getty Images

Anthem announced plans to rebrand as Elevance Health back in March, but one component still needed to be finalized: shareholder approval. The insurer received that approval this week, as shareholders gave the green light to the change at its annual meeting.

The new name is meant to underscore the company's focus on "elevating" whole health and was inspired partly by Anthem's evolution when it comes to offering products and services beyond traditional health insurance. Specifically, the company highlighted its digital capabilities, pharmacy, behavioral, clinical and complex care assets, with a focus on an "integrated, whole-person approach."

The corporate rebranding is a first step in the company's effort to optimize its brand portfolio, according to Anthem. While Anthem Blue Cross Blue Shield health plans' names will not change, the company expects to streamline other brands in the market to reduce complexities and improve consumer experiences.

Anthem President and CEO Gail K. Boudreaux reacted this week by calling it "the next important chapter in our journey," and a better reflection of where the company is today.

On June 28, Anthem will commemorate its official rebranding by ringing the opening bell at the New York Stock Exchange and will begin trading under the new ticker symbol ELV.

WHAT'S THE IMPACT?

Anthem is one of the leading companies in the health insurance business. Through its affiliated companies, Anthem serves more than 118 million people, including more than 45 million within its family of health plans.

Rebranding has become a common practice in healthcare. In 2020, insurer Cigna launched Evernorth in a rebrand of its health services portfolio; Evernorth includes pharmacy benefit manager Express Scripts; specialty pharmacy Accredo; and eviCore healthcare, which provides utilization management services for health plans or employer groups and outpatient diagnostic imaging service programs.

Insurer group AHIP rebranded last year, casting aside its old moniker, America's Health Insurance Plans, and now goes simply by AHIP. The organization said at the time that the rebranding effort reflected a renewed focus on collaboration, with the company signaling its intent to partner with governments and free market entities in a bid to improve care quality and coverage – encompassing mental and physical health – and everything from emergency care to chronic health conditions.

Even telehealth companies are engaged in rebranding efforts, with Doctor on Demand and Grand Rounds Health announcing merger plans last year in a move to rebrand as a more inclusive company, named Included Health.

THE LARGER TREND

Anthem's efforts to rebrand follow a number of moves in recent months, including an agreement in November to acquire Integra Managed Care, a managed long-term care plan in New York that provides assistance to adults with long-term care needs and disabilities.

In October 2021, Anthem Blue Cross and Providence St. Joseph Health System announced they were building out their value-based care program through a new partnership with Vim, the maker of a tech platform that connects payers and providers.

Twitter: @JELagasse
Email the writer: jeff.lagasse@himssmedia.com