Elevance Health – Digital Transformation Strategies

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Elevance Health Digital Transformation Strategies Overview

Elevance Health is tapping the power of big data analytics to analyze data and generate insights, improve member engagement, and detect fraudulent claims. AI, big data, cloud, and automation are among the key technologies under focus for the company. The annual ICT spending of Elevance Health was estimated at $3.8 billion in 2023. A major share of this spending is earmarked for acquiring software, network and communications, and hardware from vendors.

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, the federal government, Medicaid and Medicare markets, and individuals.

The ‘Elevance Health Digital Transformation Strategies’ report will act as a reference point to understand a company/competitor’s digital strategy. It will also help in understanding the digital preparedness of the company against its peers. The information included in these reports is sourced from a mix of our very own internal database and authentic secondary research links such as the company’s annual report, presentations, press releases, etc. The report covers an overview of the company, its digital transformation strategies, technology focus areas, technology initiatives, technology introductions, partnerships, acquisitions, and ICT spending among others.

Total ICT Spending 2023 $3.8 billion
ICT Spend by Function Network, Application, Data Center, End-User Computing, Management, Communications, and Service Desk
ICT Spend by Channel Internal Development and Maintenance, Technology Vendors (Direct), ICT Services Providers/Consulting Firms, Local Resellers, Telcos, Specialist Outsourcers, and Systems integrators
External ICT Spend by Segment Software (including Cloud SaaS), Network and communications, Hardware (including Cloud Iaas), ICT services, Consulting, and Others
Technology Theme Focus Artificial Intelligence, Big Data, Blockchain, Cloud, and HealthTech
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Digital Transformation Strategies

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 behavior and target meaningful outreach to the right people at the right time.

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Elevance Health Technology Theme Focus

Elevance Health is tapping into the power of key disruptive technologies to enhance its operational and service capabilities. AI, big data, cloud, and automation are among the key technologies under focus for the company.

Elevance Health Technology Theme Focus

Elevance Health Technology Theme Focus

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Elevance Health Technology Initiatives

Elevance Health has been involved in several strategic technology partnerships and collaborations, technology rollouts, and acquisitions over the past few years. For instance, Elevance Health added an AI-based Nutrition Tracker feature to its Sydney Health application. The new feature provides virtual nutrition advice by recognizing the entire meal, which helps to improve health plan members’ overall health and well-being. The feature uses smartphone cameras and nutrition tracking, enabling members to quickly capture their nutrition information, build their health records, and share the details with healthcare providers to gain access to personalized feedback.

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Elevance Health ICT Spend by Function

  • Network
  • Application
  • Data center
  • End-user computing
  • Management
  • Communications
  • Service desk

Elevance Health ICT Spend by Function, 2023(%)

Elevance Health ICT Spend by Function, 2023(%)

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Elevance Health ICT Spend by Channel

  • Internal development and maintenance
  • Technology vendors (direct)
  • ICT services providers/Consulting firms
  • Local resellers
  • Telcos
  • Specialist outsourcers
  • Systems integrators

Elevance Health ICT Spend by Channel, 2023(%)

Elevance Health ICT Spend by Channel, 2023(%)

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Elevance Health External ICT Spend by Segment

  • Software (including Cloud SaaS)
  • Network and communications
  • Hardware (including Cloud Iaas)
  • ICT services
  • Consulting
  • Others

Elevance Health External ICT Spend by Segment, 2023(%)

Elevance Health External ICT Spend by Segment, 2023(%)

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Scope

This report provides:

  • Insight into Elevance Health’s technology activities.
  • Overview of technology initiatives covering product launches, partnerships, and acquisitions.
  • Insights on each technology initiative including technology theme, objective, and benefits.
  • Details of estimated ICT budgets.

Reasons to Buy

  • Gain insights into Elevance Health’s technology operations.
  • Gain insights into its technology strategies and innovation initiatives.
  • Gain insights into its technology themes under focus.
  • Gain insights into its various product launches, partnerships, and acquisitions.

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Table of Contents

Overview                                                                                              

– Brief information about the company, its business divisions, and its financials

Digital Transformation Strategy                                                       

– A summary of key digital strategies/implementation efforts of the company

Accelerators, Incubators, and Other Innovation Programs      

– Discusses the company’s key strategic units, innovation labs, incubation, and accelerator programs dedicated to technology innovation

Technology Focus                                                                               

– Lists the technology themes pertinent to the industry the company operates in and highlights the themes adopted by the company

Technology Initiatives                                                                       

Discussion about all the technology introductions & partnerships the company has entered

Acquisitions                                                                                         

Brief discussion about the acquisitions by the company

Partnership & Acquisition Network Map           

– A bird’s eye view of all the partnerships/acquisitions that the company has made in the last 3-5 years

ICT Budget and Contracts                                                                 

– The company’s ICT budget segregated into hardware, software, and managed IT services

Key Executives                                                                                     

– Lists key executives and Digital Transformation Executives of the company, typically the key decision makers/influencers.

Frequently asked questions

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