Cigna and TTK Leaders Outline Details of New Joint Venture to Sell Health Insurance Across India
- Cigna CEO David Cordani and TTK Chairman TT Jagannathan discuss ground-breaking partnership
- Joint venture to be named Cigna TTK and headquartered in Mumbai
- Cigna's Sandeep Patel named CEO of joint venture
MUMBAI, India, January 17, 2012 - Global health service company, Cigna Corporation, and TTK Group, the Indian conglomerate, today announced that their joint venture to sell health insurance products across India will be named Cigna TTK and will be headquartered in Mumbai. Sandeep Patel, Managing Director of Cigna Health Solutions India Pvt. Ltd., a wholly owned Cigna subsidiary, has been named chief executive officer of the joint venture.
An important business hub in India and a center of commerce for the insurance sector, Mumbai was chosen as the corporate headquarters and offers a very strong pool of talented local professionals.
Patel will be responsible for managing all aspects of the joint venture's emerging business, including developing and deploying a suite of innovative products and services, including: individual private medical insurance; supplemental health and accident products; and health benefits for expatriates. Since joining Cigna in 1998, Patel has served in several leadership roles and functions including the expansion and management of Cigna's business in the Middle East region.
Cigna TTK will focus on insurance and related services in the health sector, one of the fastest growing segments of the Indian economy. Pending approval by India's regulatory authorities, the joint venture is expected to begin operations in early 2013 and will build its workforce locally.
With 1.2 billion people - one-sixth of the world's total population - India is experiencing major public health changes and challenges marked by an increase in chronic conditions and lifestyle diseases such as diabetes and hypertension, mirroring worldwide trends. Health care spending is expected to grow significantly over the next decade, driving the need for developing and leveraging successful health management programs and systems.
Cigna and TTK said their joint venture will offer a new and innovative approach to India's health service marketplace by offering consumers a portfolio of innovative products that help support and improve health and well being with high-quality care. "We have proven expertise in offering solutions that seek to improve customers' health while managing cost," said Cigna Chief Executive Officer David Cordani.
Essential to the joint venture's success is the consumer and market experience of TTK. "We recognize the value of TTK's deep insights into the Indian consumer's interests and needs as well as their ability to reach these consumers across the country," Cordani said.
T. T. Jagannathan, Chairman of the TTK Group, said, "We are very pleased to partner with Cigna and continue to deepen our relationship with the consumers of India. With its extensive global healthcare expertise, Cigna has demonstrated a keen interest in India and the health and well being of its citizens."
As the joint venture's new chief executive officer, Patel, has spent several years working in the United States and internationally for Cigna. "I am excited to be here in India to lead this important new joint venture that is certain to benefit so many consumers," Patel said.
Cigna is the first U.S. insurer to apply for entry into India as part of a stand-alone joint venture health insurance company. Cigna and TTK have sought approval from India's Insurance Regulatory and Development Authority (IRDA) and plan to submit a comprehensive filing early this year. Full license to operate is not expected until 2013.
Cigna Corporation (NYSE: CI) is a global health service company dedicated to helping people improve their health, well-being and sense of security. All products and services are provided exclusively through operating subsidiaries of Cigna Corporation, including Connecticut General Life Insurance Company, Cigna Health and Life Insurance Company, Life Insurance Company of North America and Cigna Life Insurance Company of New York. Such products and services include an integrated suite of health services, such as medical, dental, behavioral health, pharmacy and vision care benefits, and other related products including group life, accident and disability insurance. Cigna maintains sales capability in 30 countries and jurisdictions, and has approximately 70 million customer relationships throughout the world. To learn more about Cigna®, including links to follow us on Facebook or Twitter, visit www.cigna.com.
TTK is widely recognized across India with a reputation built across eight decades for quality consumer products and services. The three letters in 'TTK' represents the corporate philosophy of the Group - Trust, Transparency and Knowledge. TTK's various operations include manufacturing and marketing of kitchenware, fast moving consumer goods, pharmaceuticals, contraceptive devices, bio-medical devices, food products, maps and atlases, and other services. The company's multiple businesses sell brands that are household names including Prestige, Woodwards, Eva, Kohinoor, Durex, Scholl, Fryums etc. TTK has its roots in India but reaches every continent in the globe with its wide range of products. The flagship company of the group, TTK Prestige, has won several awards including the India's "Best SME Company for the year 2010" presented by the Prime Minister of India. TTK Prestige has earned a spot in FORBES ASIA's list of "Best under a Billion" companies. To learn more about TTK Companies, visit www.ttkhealthcare.com or www.ttkprestige.com.
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