-- Marking Ten-Years of Delivering Health, Well-Being and Sense of Security to Customers in China
-- Announcing New Strategies for Next Decade of Success
SHENZHEN, China, Sept. 12, 2013 /PRNewswire/ -- Global President and CEO of Cigna Corporation Mr. David Cordani was joined today by China Merchants Bank President, Mr. Tian Huiyu, Cigna & CMB Chairman, Mr. Zhang Guanghua and Mr. Steven Sun, CEO and General Manager of Cigna & CMB, in celebrating the 10th Anniversary of one of the most successful joint ventures in the financial services industry in China.
In marking a decade of success of the joint venture Cigna & CMB Life Insurance Company Limited -- a partnership between global health service company Cigna Corporation and China Merchant Group -- Mr. Cordani & Mr. Zhang discussed delivering life, personal accident and hospital indemnity insurance to customers in China and outlined strategies for future success to support China's rapidly evolving healthcare market in the decade to come.
"Our strong partnership with China Merchants Bank has already delivered Cigna & CMB's enviable track record of what is now a decade of success in the China market," said Mr. Cordani.
"Now we are extremely well positioned to play an even greater role in supporting China's healthcare system and insurance market in the future," he said.
Cigna is known as a global health services leader. The company provides health and financial protection products to both employees and individuals. It is a leader in group & employer segments for health insurance and services around the world.
The individual consumer is also an important segment for Cigna and with changing health trends in China, as around the world, and rising healthcare costs, healthcare insurance providers in China, such as Cigna & CMB, are in a strong position to help meet customer needs.
"Cigna & CMB is continuing its decade of success in building our business in China by offering customer-centric products and services that provide health, well-being and protection that cater to the Chinese customers' needs at different stages in their lives," said Mr. Cordani.
"In recognition of our 10th Anniversary and to mark our readiness and continuing business evolution to meet the needs of our Chinese customers for the next decade, Cigna & CMB is planning to launch a new branding initiative later this year that will see a personalization of the brand, delivering a more personal touch that talks to caring about each customer as a totally unique individual.
"Cigna & CMB's current positioning, 'A Century of Trust, A Valuable Promise' reflects both Cigna's and China Merchants Bank's long heritage, stability and financial strength. Extending from this, our new brand strategy, tailored for the Chinese marketplace, is: "We Care About You -- We Promise for You" and highlights Cigna & CMB's renewed pledge to help our customers in China nurture their strengths to achieve what matters most in their lives and work to embrace the real issues behind their financial protection needs that evolve through each critical life event in a person's life," he said.
Mr. Sun announced future plans to further extend Cigna & CMB's direct-to-consumer insurance sales channels. "With almost 500 million people online in the country, key industry commentators in China have highlighted the unique opportunities for healthcare insurance companies in China's digital consumer boom," he said.
"Cigna & CMB has already been highly active in this distribution channel in China since 2010, offering direct e-commerce sales, online promotion of health & protection insurance products in a relevant and easy to understand manner for lead generation across Internet and mobile platforms. This channel is gathering momentum and is becoming ever more important," he explained.
"To support this expansion we now plan to further invest in IT, TV and digital innovation, for delivering an ever more personalized customer experience.
Said Cigna & CMB Chairman Mr. Zhang: "Cigna & CMB's 10th Anniversary is a highly significant milestone. Over the years, our strong partnership has grown Cigna & CMB into a business of approximately 4,600 employees that serves well over one million active policy holders across nine provinces in China.
"Even as we celebrate the previous decade of success, we are looking forward to the future -- the next decade and beyond. Cigna & CMB will continuing to innovate and grow in China, striving to meet the health, well-being and financial protection needs of Chinese consumers."
Cigna & CMB -- A History
Cigna's history in China dates back to 1897, when INA, a Cigna predecessor company, became the first American company to write insurance in China. In 1994, after a 43-year hiatus, Cigna opened an office in Beijing.
In 2003, Cigna formed its joint venture in China with China Merchants Group affiliate to sell individual health, life and accident products. In the years that followed, this successful operation -- Cigna & CMB Life Insurance Co. -- grew into a business that includes expat plans for globally mobile employees of Chinese and non-Chinese multi-national corporations, and individual private medical plans and serves one million policyholders across eleven provinces and cities.
Key products for the China market currently include Life Insurance, Critical Illness and Health Insurance across distribution channels that include affinity, bancassurance, direct-to-consumer, and brokers.
Cigna Corporation (CI) is a global health service company dedicated to helping people improve their health, well-being and sense of security. All products and services are provided exclusively by or through operating subsidiaries of Cigna Corporation, including Connecticut General Life Insurance Company, Cigna Health and Life Insurance Company, Life Insurance Company of North America and Cigna Life Insurance Company of New York. Such products and services include an integrated suite of health services, such as medical, dental, behavioral health, pharmacy, vision, supplemental benefits, and other related products including group life, accident and disability insurance. Cigna maintains sales capability in 30 countries and jurisdictions, and has more than 80 million customer relationships throughout the world. To learn more about Cigna(R), visit www.cigna.com (including links to follow us on Facebook or Twitter).
About Cigna & CMB
Cigna & CMB Life Insurance Co., Ltd. ("Cigna & CMB") was established by Cigna and a China Merchants Group affiliate in 2003. Founded in 1792, Cigna Corporation is one of the largest insurance companies in the US. As early as 1897, a Cigna predecessor company was the 1st American insurance company operating insurance business in China granted by the Qing Dynasty Government. China Merchants Group ("CMG"), founded in 1872, is one of the earliest enterprises in Chinese enterprise modernization process in recent China history. Cigna & CMB was awarded Best Foreign Life Insurance Company Award in China for two consecutive years in 2008 and 2009 by China Financial Times and The Institute of Finance and Banking of Chinese Academy of Social Science. Cigna & CMB topped in the overall competency ranking among all joint venture life insurers in China in the 2010 Asia Insurance Competency Ranking Research Report conducted by California State University, Fullerton (CSUF) and 21st Century Business Herald. For more information about Cigna & CMB, Pls. visit www.cigna-CMC.com.
- Health Care Industry
- Cigna Corporation
- China Merchants Bank