MUMBAI: 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 organizations 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