Tuesday, December 10, 2013

Let Us Welcome Cigna ttk Health Insurance in India

It is always good to have entry of new Insurance Company, especially Health Insurance Company. The fifth standalone health Insurance company of the country “Cigna ttk Health Insurance Company Ltd" will soon be entering the Indian market.

Cigna ttk health Insurance Co. Ltd has received the regulatory licence from the Insurance regulator IRDA on Nov.13, 2013 and soon it will start operations in the Indian market. Its head quarter will be in Mumbai.

Its a joint venture between U.S health service giant Cigna Corporation & an Indian conglomerate- ttk group.

We in Insurance Industry have been familiar with ttk as a TPA under the name of ttk Health Care Services Pvt. Ltd.

We are pleased that at least 1 US Health Insurer has entered the Indian Market. As we know that out of 4 -3 Insurance Companies have foreign affiliation with non US companies :
Star                                            Oman
Max Bupa                                    UK
Apollo Munich                              Germany
Religare Health                              ---

According to Mr. William L. Atwell, President of Cigna International “Entering in to India is an exciting new chapter for Cigna International, as we have the Innovative solutions to help the Indian Consumer meet the important health challenges. We are committed to improving access & quality of care while reducing costs.”

As per the plans of Cigna ttk - it will set up an innovative distribution network. It plans to leverage its network of pharmacies & physicians to sell its health insurance plans. The simple health Insurance products would be sold over the counter. We as www.healthinsuranceindia.org feel that they (Cigna ttk) should not violate IRDA regulations on Corporate Agency/ Agency i.e product should be sold by trained professionals or organizations say Insurance Brokerage Firms. Recent penalties on Insurance Companies/ TPA’s/ Insurance brokerage Firms are an eye opener. We are sure Cigna, a great brand in US will not like to take any wrong step.

We understand that Cigna ttk product will be a box product & the buyer would be able to get a policy kit across a counter. This is similar to what Reliance General introduced in 2005. There may be a simple product for which medical tests are not compulsory criteria and the documents can be submitted online once the customer reaches home.

According to  Mr. Sandeep Patel, Managing Director & Chief Executive Officer of the company–“We will strongly leverage Cigna’s Global Health Insurance services, experience & expertise as well as the trust of the TTK group to offer an innovative suits of products.”

Let us hope that we as consumers will get special treatment from this company. Indian market has been waiting for introduction of following:
OPD Treatment
Dental Care

Cigna has been doing this in US for a long time. If they introduce these products/features  it will be a good achievement & initiative.

If it is going to be a normal product then customers are at present & having a wide choice available.


EasyInsurance said...

Family Health Insurance that cover Critical Illness only.

Shankar said...

Religare Health Insurance- belongs to which country