Posted on Apr 21, 2010 by Sergio Ulloa
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.