CignaTTK Health Insurance, a stand-alone health insurance company, a joint venture between the US-based Cigna Corporation and the TTK Group of India, commenced operations in n February 2014. FeMoney talked to Jyoti Punja Deputy CEO, Cigna TTK Health Insurance, to understand how the company’s business is shaping up and their plans for the future. Here are some excerpts:
Q. What are the trends in Cigna TTK’s business growth since commencement of operations some years ago?
A. Cigna TTK Health Insurance in now present in 15 cities. It brings to the Indian marketplace Cigna’s core global skills and TTK’s Indian expertise. To increase penetration of health insurance it is important to understand the health needs of people and address them. There is great need of accessibility, convenience and transparency because people are unique and so is their health. We see each person defining a healthy life on their terms.
Q. What are the USPs of Cigna TTK’s products?
A. Cigna TTK embarked on the Indian journey with a differentiated value proposition for the Indian marketplace. We believe that our products should be designed around customers’ needs. Cigna TTK is more than health insurance and our products draw from our philosophy of providing holistic health and well-being solutions.
Before any new insurance product launch, we always do an extensive research to understand the market needs therefore all our products and services are designed to suit the requirements of the Indian customers.
We have recently announced the launch of our pioneering Personal Health Wallet/Health savings product – ProHealth Accumulate. ProHealth Accumulate a health plan designed for the Indian market to provide a 360 degree health solution. The product offers customers the benefit of combining health protection, wellness and health reserve. Thus, addressing the barriers of Indian consumers who perceive health insurance plans either to be an ‘annual waste of money’ or believe that insurance claims are for hospitalisation expenses only.
Q. What is your claims experience in your short existence?
A. We are proud to state that our claim settlement ratio is the best in the health insurance space and we stand at 93.3 per cent. Claim settlement ratio is an important parameter when choosing a policy because it the ‘Moment of Truth’. We make it a point to settle all genuine claims with minimum hassle to our customers and our pending claim is 0.5 per cent or lesser.
We have create a strong underwriting system which works on predictive analysis with bare minimum turnaround time (TAT). While the regulator allows us to have a TAT for claims of 30 days, internally we have a target of 5 days. For cashless claims, we approve within 90 minutes. We also use the predictive analysis technique to expedite the claim settlement process .
Q. Are you considering expanding your product suite? Many health insurers are offering disease-specific covers. Is Cigna TTK planning to also offer such covers?
A. Yes, of course. We are in the process of evaluating products that can focus on condition-management.