Private Capital
March 2, 2021

Amazon, Berkshire Hathaway & JPMorgan Give Up On Haven

Welcome to 2021! Let’s make it a great year. For those of you who have been in our network since 2018, you’ll recall that we were very excited to watch how Haven would change the health insurance industry. Haven is (was) a health insurance venture launched by three of the world’s most prominent companies: Amazon, Berkshire Hathaway, and JPMorgan Chase. Haven sought to “transform health care” and reduce costs for hundreds of thousands of workers at the three companies by pooling resources and technology. Amazon’s Jeff Bezos, at the launch of the concept, summed up his winning formula in a single sentence:

Success is going to require talented experts, a beginner's mind, and a long-term orientation.

Well, the long-term orientation lasted 3 years as Haven will cease operations in February without having achieved its goals. It turns out that Haven’s transformative ambitions proved too difficult to achieve. JPMorgan Chase’s Jamie Dimon said:

We’ll collaborate less formally going forward as we each work to design programs tailored to specific needs of our individual employee populations and local markets. Haven worked best as an incubator of ideas, a place to pilot, test and learn—and a way to share best practices across our companies.

With the change in administrations in Washington, health care change is sure to remain a focus. We wait anxiously to see what’s next.

BONUS CONTENT: We received great feedback on the healthcare chart below. We’ve updated the chart to include November data and the story remains the same. The “Covid” claims that left the healthcare system for various reasons in April and May have returned in September – November.