What’s in a Name? Insurer Rebrands Reflect Diversification Push
Anthem, Inc. said recently that it will rename itself “Elevance” in a bid to be seen a diversified enterprise, known as much for its technology and business services branches as its traditional health insurance business. Anthem isn’t alone in its broad ambitions. The largest health insurance firms have all diversified their businesses, moves that are likely responses to the tight regulation and limited growth opportunities in health insurance for national-scale firms — and the encroachment of tech and investment firms into the health care sector.
The name Elevance, a combination of “elevate” and “advance,” isn’t official yet. Shareholders will vote on whether to adopt it during the firm’s May 18 investor meeting.