BoM fortifies bancassurance alliance with Cigna TTK

(L to R) C S. Verma, GM, Bank of Maharashtra , Sandeep Patel, MD & CEO, Cigna TTK Health Insurance and A.C.Rout, ED, Bank of Maharashtra 

16/10/2017

PUNE: Bank of Maharashtra, Cigna TTK Health Insurance, a joint venture between U.S. based global health service leader, Cigna Corporation (NYSE:CI), and Indian conglomerate TTK Group, today over a press meet in Pune unveiled growth plans for Maharashtra and Western India.

Bank of Maharashtra and Cigna TTK entered into a strategic bancassurance partnership in January 2017. In less than one year, Cigna TTK issued more than7500 health insurance policies and covered over 20,000 family members of Bank of Maharashtra’s customers.

With more than 200 years of experience in the insurance sector, Cigna TTK entered India in the 2014, built a multi-distribution channel with a key focus on bancassurance and currently has over 4,00,000 customers across India. The partnership with Bank of Maharashtra has enabled Cigna TTK Health Insurance to increase its footprints in Pune and western India.

Speaking at the press conference, Sandeep Patel, MD & CEO, Cigna TTK Health Insurance said “Bancassurance is a key focus for us and our partnership with one of India‘s leading public sector banks i.e.  Bank of Maharashtra has enabled us to reach out to customers in tier II and tier III cities in Maharashtra and Western India. We will continue to strengthen our relationship with Bank of Maharashtra with our strategy to Go Deeper in India through innovation and expanding our offerings that meet the diverse health needs of the Bank’s customers; Go Local by enriching our customer experience and creating customized health and wellness products suited for the Bank’s diverse set of customers; and Go Beyond  by enhancing our technological capabilities that helps us personalize our service delivery mechanism for our partners. ”

Ravindra Marathe, MD & CEO, Bank of Maharashtra said, “With the rapid growth of the middle class and rise in chronic diseases, healthcare is one of India’s fastest-growing sectors. Our bancassurance partnership with Cigna TTK combines the expertise of one the largest global health insurance company with our extensive pan India network of over 1896 branches, including our online banking platforms. Our customers can now avail health insurance products and services that cater to their individual needs. Cigna TTK‘s products also include wellness features that have proved to be immensely valuable. We look forward to a successful journey in the coming years.”

Cigna TTK and Bank of Maharashtra continuously work together to increase health insurance awareness programs. On September 16 2017, the Bank completed 83 illustrious years in India and Cigna TTK conducted health camps across 29 branches, which proved to be a huge success.