Elevance Health

Moat composition: 1) Intangible assets: Blue Cross/Blue Shield licenses and local Anthem Blue branding in 14 states provide recognition and preferred networks.

This is durable, though licensing rules and recent settlements slightly increase competitive exposure at the margin. 2) Switching costs: Highest for large employers and public programs where plan design, networks, and care management integration create inertia; lower for individuals on exchange products. 3) Cost advantages: Scale in underwriting, pharmacy services, and analytics plus large provider networks help rate competitiveness. 4) Efficient scale: Many markets (state Medicaid, select geographies) are rational with limited slots. 5) Network effects: Limited direct network effects, though value improves as provider partnerships deepen.

On durability, we adjust down for the Subscriber Settlement (eliminating the national best‑efforts rule and allowing a second Blue bid for certain national accounts) and the Provider Settlement requirements, which modestly raise competitive intensity. Overall, multiple moderate moats rather than a single dominant one.