Morgan Health Announces New Investment in Venteur, Aimed at Promoting Consumer Choice and Affordability in Employer Health Benefits

Morgan Health, a division of JPMorganChase (NYSE: JPM), participated in a significant equity growth investment in Venteur, a leading ICHRA administrator. In recent years, employers – especially SMBs – have increasingly found ICHRA plans attractive due to their ability to meet the needs of a diverse, geographically dispersed employee base, reduce the burden of plan administration and drive cost predictability. Venteur is Morgan Health’s ninth investment and supports their commitment to scaling affordable, value-driven insurance products for employers.

The Berkeley, CA-based business is committed to helping employers offer high-quality health coverage to their employees. Venteur provides ICHRA plans through a platform that enables employers to offer their employees a tax-free allowance to purchase health insurance plans on the individual marketplace. This structure allows employees to select portable health care coverage that is specifically suited to them – akin to the concept of 401(k) plans for retirement savings.

“The autonomy to choose a health plan based on personal needs and preferences is valued by employees and their families, and in many markets, employers can provide them with that choice through an ICHRA plan,” said Dan Mendelson, CEO of Morgan Health. “Currently, Venteur serves over 600 employers – accounting for 30,000 lives – and has steadily grown its customer base since 2021 due to its leading, data-enabled platform and its proven ability to reduce costs.”

Venteur’s platform shifts the complexity of administering the plan away from employers, while leveraging Artificial Intelligence (AI) to help employees select their preferred health plan. Their model has also been proven effective in offering highly affordable and competitive premiums¹, compared to the average small group rates – particularly in states where the individual markets continue to grow. Notably, sustained growth of ICHRA plans is dependent on maintaining these individual markets and making certain that insurance products offered on them are competitive and high-quality.

Recognizing these dynamics, Morgan Health aims to achieve three key metrics through this investment:

• Reduce employer health care costs. Average health insurance premiums are surging about 7 percent annually² for employers, which are often passed onto employees. Employers who switched to Venteur realized about 20 to 30 percent in cost savings³ on average – creating more opportunities to attract employers grappling with affordability challenges.
• Strengthen access to care by attracting first time purchasers of health care. Employers, particularly SMBs, that did not previously offer health insurance may consider ICHRA plans to introduce health coverage to their employees. Venteur is committed to serving these employers and extending opportunities for more employees to seek and enroll in coverage.
• Enhance employee choice through transparent, data-driven plan selection: Although the individual market houses thousands of health plan options, the quality of those products varies drastically, especially for plans with expansive networks. Venteur’s tool extends visibility into these options – empowering employees to choose one that meets their needs and preferences.

SMBs represent the largest cohort of ICHRA adopters today, and this trend will likely continue. For many SMBs, ICHRA plans remain a new concept and Morgan Health is committed to extending outreach and education to help them weigh their options and determine if these plans meet their needs. JPMorganChase is a trusted financial partner to millions of SMBs across and the U.S., and the investment in Venteur extends a commitment to helping SMBs grow and thrive – given ongoing concerns related to the cost and complexity associated with offering health care benefits.

“Small businesses often see health care as a major challenge to growth and their ability to compete with larger companies,” said Ben Walter, CEO of Chase Business Banking. “Affordable health care is key to addressing labor shortages and attracting talent. Investing in innovations like Venteur’s reinforces our commitment to our customers and their long-term growth.”

Morgan Health’s investment in Venteur adds to its portfolio focused on addressing employers’ top health care needs, including advanced primary care and care navigation (Mosaic Health, Personify Health, Centivo), data analytics (Embold Health, Merative), specialty (Kindbody, Cortica) and at-home care (LetsGetChecked).

About Morgan Health
Morgan Health is a JPMorganChase division focused on improving employer-sponsored health care. Through its investments and the advancement of accountable care, Morgan Health is working to improve the quality, equity and affordability of employer-sponsored health care for JPMorganChase employees, their families and the U.S. health system. The business is led by Dan Mendelson, CEO of Morgan Health, reporting to Peter Scher, Vice Chairman of JPMorganChase. Morgan Health is headquartered in Washington, D.C. Visit morganhealth.com.

Media Contact
Trey Hollern
trey.hollern@jpmchase.com