Bloomfield health insurer Cigna Corp. is continuing its international expansion, this time setting its sights on India.
The company has signed a joint-venture agreement with Indian conglomerate TTK Group to sell a range of health, wellness and insurance products across India.
Full license to operate would not be expected until 2013. Financial terms of the agreement were not disclosed.
Cigna is increasingly positioning itself as global health insurer and currently provides coverage in every continent through its expatriate benefits business.
In recent years, Cigna entered new markets to sell insurance products directly to people who live in foreign countries. That is what’s happening with this foray into India. The company made a similar move a few years ago in China as well.
The deal will make Cigna the first U.S. insurer to apply for entry into India as part of a stand-alone joint venture health insurance company, officials said.
And it gives Cigna access to a population of more 1 billion people, or one-sixth of the world’s total population.
Cigna and TTK have begun the process of seeking approval from India’s Insurance Regulatory and Development Authority and plan to submit a comprehensive filing early next year.
TTK is a family-owned and operated company that runs multiple businesses that sell everything from cookware to pharmaceuticals.
