Mumbai: Cigna TTK Health Insurance is planning to infuse Rs 114 crore to expand its business, increase distribution network and for upgrading technology, a senior company executive has said.
“With Cigna hiking its stake in the company, we will now be infusing Rs 114 crore for business expansion. The funds will also be invested in technology and to increase our distribution network,” Cigna TTK Health Insurance Managing Director and CEO Sandeep Patel told PTI here.
He said the company will utilize the fund for developing innovative products for the company.
Cigna’s stake in the health insurance firm will increase to 49 per cent from 26 per cent.
The company is planning to double its branches to 32 by 2019, from the current 16 branches.
“We have 16 branches catering to 41 cities across the country. By 2019, we are planning to double this that will reach 65 cities to penetrate deep into the tier II and III towns in the country,” Patel said.
Through this expansion, the company will increase its agents base by around 11,000 to 25,000-30,000, he said, adding that currently, Cigna TTK Health has 19,000 agents, of which 13,000 are active.
He said the direct hiring will be around 300 employees to overall 1,200 to man the branch expansion.
Cigna TTK Health has a current workforce of 900, he added.
The company’s strength is its multiple distribution networks and some model is strong in some region and some in another.
“We have a strong distribution network and focus on multiple distribution models. Our broker model is strong in the eastern region, agents in north and bancassurance across the country,” he added.
Meanwhile, the company has announced the launch of a health product? ProHealth Select – with features like inflation shield and reassurance benefits.
“Our plans are designed to meet the distinct health needs of our customers. ProHealth Select is another break through in our product portfolio that not only offers protection but also takes care of future unforeseen needs of our customers,” Patel said.
He said the company has enriched the product through an array of features like reassurance benefit, inflation shield, healthy rewards and more and is affordable, simple, easy to use and understand the product.