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Cigna TTK Health Insurance, a joint venture of the US-based Cigna Corporation and TTK Group, will expand its bancassurance partnership with Andhra Bank.
Phase II of the bancassurance tie-up with Andhra Bank has just commenced in 2017 and will cover 2,000 branches across the country, including Telangana and Andhra Pradesh, Jyoti Punja, Deputy Chief Executive Officer, Cigna TTK Health Insurance, told newspersons at a press conference held here on Wednesday.
As part of the partnership entered into with Andhra Bank in September 2016, over 800 branches were covered in the first phase.
On distribution side, Cigna TTK will add 10,000 new agents to its existing strength of 15,000 agents.
Referring to AP and Telangana market. she said a multi-level distribution channel will help to achieve more than 100 per cent growth in retail business. The agent network in the two states is now at 1,000 which will be doubled during this year.
As per industry data, health insurance penetration in India is only 5 per cent of the population excluding those who are covered under government schemes. Out of this, only one per cent are adequately insured.
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