Manipal Group, a leader in the field of healthcare delivery and higher education, has ventured into health insurnace by buying stakes in Cigna TTK Health Insurance Company Limited (Cigna TTK).
Insurance Regulatory and Development Authority of India (IRDAI) has approved the deal.As per the new structure, Cigna Corporation 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.
However,the financial details of the new transaction are not available.
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, personalised, and affordable suite of healthcare solutions, said a press release by the Cigna TTK Health Insurance.
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.”
Ranjan Pai, Chairman, Manipal Education & Medical Group (MEMG) said: “The two organisations 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.”
“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.
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.
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.It has tie-ups with Andhra Bank, Lakshmi Vilas Bank, Bank of Maharastra and Saraswat Bank.