The transfer of Cigna’s business to Chubb is progressing well and should be completed in June said Cigna NZ’s CEO Gail Costa during an online presentation to the advice community.
Costa told Cigna Live viewers she has met Chubb’s CEO Even Greenberg and his team, and that they are “…very interested in our unique market”.
“They are looking forward to completing the deal, which is expected to be in June,” she said, adding that the Chubb team is also looking forward to visiting and seeing the market first-hand.
The Chubb group bought Cigna Corp’s life, accident, and supplemental benefits businesses in seven countries for US$5.75 billion in October 2021.
Costa said nothing will change for the company’s policy holders once the handover is complete and that Chubb’s management is “…genuinely serious about supporting customers and their access to quality independent advice.”
During the hour-long event, Simon Tohill, GM Strategy & Marketing, said Cigna is looking at how it can improve customer outcomes.
“We have looked at three key things,” he said. “Medical definitions are being updated to ensure they remain relevant to medical practices, and what customers are experiencing in real life.
“We have also looked at the transparency of our documents so customers are really clear on what cover they have and when they can claim.
“And we have enhanced our customer support benefit so that in this difficult economic environment we make sure we are there for customers when they need us most.”
The presentation also featured David Haak, Cigna NZ General Manager – Distribution, who said 80% of its business is being done via the Cigna E-App, and that 2021 was the firm’s “…best year ever”.
“In 2021 we experienced an annual premium growth of 79% on the year before. And our active advisers had grown by 47%,” said Haak.