Amazon, JPMorgan and Berkshire Hathaway outline the ambitions of their health insurance company Haven

The joint venture created by the online distributor Amazon, the bank JPMorgan and the insurer Berkshire Hathaway will be named Haven.

HAVENHaven will offer health coverage to the staff of the three groups in the United States, that is 1.2 million employees.

The launch of the joint venture takes place in a context marked by increasing health care costs in the United States. More than 17% of GDP was dedicated to these expenses in 2016.

The new entity, whose website has also been revealed, aims to meet the rise in drug prices and provide employees and their families with better access to care. Haven will, as such, be responsible for explaining and simplifying the functioning of the health system considered too complex.

The non-profit joint venture strives to use data analysis and technologies to offer more benefits to patients and to develop the health system as a whole.

Haven will be run from its headquarters in Boston by Atul Gawande, a surgeon and professor at Harvard Medical School. Three members of the founding companies, namely, Todd Combs for Berkshire Hathaway, Jamie Dimon for JPMorgan Chase & Co. and Beth Galetti, vice president of Amazon in charge of human resources joined the board.

The joint venture which also has an office in New York is currently recruiting staff members and is planning to extend its coverage to other companies.

As a reminder, Amazon, JPMorgan and the Berkshire Hathaway group announced to have begun negotiations in January 2018. Amazon's entry into the health market was surprising for the health insurance sector. A climate of mistrust that has not abated since then as Amazon is multiplying its incursions into e-health *.

Several health insurance and pharmacy values on Wall Street increased by 5% the day following Haven's announcement.

* Amazon announced in November 2018 the launch of its new service, Amazon Comprehend Medical, dedicated to the analysis of medical data.

Read also | Amazon, JPMorgan, and Berkshire Hathaway close Haven’s activities

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