Anthem

What Anthem does

Anthem Insurance Companies, Inc., operating under the Anthem Blue Cross Blue Shield brand, is a major U.S. health insurer and independent licensee of the Blue Cross and Blue Shield Association. The company, headquartered in Indianapolis and operating as a subsidiary of Elevance Health (NYSE: ELV), provides medical, dental, vision, pharmacy, behavioral health, and supplemental health coverage to roughly 40.2 million medical members across 14 states (Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri, Nevada, New Hampshire, New York, Ohio, Virginia, and Wisconsin). Its product portfolio spans Individual and Family Marketplace plans, Medicare Advantage/Supplement/Part D, Medicaid managed care, Small Business (2-100 employees) and Large Group employer-sponsored plans, Federal Employee Health Benefits, Student Advantage, and Group Medicare retiree plans.

Anthem's technology platform centers on the Sydney Health mobile application (iOS and Android), which provides members with benefits access, digital ID cards, pharmacy management, provider search, live chat, and care management. The companion Sydney Care product delivers 24/7 virtual care and telehealth via an arrangement with Carelon Digital Platforms, and in January 2026 Anthem expanded its digital care partnership with Amwell to secure nationwide 50-state clinician coverage on LiveHealth Online. Underlying capabilities include AI-powered medical billing operations and AI-driven personalization within Sydney Health. Digital infrastructure is augmented by a producer/broker portal serving licensed insurance agents and a presence on federal and state Health Insurance Marketplaces.

Revenue is generated primarily through recurring monthly insurance premiums from fully insured commercial, Medicare Advantage, and Medicaid managed care contracts, plus administrative service fees from self-funded employer plans where the employer bears financial risk. Distribution is multi-channel: direct Marketplace sales for individuals, licensed producers/brokers for group and individual coverage, direct employer sales for large group and national accounts, state Medicaid agencies for government programs, and Medicare enrollment channels. Core customer segments include individuals and families, Medicare beneficiaries, Medicaid members, small business employers, large group/national accounts, federal employees, and a specialty student accident line through a 25-year exclusive partnership with Venbrook Student Insurance.

Name

Anthem

Legal name

Anthem Insurance Companies, Inc.

Website

https://anthem.com

Company type

Public

Founded year

1944

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Anthem Blue Cross Blue Shield is a health insurer operating in 14 U.S. states, serving roughly 40.2 million medical members through Individual, Medicare Advantage, Medicaid, and employer-sponsored plans as a subsidiary of Elevance Health (NYSE: ELV), distributed via marketplaces, brokers, and direct employer sales.

Ownership category

akta.pro rank

Product category

Health Insurance

NAICS

Direct Health and Medical Insurance Carriers (524114), Direct Life, Health, and Medical Insurance Carriers (52411)

SIC

Services-Health Services (8000)

akta.pro primary industry

ACA Marketplace (On-Exchange) Individual Plans (FSAIAEAA)

akta.pro secondary industries

Medicare Supplement (Medigap) (FSAIAEAG), MA-PD Plans (Medicare Advantage with Prescription Drug Coverage) (FSAIAGAG), Medicare Quality, Risk Adjustment & Stars Analytics/Services (FSAIAGAJ), Standalone Critical Illness Insurance (FSAIAKAA)

Keywords

• Health insurance plans
• Medicare Advantage coverage
• Medicaid managed care
• Employer group benefits
• Pharmacy benefits management

Headquarters

HQ city

Indianapolis

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Health Insurance Premiums: Anthem generates the majority of revenue through monthly premium payments from individuals, families, and employer groups. Premium revenue comes from fully insured commercial plans, Medicare Advantage plans, and Medicaid managed care contracts with state governments.
2. Government Program Contracts: Revenue from Medicaid managed care contracts with state agencies and Medicare Advantage plans serving seniors and individuals with disabilities. These government-sponsored programs represent a significant portion of membership.
3. Administrative Services: Administrative services for self-funded employer plans where Anthem provides network access and claims processing but the employer bears the financial risk.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels10 records

Core offering

Anthem Blue Cross Blue Shield sells health insurance products and related care services to individuals, families, employers, Medicare beneficiaries, and Medicaid members across 14 U.S. states. Core offerings include fully insured commercial plans, Medicare Advantage and Supplement plans, Medicaid managed care, and self-funded administrative services for employer groups. The company complements these insurance products with digital tools including the Sydney Health mobile app, virtual care, pharmacy benefits, dental/vision, behavioral health, and wellness programs.

Product overview

Anthem Blue Cross Blue Shield is a health insurance company offering a comprehensive portfolio of insurance products and digital health tools. The core offerings include Individual and Family Plans, Medicare Plans (Medicare Advantage, Medicare Supplement/Medigap, Medicare Part D, Dual Special Needs, and Chronic Conditions Plans), Medicaid Plans, and employer-sponsored Small Business and Large Group health insurance. These are complemented by add-on products including Dental Insurance (Prime and Complete), Vision Insurance, Pharmacy Benefits, Behavioral Health services, Health and Wellness Programs, an Employee Assistance Program, Supplemental Health Insurance, and Travel Medical Insurance. Anthem also provides specialized plans such as Federal Employee Programs, Student Advantage, and Group Medicare. The Sydney Health mobile application serves as the primary digital platform for members to access benefits, manage prescriptions, find care, and communicate with representatives.

Differentiator

Problem solved

Functional benefit

Brands

• Sydney Health: Mobile health app for members to access benefits, ID cards, pharmacy info, and live chat
• Sydney Care
• Sports Accident Insurance Network (SAIN)
• The Standard

Products and services

• Individual and Family Health Insurance Affordable health coverage for individuals and families, including health, dental, and vision insurance available through the Health Insurance Marketplace with potential financial assistance for eligible households.
• Medicare Plans Comprehensive Medicare coverage including Medicare Advantage Plans, Medicare Supplement Plans (Medigap), Medicare Part D Plans, Dual Special Needs Plans, and Chronic Conditions Plans for seniors aged 65+ and individuals with disabilities.
• Medicaid Plans Low-cost coverage for children, adults, and families who qualify for state-sponsored Medicaid programs, including BadgerCare Plus (Wisconsin), Cardinal Care (Virginia), and similar programs in other states.
• Small Business Health Insurance Health insurance options for small businesses with 2 to 50 or 100 employees depending on state, offering medical, pharmacy, dental, vision, and supplemental coverage for groups.
• Large Group Health Insurance Flexible group insurance plans for large employers and national accounts including medical, pharmacy, dental, vision, life, and disability coverage with customized plan designs.
• Dental Insurance (Prime and Complete) Dental insurance plans offering comprehensive dental coverage for individuals and groups under Dental Prime and Dental Complete product tiers.
• Vision Insurance Vision coverage including eye exams and eyewear, available as part of individual, family, and employer health plans.
• Pharmacy Benefits Prescription drug coverage and pharmacy services integrated with health plans, including medication pricing, pharmacy finder, and auto-refill options.
• Behavioral Health Mental health and substance use disorder coverage integrated into health plans, including access to behavioral health providers and crisis support.
• Supplemental Health Insurance Additional coverage options including hospital indemnity, accident, and critical illness insurance to supplement primary health coverage for individuals and employer groups.
• Federal Employee Programs Health insurance coverage for federal employees and their families under the Federal Employees Health Benefits (FEHB) Program.
• Group Medicare (Retiree Plans) Medicare plans designed for employer groups to offer retiree health benefits to former employees.
• Sydney Health Mobile App Mobile health app enabling members to access benefits, ID cards, pharmacy information, live chat with representatives, find care, and manage prescriptions on iOS and Android devices.
• Sydney Care (Virtual Care) Mobile care platform offered through arrangement with Carelon Digital Platforms for accessing virtual care, telehealth, and health services on demand.
• Student Advantage Health insurance solutions designed specifically for college and university students, including accident and sports coverage through the Sports Accident Insurance Network (SAIN).
• Travel Medical Insurance Coverage for medical expenses incurred while traveling outside one's home country, available to individual members.
• Employee Assistance Program (EAP) Employer-sponsored support services providing confidential counseling, resources, and referrals for personal and work-related issues for employees and their dependents.
• Whole Health Index Digital tool helping members understand and improve their overall health by tracking wellness metrics and providing personalized health insights, including wellness programs and health management resources.

Quantifiable outcome

• 9 out of 10 Marketplace enrollees qualify for a subsidy

Named customers2 records

Segments6 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Four partnerships are on record, tiered flagship, core and minor.

• Venbrook Student InsuranceflagshipChannel Partner/ Reseller/ Distributor · 26 May 2026Venbrook Student Insurance, the higher education division of Venbrook Group LLC, holds an exclusive 25-year partnership with Anthem through its Sports Accident Insurance Network (SAIN) product. Venbrook provides specialized insurance solutions to nearly 80 California Community Colleges and has expanded to Minnesota, New York, and New Jersey for the 2026-2027 school year, achieving 100% growth over the past three years.
• American Well (Amwell)coreTechnology or Integration · 2 January 2026American Well signed three material agreements with Elevance Health and its affiliates to extend and expand their digital care partnership. The agreements include a Master Services Agreement amendment, a Statement of Work for Healthy Impact services, and provider agreement amendments with Anthem affiliates. Effective January 1, 2026 for three years with automatic one-year renewals, the partnership secures nationwide clinical coverage through a 50-state clinician network for Elevance members on LiveHealth Online.
• MagnoliaminorStrategic or Co-development PartnerMagnolia, a Seattle-based startup providing virtual support for caregivers of people with dementia and Alzheimer's, has insurance reimbursement partnerships with major insurers including Anthem. Magnolia offers AI-powered tools, virtual consultations, and mental health support for caregivers through a fee-for-service model with insurance reimbursement, currently serving caregivers in Washington state with plans to expand across the West Coast.
• Carelon Digital PlatformscoreTechnology or IntegrationSydney Care is offered through an arrangement with Carelon Digital Platforms, a separate company offering mobile application services on behalf of Anthem's health plan. Carelon provides the digital infrastructure for the Sydney Health app and related member services.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• UnitedHealth Group: Largest U.S. health insurer and most direct competitor to Anthem/Elevance Health. Operates UnitedHealthcare for health benefits and Optum for care delivery — same diversified insurance-plus-services model spanning commercial, Medicare, and Medicaid markets.
• Molina Healthcare: Medicaid-focused managed care plan competing with Anthem for state Medicaid contracts. Both serve government-sponsored low-income populations through similar state-agency distribution models.
• Humana: Leading Medicare Advantage-focused insurer that directly competes with Anthem's MA, MA-PD, and D-SNP products. Comparable Medicare-centric strategy and senior-focused member services.
• Cigna Group: Major U.S. health insurer competing with Anthem in commercial group, individual Marketplace, and Medicare Advantage. Was the target of Anthem's failed $37B acquisition in 2015 — direct head-to-head competitor in employer-sponsored benefits.
• Centene Corporation: Largest Medicaid managed care operator in the U.S., competing directly with Anthem's state Medicaid contracts (Virginia HealthKeepers Plus, BadgerCare, Cardinal Care). Also competes in Marketplace individual plans.
• Blue Cross Blue Shield of Michigan: Fellow Blue Cross Blue Shield licensee with similar BCBS brand benefits, provider network leverage, and state-level regulatory structure. Competes with Anthem in overlapping Midwest markets.
• CVS Health (Aetna): Acquired Aetna in 2018 to create an integrated retail-pharmacy-PBM-insurance platform. Competes head-to-head with Anthem in commercial, Medicare Advantage, and Medicaid markets with similar multi-segment distribution.
• Health Care Service Corporation (HCSC): Largest customer-owned health insurer and fellow Blue Cross Blue Shield licensee. Operates in five states (TX, IL, MT, NM, OK) — directly comparable BCBS-licensed, multi-state mutual/regional carrier model.

Regional players

• Independence Blue Cross: Philadelphia-based BCBS licensee with strong regional concentration. Comparable in size and BCBS-licensed model but operates in a different geographic footprint (Pennsylvania and New Jersey) than Anthem.

Broad incumbents

• Kaiser Permanente: Integrated payer-provider system competing with Anthem in commercial and Medicare markets, particularly in California and the West Coast. Operates owned hospitals and physician groups alongside its health plan.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/anthembcbs
• YouTubeyoutube.com/@Anthem_BCBS
• Facebookfacebook.com/AnthemBlueCrossBlueShield
• Instagraminstagram.com/anthembcbs

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Anthem