Cigna Corp, pushing forward its overseas expansion strategy, announced a joint venture with the TTK Group, an Indian consumer goods firm, to sell health insurance across India.
The insurance will be sold under the name Cigna TTK, and its headquarters would be in Mumbai. Cigna TTK would develop and sell individual health insurance and supplemental coverage as well as health benefits for expatriates in India.
India's regulatory authorities is yet to approve the joint venture. The operations are expected to start in 2013. Local workforce would be built in Mumbai because it offers an attractive pool of applicants in the workforce.
Cigna TTK said that they have the expertise in offering solutions which would improve the customers' health while managing cost. Cigna picked TTK because it was familiar with the Indian consumers.
TTK Group was pleased to partner with Cigna and would continue to deepen their relationship with the consumers of India. With its expertise in global healthcare, Cigna has demonstrated a keen interest in India and the well being of its citizens.