Cigna TTK Health, a recent entrant in the Indian health insurance industry, is planning to set up an innovative distribution network through which simple health insurance products would be sold over the counter. Now, a health insurance plan can be bought from a neighbourhood pharmacy or your general physician will advise you on such a plan.
The buyer would be able to get a policy kit across the counter. For these simple products, it is not compulsory to have medical tests and the documents needed can be submitted online, when the customer reaches home.
Cigna TTK Health plans to leverage its network of pharmacies and physicians to sell its health insurance plans. It has an active business relationship with more 100,000 pharmacies and physicians across the country. For complex products, these outlets would collect the data from interested customers and generate the lead for the company for follow-up procedure.
Mr. Sandeep Patel, Mg. Director, Cigna Health Solutions, India said that apart from the traditional channels, they must have an innovative direct distribution channel so as to make a mark.
Cigna TTK Health Insurance Company is a joint venture between the US-based Cigna Corporation and India's TTK Group. Cigna has 26% holding in the company, while the Indian partner has a holding of 74%. The TTK Group, which operates across several segments, also plans to leverage its 400 'Prestige' outlets to sell health insurance products.
In US, UK and Japan, which are the most developed insurance markets, pharmacies are allowed to sell health insurance products. David M. Cordani, President and Chief Executive, Cigna Corporation said that they already have the experience in selling health insurance products through pharmacy chains in the U.S and that they would bring that expertise to India.