Health insurer CignaTTK Health Insurance has completed a year of operations. The insurer, which is known for its niche offerings, is planning to bring out products for lower income segments. Sandeep Patel, MD & CEO, CignaTTK Health Insurance, talks to M Saraswathy about company’s strategy and the way forward. Excerpts:
The company has launched products for the middle-income and affluent income segment. Will you be looking at launching products for the lower income segment?
We aspire to be present across all income segments. Personalisation and affordability is the key. We are aligning to customer's needs. This year, we have more affordable products for the lower income segments as well. The aim is to have over-the-counter products that are low cost and easy to understand. If the bank network is opened up, we will look at tying up with banks.
How has the company progressed in the last year?
CignaTTK Health Insurance has moved from 100 employees to more than 500 employees at present. We have been able to train 6,500 people in the past six months and have 100 per cent welcome calling for all our customers. The aim is to build the business in the right way. The matrix used to gauge our performance is the net promoter score where we have been performing well.
Group health has been an area of concern due to irrational pricing. Will you reduce your exposure?
We will concentrate on group health. Most of our business has primarily been retail till now. However, we will look at small selective groups to begin with. We are also analysing our claims data to see what is driving the costs. Later, we will look at driving programmes to improve productivity and better health of employees.
The losses for FY15 have been high...
The plan is to break-even in the sixth year of operation and we are moving as per that plan. Since the costs will be higher, there will be a rise in losses. However, this is in line with our strategy.
With the Insurance Act being passed, have you filed the application with the the FIPB for increase of the foreign JV partner's stake in CignaTTk?
We will file the application by June and expect to get approval by the end of the fiscal. Cigna will take its stake to 49 per cent from 26 per cent at present. The process is underway.
