Cigna to enter life insurance market

clock • 1 min read

Cigna Insurance Services is to enter the individual life insurance market this year, the company has announced.

Cigna has pledged that the policies will be "straightforward, easy to understand and convenient to buy" and the company will work with to provide new ways to make protection available.

Further details of the product range which will be on offer will be announced in early 2015.

The company has undertaken a growth-based strategy since the appointment of CEO Susan Stevenson who was appointed to lead the company last year.

The policies will be rolled out with Cigna's "affinity partner" companies aiming to mirror its position in the travel insurance market.

Stevenson said: "Cigna's UK individual life insurance proposition will be to collaborate with affinity partners to unlock the enormous potential. Together, we will breathe new life into the industry, bringing innovative, affordable and accessible solutions to the stagnant UK life insurance market.

"Our offering will leverage Cigna's considerable global expertise in affinity marketing and life insurance to offer our partners products for their customers that are simple, easy to understand and easy to buy. It is our goal to make life insurance accessible to the broadest possible market.

"Many consumers do not recognise their own protection shortfall and are unaware of how much cover they need or where to buy it from. Even then, many life insurance products are simply too complex, inaccessible and unaffordable for those customers who only need basic cover.

Stevenson added: "We firmly believe that affinity partners have been let down by the insurance industry and are looking for new solutions which help them achieve their full potential in this market.

"Cigna will offer more than just products to our affinity partners - using our experience, we will help our partners engage with their customers in new ways, with compelling propositions and marketing solutions that open up a new dialogue around greater financial protection."

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