There are already three standalone health joint ventures insurers Star Health Insurance, Max Bupa and Apollo Munich in the country. Earlier, TTK had formed a joint venture with the second largest global re-insurer, Swiss Re, to operate as a third-party administrator(TPA), but had ended the relationship recently.
Cigna and TTK have begun the process of seeking approval from the Insurance Regulatory and Development Authority(Irda) and plan to submit a comprehensive filing early next year.
Full license to operate is expected by 2013.
Cigna also expects to leverage its strong marketing capabilities, which include a combination of telemarketing, online and direct response television. Combined with TTKs pan-India retail reach, products will be marketed across geographies and customer segments, including those in rural areas.
Coupled with Cignas broad portfolio of products and expertise in direct marketing, we can help meet the needs of the Indian market in an entirely new way. Together, we will be a powerful combination, said William L. Atwell, president, Cigna International. TT Jagannathan, chairman of TTK Group.said, Healthcare is the fastest growing sector of the Indian economy. With 1.2 billion people, India is experiencing an increase in chronic conditions and lifestyle diseases, such as diabetes and hypertension, mirroring worldwide trends.