The Telegraph
Monday , June 9 , 2014
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CignaTTK charts growth strategy

Patel: Wellness factor

Mumbai, June 8: CignaTTK Health Insurance Company is looking to grow at a faster pace than the industry by focussing on a “wellness” strategy and expanding through multiple channels.

The company is expecting new business premium of around Rs 60 crore this fiscal, Sandeep Patel, CEO and managing director of CignaTTK Health Insurance, told The Telegraph, adding that it expects to grow (premium income) by around 200 per cent next year.

Patel is confident that though the pace may slow down from this level in the subsequent years, CignaTTk will continue to beat the industry growth.

Cigna TTK Health Insurance is a joint venture between US-based global health service major Cigna Corporation and Indian conglomerate TTK Group. The company formally entered India in March with the launch of a health insurance product — ProHealth — which has an add-on critical illness option.

A key element of the company’s growth strategy is the wellness approach. Patel said that instead of merely providing sickness or injury benefits, the focus of the joint venture was on continual care by giving individuals and families advise on how to improve their health and lower their medical costs. This concept, he added, has been well received by the market.

“The response to our first product ProHealth has been positive. Customers have liked our key drivers that include health and well being and our attempt to ensure that they get back to normal health post-hospitalisation,” Patel said.

CignaTTK is now awaiting the approval from the health regulator IRDA for three products. Patel said apart from these, there were four more products in the pipeline.

The joint venture is also strengthening its distribution network as it seeks a larger pie in the health insurance sector. Apart from doubling its agent strength to 5,000, it is in the process of opening offices in Pune, Coimbatore, Ahmedabad and Cochin. It is now present in Mumbai, Delhi, Calcutta, Chennai and Bangalore.

Patel, however, said the company would follow a multi-channel distribution model by looking at bancassurance and the digital route.