US-based health insurer Cigna and the Indian conglomerate TTK Group have formed a joint venture (JV) to sell health insurance products across India.
The JV, which will focus on insurance and related services in the health sector, will be named Cigna TTK and will be headquartered in Mumbai.
Cigna’s Sandeep Patel, who is managing director of the subsidiary Cigna Health Solutions India, will be CEO of Cigna TTK.
Patel will be responsible for managing all aspects of the JV’s business, including developing and deploying a suite of products and services, that include individual private medical insurance, supplemental health and accident products, and health benefits for expatriates.
Patel, who joined Cigna in 1998, has been involved in the expansion and management of Cigna’s business in the Middle East region.
The JV is still pending approval by India’s regulatory authorities and is expected to start operations in 2013.