CignaTTK Health Insurance, a joint venture between (JV) US-based global health service firm Cigna and India-based TTK Group, has launched its operations in India.
TTK holds 74% stake, while the remaining 26% stake is owned by Cigna, which seeks to offer health insurance plans leveraging the wide distribution network of the TTK group.
By December 2014, the company is planning to roll out nearly five to ten differentiated health insurance products.
CignaTTK Health Insurance Company CEO and managing director Sandeep Patel was quoted by PTI as saying, "Our focus is keeping a robust product pipeline and services that will educate and assist customers to lead healthier lifestyles.
"The continued rise in medical costs in India, coupled with a parallel increase in lifestyle-related diseases, there is an urgent need to upscale health Insurance penetration in the country."
Headquartered in Mumbai, CignaTTK will operate as a stand-alone health insurance company and is planning to open six branches in key metros including Mumbai, Bangalore, Hyderabad, Kolkata, Chennai and New Delhi by March 2014.
Thereafter, the company will launch 10 more offices with an eye to roll out 25 offices by end of the year.