Sep
15
CIGNA Corp., the Philadelphia-based healthcare service provider, has announced at the Morgan Stanley Global Healthcare Conference in New York that it expects to meet its forecast consolidated adjusted income from operations as per estimates for the whole of 2010, currently set at between US$1.13 billion (EUR 869.2 million) to US$1.21 billion (EUR 931 million).
Included in the forecast by CIGNA for the full year 2010 are the results of Guaranteed Minimum Death Benefits, which are expected to reach a break-even level. However, CIGNA sounded a note of caution on reaching their targets, depending upon economic volatility and persistent low levels of interest rates, since these unpredictable factors would call for an increase in reserves, producing losses in the second half of 2010 to cover these benefits.
Under the category of special items for 2010, CIGNA may include items such as potential adjustments related to cost reduction, litigation and taxes. Other than these special items, at present CIGNA doesn’t have additional information available to reasonably identify or estimate any more than these items for the full year 2010.
In its 8th annual chapter, the Morgan Stanley Global Healthcare Conference aims to contribute towards the visionary goals set back in 1935, defining the company as the pre-eminent financial advisor to companies, governments and investors from around the world.
Insurance Company mentioned:
A global health service company dedicated to helping people improve their health, well being and sense of security. CIGNA Corporation’s operating subsidiaries provide an integrated suite of medical, dental, behavioural health, pharmacy and vision care benefits, as well as group life, accident and disability insurance, to approximately 46 million people throughout the United States and around the world.
Sep
1
CIGNA acquires Vanbreda International
Filed Under CIGNA, Health Insurance, Vanbreda | 6 Comments
Philadelphia-based health insurance company CIGNA has announced the recent acquisition of privately owned Vanbreda International, a leading international health insurance company headquartered in Belgium. The deal between the two companies gives CIGNA unprecedented access to the larger international expatriate health insurance market; the two companies have an estimated 700,000 policyholders worldwide.
CIGNA President, William L Atwell, was positive about the deal between the two insurers, stating that “the acquisition demonstrates CIGNA’s growth strategy to go deep into existing segments, to go global – seeking worldwide opportunities to diversify our earnings stream, build on strengths and serve customer needs – and to go individual, as Vanbreda International has a growing portfolio of international individual business.”
Despite the acquisition of Vanbreda, the company will still continue to operate as an independent business under the leadership of current CEO Rudi Bertels, who said “as we join forces with CIGNA, we look forward to building on our proud legacy of service and adding enhanced capabilities for our customers, such as CIGNA’s leading suite of health and wellness offerings.”
Vanbreda has been a target for CIGNA for some time now as “there is little overlap between our current businesses and capabilities, bringing mutual opportunity to both,” according to Atwell, who also identified the strong “cultural fit” between the two companies as a key motivator for the acquisition.
While CIGNA is a dominant presence in the American health insurance market, providing integrated health services, Vanbreda has a much larger operation in both Europe and Asia. As such, the deal between the two companies is a key component in CIGNA’s global strategy, and a vital part of their plans for worldwide growth.
The last 12 months has seen increased movement in the international insurance market, following in the wake of the 2008-2009 global financial crisis. In a global trend, many insurance providers are looking to expand their global presence, with Europe and the developing markets in Asia being cited as the biggest opportunities for success. The acquisition of Vanbreda by CIGNA is the latest development of this movement.
UBS Bank was the financial advisor to CIGNA for the deal, however financial details of the acquisition have not been disclosed.
Insurance Companies Mentioned
CIGNA
A global health service company dedicated to helping people improve their health, well being and sense of security. CIGNA Corporation’s operating subsidiaries provide an integrated suite of medical, dental, behavioral health, pharmacy and vision care benefits, as well as group life, accident and disability insurance, to approximately 46 million people throughout the United States and around the world.
Vanbreda
With over 50 years of experience in the international medical insurance market, Vanbreda covers a myriad of policyholders worldwide. Headquartered in Belgium, Vanbreda believes in product innovation and superior service to customers.
Jul
20
Jason Sadler has been named as the new CEO of CIGNA International Health, Life & Accident operations.
Filed Under CIGNA, Insurance Company, International Healthcare, Uncategorized | 4 Comments
Mr Sadler will oversee the operations from Hong Kong, as CIGNA aim to further expand the business globally. As from the 19th of July, 2010, the former HSBC MD will take the reins of CIGNA in Hong Kong, to lead the Health, Life & Accident (HL&A) push for growth in the international market.
CIGNA International President William L. Atwell said “ With his breadth of experience and strong leadership skills, I’m confident he’ll be a great success in leading our team to meet our aggressive growth objectives – particularly in Asia.”
The appointment of Mr Sadler, follows an aggressive business strategy which has been implemented by CIGNA early this year. The experience of the new CEO is likely going to play a pivotal role in the drive to augment the global reach of the health service company.
Prior to becoming CEO of IH&A, Mr Sadler spent 16 years with HSBC serving in the UK, Singapore and Hong Kong. Recently he held the position of managing director of the HSBC insurance business for Hong Kong, responsible for the life, general, medical and corporate retirement business.
With a total of 21 years of experience in the industry, Mr Sadler’s appointment as CEO of CIGNA International Health, Life & Accident comes at a critical time, as the company accelerates their global operations, with particular focus on the Asian market. Mr Sadler is leaving the post of Insurance Business Managing Director for HSBC in Hong Kong, Insurance Asian Limited, a position he has held since 2007; previously he was CEO of HSBC Singapore Pte Limited.
Mr Sadler graduated from Swansea University, United Kingdom with a Bachelor of Science in Business Studies. Previously Sadler held management positions in the UK, with AXA insurance and Zurich Financial Services.
The appointment of Mr Sadler comes as CIGNA aim to increase their market share, especially in Asia. As the Asian healthcare market expands – particularly in China – CIGNA plans to implement an aggressive strategy that aims to take advantage of the rapidly increasing demand for insurance packages that provide better coverage than the government-provided plans.
Insurance Companies mentioned:
CIGNA- A global health service company dedicated to helping people improve their health, well being and sense of security. CIGNA Corporation’s operating subsidiaries provide an integrated suite of medical, dental, behavioral health, pharmacy and vision care benefits, as well as group life, accident and disability insurance, to approximately 46 million people throughout the United States and around the world.
HSBC- Is one of the largest banks and financial services organizations in the world. It has a global presence that consists of 9,500 offices across 86 countries and territories in Europe, the Americas, the Asian- Pacific region, the Middle East and Africa. HSBC Insurance (Asia-Pacific) Holdings Limited is a wholly owned subsidiary of The Hong Kong and Shanghai Banking Corporation Limited, the founder member of HSBC Holdings plc, the London-based holding company of the HSBC Group. Three insurance underwriters collectively form HSBC Insurance (Asia-Pacific) Holdings Limited: HSBC Insurance (Asia) Limited, HSBC Life (International) Limited and HSBC Insurance (Singapore) Pte Limited.
Jun
30
Chinese and American Healthcare Comparison by CIGNA CEO
Filed Under CIGNA, China, China insurance, Health Insurance, Healthcare, USA Health Insurance | 2 Comments
As well as being the fourth largest commercial insurer in the US, American health insurance giant CIGNA conducts approximately 20 percent of their business abroad, with most of the rapid growth coming from Asia, and in particular China.
In the US domestic market, CIGNA mainly acts as a Health Management Organisation (HMO) providing larger-scale employers with insurance packages, whilst their main role in China is in selling supplemental packages to individuals wanting more coverage than what is available under basic government-provided plans.
In the words of David Cordani, CEO of CIGNA, “It’s a real critical part of our growth strategy. It’s not new for Cigna, it’s just an acceleration” commenting on the continued and significant growth experienced abroad.
Further sharing his insights about the non-US marketplace, Mr. Cordani believes that the healthcare systems of both the US and China could learn from each other, explaining that in broader terms, the non-US marketplace has a very vibrant individual supplemental segment, from which to learn by providing people in the US with transparency, choice, and ready access to more retail-oriented policies.
Conversely, the healthcare system in China could learn more about American population-based health programmes including health coaching, disease care and lifestyle programmes.
Given that both countries are undergoing healthcare reforms on their respective healthcare systems, the insight offered by Mr. Cordani may be the type of food for thought needed to drive quality and cost improvements that will ultimately help make the new legislations correspondingly sustainable.
Insurance Company mentioned:
A global health service company dedicated to helping people improve their health, well being and sense of security. CIGNA Corporation’s operating subsidiaries provide an integrated suite of medical, dental, behavioural health, pharmacy and vision care benefits, as well as group life, accident and disability insurance, to approximately 46 million people throughout the United States and around the world.
Jun
21
CIGNA unveils new Private Medical Insurance product, SmarterHealth
Filed Under CIGNA, Health Insurance, Insurance Company, Medical Insurance, United Kingdom | 3 Comments
CIGNA’s UK branch, CIGNA Healthcare, has launched SmarterHealth; a new private medical insurance product targeted at mid-sized corporate clients with between 150 and 400 employees.
The new product, SmarterHealth, is based on a core list of benefits with the ability to add two coverage options to increase benefits; optional dental benefits which are split into four levels of coverage (Pearl Plan, Diamond Plan, Oral Health Plus and Oral Health Optimum), and travel insurance coverage which would cover both business and leisure travel including coverage of winter sports.
CIGNA’s SmarterHealth product also offers two options to downgrade coverage to manage costs, which are the removal of psychiatric cover as well as removal of access to CIGNA’s stress helpline. SmarterHealth also comes with four options for medical underwriting. Corporate clients can choose either full medical underwriting, medical history disregarded, moratoriums or continued previous medical exclusions for people switching from another insurer. Further options for co-insurance and excesses are also available.
Kristy Jagielko, CIGNA’s Head of Product Management said “We’re delighted by the positive response from intermediaries and companies alike on our new product. SmarterHealth truly provides a smarter solution for employers – they get a comprehensive plan that’s not only specific to their needs but is backed by our nurse led approach. This means that we’re actively involved in managing their healthcare claims and costs. And we do this while helping employees and their families get the most appropriate treatment in the most appropriate setting.”
Insurance Company Mentioned:
CIGNA
A global health service company dedicated to helping people improve their health, well being and sense of security. CIGNA Corporation’s operating subsidiaries provide an integrated suite of medical, dental, behavioural health, pharmacy and vision care benefits, as well as group life, accident and disability insurance, to approximately 46 million people throughout the United States and around the world.
May
20
CIGNA offers Localised Wellness Programme to Companies Worldwide
Filed Under CIGNA, Healthcare, International Healthcare | 1 Comment
With the aim of helping companies with a global presence improve the well-being of their employees, CIGNA is offering them a uniform health and wellness programme that is localised to the various countries where they have a foothold. Based in London, the CIGNA company vielife has bundled into the programme a health assessment and online health coaching courses for stress, nutrition, physical fitness and sleep. Overall, vielife develops global wellness and productivity improvement programmes.
The assessment has been localised to each country, factoring-in cultural differences, terminology and the needs of specific employee populations, in addition of having been translated into more than 15 languages, with multiple versions of English, Spanish and French and earned the Health Information Products certification for quality from the National Committee for Quality Assurance (NCQA).
A small number of employers buying a CIGNA health plan are given the chance to become early adopters by having the option to purchase the global wellness programme as an add-on.
CIGNA helps companies achieve broader employee participation and an overall health improvement of the employees participating in the programme. International companies in England and other parts in Europe, as well as Australia, Dubai, Mexico, Taiwan and other countries, are already seeing the benefits of applying the recommendations outlined in the vielife wellness programme, reducing healthcare costs, improving productivity and workforce morale, plus reducing stress levels.
The production of management reports help the companies identify health risks, quantifying in monetary terms the potential impact to productivity caused by absenteeism.
Healthy as well as chronically-ill employees benefit from the practical, personalised and achievable recommendations of the wellness programme focused on the areas of stress, nutrition, physical fitness, sleep and their overall work/family-life balance.
Insurance Company mentioned:
A global health service company dedicated to helping people improve their health, well being and sense of security. CIGNA Corporation’s operating subsidiaries provide an integrated suite of medical, dental, behavioural health, pharmacy and vision care benefits, as well as group life, accident and disability insurance, to approximately 46 million people throughout the United States and around the world.
Apr
21
CIGNA expands International Expat Benefits Business Operations
Filed Under CIGNA, Expat Insurance, Health Insurance, Medical Insurance | 3 Comments
CIGNA is on the lookout for a head of Global Marketing to spearhead the initiative undertaken by CIGNA International Expatriate Benefits (CIEB) announced 3 months ago to offer individual Private Medical Insurance (PMI) to customers around the globe.
CIGNA International will provide local PMI to US citizens in overseas assignments, as well as to other individual expatriates and high net worth individuals. As per details in a CIGNA International press release dated 20 January 2010, Keith Biddlestone will be spearheading the creation of a world-class international individual business and the implementation of the individual PMI strategy on an international scale. CIEB is expected to deploy its new range of international private medical insurance products towards the last quarter of 2010, or the first quarter of 2011.
With over 30 years of international marketing experience, CIGNA is well positioned to not only continue offering expatriate coverage, supplemental insurance products and third-party administration, but bring to fruition this new initiative to market their latest individual international insurance product for both expatriates and local markets.
The timing of this international initiative fits well with the current business scenario in the US, which sees increased profit pressure from investors and taps into the internationally-encouraging business growth rates registered in overseas insurance markets, particularly in Asia and Europe. In Asia, the reforms recently implemented in relation to health insurance regulations have opened the door in China and India for foreign insurers to compete with their local counterparts, whilst Indonesia continues being an attractive proposition given its favourable business climate. In Western Europe, the potential business opportunities are centred around Portugal, Italy, Greece and Spain.
Currently operating in 27 countries, aside from expatriate services, the international segment for CIGNA represents a big and long-established business that continues performing well, even under the challenging economic times the industry has been experiencing lately. Internationally, CIGNA has been focusing on health, life and accident products, particularly in Asia. In other select countries, the focus has been on expatriate benefits and PMI most recently.
In the international scene, private coverage is offered in many countries, although this particular segment is not well developed and offers potential for business opportunities. The coverage usually offered may involve simple indemnity or hospital-reimbursement, which falls short of the goals to provide a more holistic approach in the form of managed care or playing the roll as a third party administrator (TPA).
The total individual insurance market, including supplemental health, PMI and global expatriate products is estimated to be worth US$112 billion (EUR 82.35 billion) and it is expected to continue growing at a compounded rate of 5 percent annually for the next 5 years.
Following on its mantra to cater to the needs of the globally mobile individuals, with this latest offering CIGNA aims to target high-net-worth individuals as well, on a global scale.
Insurance Company mentioned:
CIGNA International is part of CIGNA, a global health service and related insurance company dedicated to helping people improve their health, well-being and sense of security. CIGNA Corporation’s operating subsidiaries in the United States provide an integrated suite of medical, dental, behavioural health, pharmacy and vision care benefits, as well as group life, accident and disability insurance. Outside the U.S. CIGNA delivers access to superior quality health care and related financial protection programs to employers, affinity groups and individuals. CIGNA actively sells in 27 countries and jurisdictions and serves expatriates virtually everywhere in the world. On a global scale, CIGNA serves some 46 million people.
Mar
22
CIGNA International Expatriate Benefits adds to African Network
Filed Under Aetna, Africa, CIGNA, Expat Insurance, Healthcare, Insurance Company, International Healthcare | 4 Comments
CIGNA International Expatriate Benefits has broadened its African healthcare network with 47,000 healthcare facilities on March 17, 2010.
The new additions to CIGNA International’s healthcare facility network is part of its unveiling of CIGNALinks Africa which opens in Morocco, Tanzania, Kenya and South Africa; taking their network of health facilities outside the United States to about 140,000 international clinics, doctors and hospitals.
CIGNALinks is a program that aims to facilitate expatriate’s experience with international healthcare by establishing contractual alliances with local insurers and healthcare administrators, which allow CIGNA International Expatriate Benefits (CIEB) customers to get provider discounts, cashless services and streamlined claims procedures. The CIGNALinks Africa network integrates the global coverage of CIEB with South African company, Medical Services Organisation (MSO), and their joint-venture company Global Access Health Network’s local African healthcare network and services.
This continues a trend in international insurance companies expanding business and services in new markets, as seen by CIGNA’s expanded provider base in Russia and Aetna Global Benefits rolling out their Online Wellness Center in the Middle East and Africa.
Companies Mentioned:
For more than 125 years, CIGNA has been helping people lead healthier, more secure lives. The company provides health care and related benefits offered through the workplace. Key product lines include health care products and services (medical, pharmacy, behavioural health, clinical information management, dental and vision benefits, and case and disease management); and group disability, life and accident insurance. In addition, CIGNA also provides life, accident, health and expatriate employee benefits insurance coverage in selected international markets, primarily in Asia and Europe.
The international health insurance arm of Aetna, AGB is able to cater to the needs of expatriates located around the globe. With innovative policies, and dedication to service, Aetna Global Benefits exemplifies the commitment to the customer shown by their parent company.
Medical Services Organisation
Medical Services Organisation SA (Pty) Ltd., registered in 1995 in South Africa, is a wholly owned subsidiary of South African Druggist Ltd. Group. Medical Services Organisation provides healthcare industry related risk management services, specializing in Hospital and Disease Management.
Global Access Health Network
Global Access Health Network is a joint venture betweek Medical Services Organisation and Axihealth. It works with other companies, namely international insurance companies and self-insured corporates, by giving them access to local in-country Third Party Administrator healthcare networks.
Mar
5
CIGNA International offers health assessment on Expatriate Benefits plans
Filed Under CIGNA, Expat Insurance, Health Insurance, International Healthcare, Medical Insurance | 2 Comments
CIGNA International is to begin offering an international health assessment tool to help identify health risks for expatriate employees.
The preventative tool is aimed at identifying areas of health risk for employees that may endanger their work assignment, and comes with any CIGNA International Expatriate Benefits (CIEB) standard health plan to fully insured customers at no extra charge.
The assessment comes as a multilingual online questionnaire, which CIGNA says can be completed in about 20 minutes on CIGNA International Expatriate Benefits secure website www.CIGNAenvoy.com. The questionnaire, developed by London-based CIGNA company vielife, can also be customized to contain questions relating to specific geographical areas and will be available in 20 languages by the end of 2010.
CIGNA says that once the customer answers a series of questions about their lifestyle and health habits, upon completion they will be sent an electronic report detailing potential health risks as well as a section on the customers’ current health status and recommendations for improving their health. CIGNA notes that the questionnaire is both voluntary and confidential.
Sonny Patel, CIEB’s Senior Director of Global Health Solutions said “Completing a health assessment provides individuals with practical, appropriate and achievable recommendations in areas such as stress, nutrition, physical fitness, sleep and work/life balance. It’s an important resource in helping employers ensure their expatriate employees can fulfill their work assignments and enjoy life while away from home,”
Companies Mentioned:
CIGNA International Expatriate Benefits
For more than 125 years, CIGNA has been helping people lead healthier, more secure lives. The company provides health care and related benefits offered through the workplace. Key product lines include health care products and services (medical, pharmacy, behavioral health, clinical information management, dental and vision benefits, and case and disease management); and group disability, life and accident insurance. In addition, CIGNA also provides life, accident, health and expatriate employee benefits insurance coverage in selected international markets, primarily in Asia and Europe.
Feb
23
U.S Insurers can exploit global opportunities
Filed Under Allianz, BUPA, CIGNA, Insurance Company, USA Health Insurance | 4 Comments
Conning Research and Consulting, a division of Conning & Company, has released a study which finds that insurers operating in the USA’s domestic insurance market should focus their attention overseas if they are to see continuing high rates of growth and profitability.
Conning, a leading provider of insurance industry and asset management research and consulting services, released the study “Global Opportunities for U.S. Health Insurers” to help provide a solid framework for insurance providers to work within when expanding to international markets.
Sherry Manetta, an analyst with the company said, “U.S. health insurers have been successful focusing almost exclusively on the U.S. market up until now… However, the U.S. now accounts for 80 percent of the global health insurance market, while representing just 4.6 percent of the world’s population. Looking forward, both profit pressures at home and higher growth rates overseas will drive increased multinational expansion interest among U.S. health insurers.”
The study comes at a time when increased expansion is at the forefront of many international insurance provider agendas. With companies such as CIGNA, Allianz Worldwide Care, Aetna Global Benefits, and BUPA International all actively moving to consolidate their positions in the growing international marketplace, the study by Conning is a timely notification for many American insurance companies looking to revitalize their services.
Regarding the study, Stephen Christiansen said “In reviewing growth opportunities in health insurance beyond the U.S. market, Asia and Europe represent key near-term opportunities.” The Conning Director of Research went on to further elaborate saying that “U.S. insurers have built and are managing the world’s most complex managed health care system. With this infrastructure and expertise, U.S. insurers have the potential to emerge as front-runners of a vast global managed health care system should they decide to enter the competition already underway with Western European and Canadian multinational insurers.”
Companies Mentioned
Conning Research and Consulting
A provider of asset management research and consulting services to the insurance industry, Conning Research and Consulting has over 50 years experience in providing far reaching analysis to key industry decision makers.
BUPA is an international health insurance company that provides health insurance for individuals and companies all over the world. This company has offices on three continents and over 7 million customers’ world wide. As a provident association BUPA has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world.
For more than 125 years, CIGNA has been helping people lead healthier, more secure lives. The company provides health care and related benefits offered through the workplace. Key product lines include health care products and services (medical, pharmacy, behavioral health, clinical information management, dental and vision benefits, and case and disease management); and group disability, life and accident insurance. In addition, CIGNA also provides life, accident, health and expatriate employee benefits insurance coverage in selected international markets, primarily in Asia and Europe.
Allianz Worldwide Care was established in 2000 as the international medical insurance specialist of the Allianz Group. Allianz Worldwide Care is dedicated to providing superior health insurance policies to expatriates and their families all over the world. Headquartered in Ireland, this insurer has regional offices in Africa, the Middle East, Europe, and Asia, serving to provide their clients with the most comprehensive support network available.
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