67 WALL STREET, New York - October 25, 2012 - The Wall Street Transcript has just published its Health Care IT Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with public company CEOs, Equity Analysts and Money Managers. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
Topics covered: Electronic Health Record Adoption - HIT Consolidation Activity - Platform Interoperability and Data Analytics - Analytics for Evidence-Based Care Protocols - Electronic Health Records Implementation - HITECH Act Incentives - Affordable Care Act
Companies include: CIGNA Corp. (CI) and many others.
In the following excerpt from the Health Care IT Report, the CIO of Cigna discusses the vision for his company for investors:
TWST: Would you begin with a brief historical sketch of the company and a picture of its current operations at this time?
Dr. Boxer: Cigna has gone through a transition from a multiline insurance holding company to a very focused global health service company. That transition has brought a new mission and vision, which is really about improving the health, well being and sense of security for our customers. We're very much focused on our mission. It's a part of our organizational DNA, and it's been the core to our growth strategy over the past several years.
We have a very simple phrase embraced by all employees that we use to describe our strategy - "Go Deep, Go Global, Go Individual." "Go Deep" means that we want to concentrate on those markets where we have a competitive advantage, can differentiate ourselves and that fall into the sweet spot of our products, our services and our distribution capabilities - so we can create more value for our customers.
"Go Global" means we will expand on a global basis. We believe that we are uniquely positioned among our peer competitors relative to our truly global footprint. In October, I was in Asia - Korea, Hong Kong and China - conducting operational reviews and looking at the technology needs to grow profitably within those markets. And I'll be in Europe in November. We're both going into new geographies and leveraging our competencies within existing geographies to introduce new business lines and expand our offerings.
We're also going global by direct entry and through joint ventures, depending on regulatory requirements and/or what makes sense from a distribution or delivery perspective. For example, in China, we have a very mature capability within the market through a strategic joint venture with China Merchants Bank. We've done quite well there. In Korea, we go to market directly to our target consumers. And we've recently initiated a joint venture in India. As you can see, we're continuing to expand our global footprint in markets that we want to play in, and where we can win.
The third element of our growth strategy is to "Go Individual." In many ways, our business model is shifting from a B2B model to a B2C model. It's not an either/or scenario. It's an "and," because we'll be in a transition period for a while, and the B2B model remains an important part of our distribution strategy. But clearly, even on the B2B side of the business, the individual customer relationship is taking on more prominence. "Going Individual" means establishing a deep understanding of our customers and their needs, shifting to a retail approach from a more wholesale approach, and delivering more personalized customer experiences. It's making sure that we know our customers. We need to know their likes, their dislikes and their preferences. We need to anticipate their needs, and then deliver a customized and personalized experience to them. And obviously, in that domain, technology is a very, very critical enabler.
TWST: From an IT perspective, what's the competitive landscape like for Cigna and what do you see as some of the company's key competitive advantages?
For more of this interview and many others visit the Wall Street Transcript - a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs, portfolio managers and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.