Monday, March 3, 2014

Cigna TTK Health Insurance begins its operations

The latest entrant in the standalone health insurance segment Cigna TTK Health Insurance Company on Tuesday began its operations in India.

The insurer has got the necessary regulatory approval from the Insurance Regulatory and Development Authority (IRDA) for a retail health insurance product and plans to launch group health insurance products by next financial year.

Cigna TTK is a joint venture between the Cigna Corporation, a US-based global health services provider and the TTK Group, an Indian business conglomerate which is present across several segments of industry. The Cigna Corporation holds the maximum permissible share of 26% in the joint venture, while the TTK Group holds the lion share of 74%.

Initially, the joint venture has invested $22 million in the business. The insurer has planned to start operations with 6 branches in major cities, informed Mr. Sandeep Patel, CEO, Cigna TTK.

The product we are bringing to the market addresses multiple segments, said Mr. Patel adding, “Apart from the regular benefits of a health insurance policy, such as hospitalisation, the product will also provide health maintenance benefits and rewards as a feature for all its products."

Since Cigna is present in 180 countries, the health insurance products will have worldwide cover through its propriety networks.

Cigna TTK is looking at a multi-channel distribution strategy and is in the process of launching an agency channel. It is also in discussion with banks and non-banking finance companies for a corporate agency tie-up for distribution.

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