Elevance Health - Digital transformation strategies

Elevance Health - Digital transformation strategies

Summary

This report provides insight into Elevance Health's tech activities, including its digital transformation strategies, its innovation programs, its technology initiatives, its estimated ICT budget, and its major ICT contracts.

Elevance Health Inc (Elevance Health) is a health benefits company. The company offers managed healthcare related products and administrative services. The company provides various specialty and insurance products and services including life, vision, dental, disability insurance benefits, and supplemental health insurance. Elevance Health offers its products and services to large and small groups, federal government, Medicaid and Medicare markets, and individuals. Its medical membership customers include Local Group, Individual, National Accounts, BlueCard, Medicare, Medicaid, and Federal Employees Health Benefits (FEHB).

Launched in January 2021, the ADI platform supports high-potential digital healthcare startup companies, helping them deliver personalized, predictive, and proactive healthcare solutions for improving the health and wellbeing of people. Elevance Health invites startup companies and entrepreneurs into this incubator program and helps them develop and deploy their solutions for healthcare consumers. For startups admitted into the program, Elevance Health’s Mentorship Program pairs new companies with a business leader and provides them with access to a subject matter expert Support System to accelerate the development and growth of their products or services.

In 2023, Elevance Health along with Shipt, AT&T, and TechPoint joined with AgriNovus Indiana to combat hunger with innovation. Under this initiative, all the partnered companies will support the 2023 HungerTech Innovation Challenge, a four-week accelerator to create tech-enabled businesses that connect food-insecure populations to food networks. Presented by Elevance Health, the challenge will award the winning team with $25,000 and the second-place team with $5,000 prize money, to accelerate commercialization of their solution.

Scope

Elevance Health is tapping the power of big data analytics to analyze data and generate insights, improve member engagement, and detect fraudulent claims. Elevance Health is investing in data and analytics to improve health outcomes and reduce costs. Elevance Health uses predictive analytics, machine learning (ML), and natural language processing (NLP) technologies to turn raw data into business intelligence that helps it make informed decisions, accurately profile consumer behaviour, and target meaningful outreach to right people at the right time.

Elevance Health is exploring AI technology to generate actionable data insights in real-time to drive positive health outcomes and personalized consumer engagement, while protecting consumers’ privacy. Using AI, Elevance Health is focused on automating its core business processes. Elevance Health has been partnering with AI providers to improve its AI and develop solutions that help them improve consumer health.

Elevance Health has been focusing on migrating from legacy systems to cloud computing to manage data on a cloud infrastructure. Elevance Health is adopting its cloud strategy to leverage innovative technologies such as AI, predictive analytics, and chatbots. It also aims to improve collaboration, increase its speed of innovation, achieve business agility, and run omnichannel services.

As a part of its broader digital transformation strategy, Elevance Health has deployed robotic process automation (RPA) software to automate its computing infrastructure and balance data center workloads. Elevance Health implemented several RPA bots to manage its data center infrastructure and to automate routine tasks such as data entry, filing customer correspondence for insurance claims, and payment transactions. Bots are used to scan the movement of data packets in the network, identify the servers that reach capacity, and shift computing workloads to machines with available capacity, thereby maximizing uptime.

Reasons to Buy

• Gain insights into Elevance Health' tech operations.
• Gain insights into its tech strategies and innovation initiatives.
• Gain insights into its technology themes under focus.
• Gain insights into various product launches, partnerships, and acquisition strategies.