CignaTTK Health Insurance launches biz operations

CignaTTK Health Insurance today began its commercial operations with a focus on product services.
"Our focus is keeping a robust product pipeline and services that will educate and assist customers to lead healthier lifestyles.
"The continued rise in medical costs in India, coupled with a parallel increase in lifestyle-related diseases, there is an urgent need to upscale health insurance penetration in the country," CignaTTK Health Insurance Company CEO and Managing Director said Sandeep Patel told PTI here.
Post purchase, the customers will get to interact with a clinical representative, like a doctor or nurse, to guide them for a better and smoother experience, he explained further.

The company, he said, has done extensive consumer research to understand the needs of Indian consumers.
"As a result to our research, we have insights needed to develop and launch innovative products and services aimed towards specific individual and family health needs, with processes that are easy to experience," he added.

CignaTTK Health Insurance is a joint venture between US- based global health service leader Cigna Corporation and Indian conglomerate TTK Group.
The company, which targets to break even in 5-7 years, aim to provide affordable and innovative health insurance solutions for daily health challenges, Patel added.
Initially, the company will set up offices in six key markets, including Mumbai, Bangalore, Hyderabad, Kolkata, Chennai and New Delhi with a total manpower of 225 people by the end of March 2014.

"First we will set up shop in the six key cities of the country. By the end of this calender year we hope to set up 25 offices, including tier II and III cities across the country," Patel added.
CignaTTK Health Insurance will adopt a multi-distribution channel.
The company, he said, will initially infuse around Rs 148 crore (USD 22 million) in the business, he said.
Cigna is one of the leading health service companies in the world and operates in more than 31 countries, with more than 80 million policy holders.
TTK Group is a business conglomerate with a presence across several segments of industry, including consumer durables, pharmaceuticals and supplements.