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Cigna TTK Health Insurance receives IRDAI approval to partner with Manipal Group
- Manipal Group and TTK Group will jointly hold 51% stake in the health insurance venture
- Cigna Corporation will continue to hold its 49% stake in the joint venture
MUMBAI, September 03, 2018: Cigna TTK Health Insurance Company Limited (Cigna TTK) has received necessary regulatory approvals, from the Insurance Regulatory and Development Authority of India (IRDAI) to partner with Manipal Group, a leader in the field of healthcare delivery and higher education. As per the new structure, Cigna Corporation (NYSE: CI) will continue to hold its 49 percent stake in the Indian health insurance venture, while Manipal Group and TTK Group will jointly hold 51 percent stake in the joint venture.
The new partnership will help Cigna TTK bridge the gap between healthcare delivery and healthcare financing, enabling the company to provide customers with a more comprehensive, innovative, personalized, and affordable suite of healthcare solutions.
Jason Sadler, President, Cigna International Markets said: “India is an important market for Cigna and we are pleased to welcome Manipal Group on board, a pioneer in healthcare delivery ecosystems, as our new health insurance joint venture partner. The joint venture is well-aligned with our mission to improve the health, well-being and sense of security of our customers.” Since its inception in 2014, Cigna TTK has created a strong position in the standalone health insurance segment and is one of the fastest growing health insurance companies in India. With a deep focus on health and wellness, the company has built a strong multi-distribution network with more than 10 lakh customers in India. Currently, the company has more than 19 branches and is present in more than 8,000 point of sale locations across India through its distribution network.
Dr Ranjan Pai, Chairman, Manipal Education & Medical Group (MEMG) said: “The two organisations are a good cultural fit. The combination of Cigna‘s global expertise in health and wellness, its ability to offer customized solutions for the Indian market, and Manipal Group’s integrated healthcare expertise with multi-specialty hospital networks will create a true differentiation for healthcare in India.”
Manipal Group has diversified and established business models to serve the needs of its customers. This includes building world-class hospitals, fostering preventive healthcare processes, and nurturing best medical faculties through education institutions.
“Our joint venture with Manipal Group will help us deliver a superior customer experience to build a differentiated market position, create a strong path for our future growth, and enable the expansion of quality healthcare to millions of people in India”, said Prasun Sikdar, MD & CEO, Cigna TTK Health Insurance Company Limited
About Cigna TTK Health Insurance Company Limited
Cigna TTK, is a stand-alone health insurance company dedicated to helping people improve their health, well-being and sense of security. Cigna TTK is headquartered out of Mumbai and has over 19 branch offices covering major metros and towns. The company has built a strong multi-distribution network of over 17,000 agents, 250+ major brokers and is present in over 8,000 point of sale locations across the country through its distribution network . Cigna TTK also has tie-ups with 13 leading Banks and NBFCs for distributing health insurance solutions and has a network of 7,200 trusted hospitals across cities & tier II and III towns in India. In 2018, Cigna TTK was featured in the list of Top 100 Great Places to Work® in India and was recognized as the Best Health Insurance Company at the Indian Insurance Summit, conceptualized and organized by Quest Conferences. To learn more, visit www.cignattkinsurance.in
Media Contact:
Sapna Desai SVP, Head Marketing & Customer Experience Email : sapna.desai@cignattk.in
