Cigna TTK Healthcare to invest in digitisation, hire 200

CHANDIGARH: Having received insurance regulators nod to increase Cignas stake from 26 to 49 in Cigna TTK Healthcare Insurance the company will invest in digitisation to reduce the operational cost expansion of network and product innovations

Updated At : 06:16 AM Oct 11, 2017 IST

Vijay C Roy

Tribune News Service

Chandigarh, October 10

Having received insurance regulator’s nod to increase Cigna’s stake from 26% to 49% in Cigna TTK Healthcare Insurance, the company will invest in digitisation to reduce the operational cost, expansion of network and product innovations.

The company also plans to hire 200 people by next year to further penetrate in the domestic market, taking the total employees’ strength to 1,200 by the end of next year.

Cigna TTK Health Insurance, the joint venture between global health services firm Cigna and TTK, launched operations in February 2014. It has over 4,00,000 customers in India.

“With the increase in stake, we will get around Rs 113 crore in the company. We will continue our investment in digitisation, expansion of agents’ networks and also bring new products,” said Sandeep Patel, MD & CEO, Cigna TTK Health Insurance, who was in the city yesterday.

He said, “We will continue focus on digitisation. We have a high-touch product, both from sales and service point of view. For us, it is important that when a policyholder needs you, the insurer should be there. For a company like us, who are into medical insurance, it’s important to invest in technology. We have been investing in the technology and will continue to do so in future.” On being asked about low penetration of health insurance in Indian market, he said, “It’s because of low awareness and lack of lesser number of physical touch points in small cities and villages.”

He said the company will continue to strengthen its market position in India by increasing agent distribution network through expansion and new alliances.

Meanwhile, the company launched a new health product — “Prohealth Select” with features such as ‘inflation shield and reassurance benefits.” “The policy not only offers protection but also takes care of future unforeseen needs of our customers. It has features such as reassurance benefit, inflation shield, healthy rewards and more,” he said.