Cigna - Encouraging Life Through Its Assurance and Insurance

It has become important to have insurance by your side in this uncertain world, where anything could happen at any time. Especially when it comes to your health and life, the game out there is risky. Yes, there are insurance companies but having trust and finding a company with a myriad of insurance coverages is crucial. 

Cigna Group has placed itself as a colossal figure in the health insurance sector. A company that is a for-profit American organization, is also a major provider of insurance subsidiaries. The Bloomfield-based health insurance company relaxes the weary minds of its customers with a range of insurance from medical, life, and disability, to accident, while even providing dental insurance coverage. 

Cigna - Highlights

Cigna - About
Cigna - Industry
Cigna - Team
Cigna - History and Beginning
Cigna - Mission and Vision
Cigna - Name and Tagline
Cigna - Business Model
Cigna - Revenue Model
Cigna - Employees
Cigna - Challenges
Cigna - Funding and Investments
Cigna - Growth
Cigna - Social Media Presence
Cigna - Advertising Strategy
Cigna - Awards and Achivements
Cigna - Competitors
Cigna - Future Plans

Cigna - About

A global health company, leading in over 30 countries has won the trust of more than 190 million customers. The company offers Medicare as well as Medicaid products along with its well-reliant insurance coverages. 

Cigna Group aims at improving the vitality as well as the health of its customers and patients. The health company stands tall in this sector as it works under diverse capabilities with its two available divisions, Cigna Healthcare^SM and Evernorth Health Services^®. 

Even during the rising cost of the health market, Cigna Group provides its clients and customers access to a range of care related to health, and life that too with personalized support aimed at each individual. As of the ranking on the Fortune 500 list, Cigna ranked 15 in the year 2023 amongst the list of largest U.S corporations by total revenue. 

Cigna - Industry

Speaking of the industry that is targeted by the Cigna Group, health and medical insurance, it is the largest in the US. The same is booming around the globe, as an analysis of Data Bridge Market Research suggests that the health insurance market which was at USD 1,855.30 billion in the year 2022, the same is expected to reach USD 2,658.69 billion by the year 2030 with a CAGR of 4.6%.

Looking at the geographical distribution of the health insurance market, the North American region is the highest buyer of health insurance, followed by Europe. These areas are expected to have growth in the said industry in the coming years. This is assured due to the high demand for health insurance in the corporate sector. 

Next in line is the Asia-Pacific region, which is again expected to grow by 2030. A few companies that are thriving in the aforementioned regions are Bupa (UK), Now Health International (China), and of course Cigna (USA).

Cigna - Team

At present David Cordani is the president and CEO of Cigna, who took the chair in 2009,  while Brian Evanko is the current Chief Financial Officer.  

David Cordani

David Cordani looks after the 70,000 colleagues while leading the health insurance company. In the year 2020, David also oversaw Cigna’s launch of Evernorth, which is their recent brand for high-performing health services portfolio. 

With all of that amazing journey and experience, David is even known to be the co-author of ‘The Courage to Go Forward.’ He is a triathlete, who has experience of over 125 triathlons and has won a few too. 

Amongst his other interests and great roles, David has also been a part of the Achilles International Freedom Team of Wounded Veterans and ChildObesity180, as a charter board member. 

Brian Evanko

The alumnus of Penn State University, Brian Evanko looks after all the global financial functions that take place across Cigna. He has experienced an astounding journey while working with Cigna since he became the Actuarial Director in the year 2003. 

In the August of 2009, Brian became the CFO & Chief Actuary. This is when he spent his 2 years managing the functions in Singapore and then spent a year in Hong Kong managing all financial global leads. 

Cigna - History and Beginning

It was the year 1982 when Cigna was formed. The whole idea that is ruling over the health insurance industry today, came to life through the merger of the Connecticut General Life Insurance Company (CG) and INA Corporation. INA is the parent company of the first ever stock insurance company in America the ‘Insurance Company of North America.’

While spelling out the name ‘Cigna’ it represents the combination of the initial words of the two merged companies which are CG and INA.

Looking further and turning the pages in its history, the Connecticut General Life Insurance Company (CG) was formed in 1865, while the Insurance Company of North America was formed in 1792. 

Cigna - Mission and Vision

Cigna has got clear and simple mission that guides them through the depth of the insurance market. 

Mission: As per the company’s website, Cigna is focused on improving the health and vitality of those they serve. They are making great efforts to strengthen as a company while working towards their goal and at the same time they are evolving their capabilities focusing on innovation and new schemes.  

Vision: While talking about the vision, Cigna aims to have a better future that is built on the vitality of each individual belonging to every community.

Cigna - Name and Tagline

Tagline: This health company's tagline is simple yet encouraging, “Together, all the way.”

Cigna - Business Model

Focusing on three business segments, Cigna has achieved a lot since its inception. The company focuses on global health through its sub-segments such as medical, life, dental behavioral health, vision as well as prescriber drug benefits plans. The Cigna group even has a health advocacy program. With this, it also covers Global supplementary benefits. The plan offers a range of supplemental insurance ranging from health, life, and also accident. 

Besides the above-explained business model, Cigna then provides group long-term and short-term disability, group life, accident, and specialty insurance products. 

Cigna - Revenue Model

As of 2022, the revenue of Cigna is at USD 180.52 billion. The primary source of generating revenue at Cigna is through its insurance premiums which are paid by the customers every month. Next in line in the revenue generation model is the service fees, which are again paid by the customers. 

The company also aims to generate its revenue through its medical insurance schemes and even through the prescribed drug benefit plans. Cigna even generates its revenue through the health advocacy program. 

Best Healthcare Business Ideas Tips You Will Read This Year

Here you will get the 10 best business idea of healthcare industry whether you are professional or in interest in healthcare industry. Start business in healthcare.

StartupTalkyAvinash kumar mahato

Cigna - Employees

Cigna group currently has around 70,000 employees, while covering over 30 markets within various countries.  

Cigna - Challenges

Although Cigna has achieved a lot over the period, it had its days of struggle. The company once relied heavily on PowerPoint which hindered its productivity and even affected its creativity. Similarly, the in-house team of designers failed to come up with the company's own visual identity which ultimately affected its brand recognition. 

Then about the technical expertise, the internal team at Cigna had to face issues while looking for a partner to manage the technical part. 

Cigna - Funding and Investments

Cigna has a total of four investors with only one Angel Investor being Carl Icahn.  About Funding, Cigna raised a total of USD 250 million in the year 2018, through a single venture fund which is Cigna Ventures I. The mentioned fund was announced in September 2018.

Investments

In total, Cigna Group has made 10 investments, with the most recent being in 2023. Follow the table below to know all the investments made by Cigna. 

Cigna - Growth

Recently at the end of 2023, Cigna Group reported a profit of USD 1.4 billion in its third quarter. This growth was achieved through its Evernorth health services as well as with the help of Cigna’s health insurance plans. 

Let's take a look at the details of this growth:

• Cigna saw USD 4.74 per share profit 
• The previous year's profit was at USD 2.75 with a big boost from the sale of life, accident as well as supplemental benefits business to Chubb. 
• Third-quarter revenue increased by 8% 

Cigna - Social Media Presence

You can see a tremendous amount of responses to the company’s profile on social media. It is active on all platforms including Twitter, Facebook, LinkedIn, Youtube, Instagram, and Snapchat.

To attract more audiences Cigna targets each region around the globe using local language. This helps the clients understand its scheme more efficiently, making them buy the insurance.  

On Snapchat, Cigna keeps posting stories focusing on its health benefits and advocating its mission.  

Cigna - Advertising Strategy

For its advertisements, the health insurance company, Cigna focuses on traditional marketing channels that include television as well as print media. The company targets its audience through local languages in various countries. 

Cigna - Awards and Achivements

In the year 2009, Cigna received a gold Garrner & 1to1 Customer Experience Excellence Award, for clearly demonstrating exemplary customer relationship strategy. Later in 2010, Cigna received the JD Power Award for its customer service.

Cigna - Competitors

The competitors of Cigna are as below:

• Aetna 
• Humana
• UnitedHealth Group
• Elevance Health 
• Molina Healthcare 
• CVS Health 

Cigna - Future Plans

Last year, the Cigna health group announced its plan for 2024, which is to offer affordable, comprehensive health care plans in the ACA Marketplace across 14 states in the USA in 2024.

The said plan would even include 15 counties in North Carolina and will even cover counties in regions of Arizona, Colorado, Florida, Georgia, Illinois, Indiana, Mississippi, and more. 

FAQs

How long does it take Cigna to process a claim?

It takes up to five days to reimburse the fees after receiving the claim. 

In which countries is Cigna available?

Insurance by Cigna is available in China, Hong Kong, India, Singapore, Spain, New Zealand, South Korea and Turkey. 

When was Cigna formed?

Cigna was formed in the year 1982 with the merger of the Connecticut General Life Insurance Company (CG) and INA Corporation. INA is the parent company of the first-ever stock insurance company in America the ‘Insurance Company of North America.

Who are the competitors of Cigna?

The competitors of Cigna include Humana, Aetna, UnitedHealth Group, Elevance Health, Molina Healthcare, and CVS Health.