Cigna TTK Health Insurance, a joint venture between US based global health service leader, Cigna Corporation, and Indian conglomerate TTK Group, has announced plans to enhance its presence in 15 more tier I and II cities across the country during fiscal 2016-17.
“At present we have presence in 40 cities with 15 branches across the country including Mumbai, Delhi, Bangalore etc. We have registered business premium of Rs. 144 crore during fiscal 2015-16. During 2016-17, we are all set to achieve new business premium of Rs. 400 crore,” said Sandeep Patel, managing director & chief executive officer, Cigna TTK Health Insurance on the sidelines of launch of findings from the Cigna 360° Well-being Score – India Report.
The survey focuses on monitoring and tracking motivations, perceptions and attitudes toward overall ‘well-being’ amongst consumers across 11 countries including China, Hong Kong, Indonesia, India, New Zealand, Spain, South Korea, Taiwan, Thailand, Turkey, and the UK. The Cigna 360° Well-being Score is designed to take an annual and holistic look at health and well-being in India in 10 cities with a sample size of 3021 respondents. The study, conducted as an independent study by Ipsos, is based on five key indices – physical, social, family, financial and workplace well-being, providing an overall score measuring consumers’ perceptions.
India ranked highest in overall well-being in the region at 72.8, which is above the regional average of 65.3 in a league of overall well-being score results across 11 countries.
“We are committed to our customers in India by offering world class individual health care services and well-being solutions. The Cigna 360° Well-being Score helps us gain a better understanding of our customers’ personal perceptions about total health and well-being at a regional level,” explained Jason Sadler, president of Cigna International Markets.
Cigna Corporation has stepped up efforts to increase its share in CignaTTK Health Insurance (CignaTTK) to 49 per cent from 26 per cent following passage of Insurance Laws (Amendment) Bill, 2015 by Parliament, informed Patel.
“With several public sector banks making a minimum two years of functioning compulsory, CignaTTK has met this eligibility criterion last month (April 1). So far we have bancassurance tie-ups with Lakshmi Vilas Bank and Saraswat Bank apart from tie-ups in the private sector space,” he added.
Commenting on the survey, he said, “At Cigna TTK Health Insurance, we believe in partnering our customers in illness and in wellness. We will leverage insights from the Cigna 360° Well-being study to create customized health insurance solutions and services that are simple, easy to access, affordable and provide a sense of security for our customers. This study supports our overarching strategy of delivering a differentiated value proposition to help our customers live healthier and happier lives.”
He added however, India seems to deviate from the usual “happiness U-curve”. The 60+ Indian generation seems to feel the bulk of the strain where the overall well-being score drops (35 per cent).
As per survey, 53 per cent of Indians are not prepared for any large unexpected medical expenses. In the past year, the majority (65 per cent) paid for their medical expenses out of their own pocket and will continue to do so in the future. During retirement, only about 1 in 4 (26 per cent) claimed they will be covered by private insurance for their future medical expenses, he concluded.
Date: 4th May, 2016