Important Updates Affecting Cigna Global Customers
During the summer months Cigna performed a review of their business and make decisions on how they could continue to offer best-in-class health care to their globally mobile and high net worth individual customers. When making these decisions, Cigna strived to balance the requirement for rates to be sustainable and sufficient to provide for its customers in their time of need, with the goal of offering prices that are competitive and meet the short-term financial needs of thier customers.
Part of this review includes a thorough examination of the rates they offer thier customers. This year’s rate review realigns their pricing for many segments following implementation of actuarial insights that have been gathered over a longer period.
While some of thier customers will experience rate reductions, others may experience an increase. This year’s rate review will be released in two phases, the first commencing from the 15th of September and the second commencing in November. For details on impact of the September versus the November release, please click here.
As in many cases in the past, reviewing rates allows them to provide favourable outcomes for some of thier customers. This year, they anticipate that about 25% of their policies will receive a discount at renewal, which is quite unusual. They have been able to provide the following to their customers:
This fact sheet helps illustrate the many nuances that impact the rates they are able to offer. Adjusting their rates helps ensure long term success in otheir markets. Cigna is known for offering a premium proposition with unparalleled five-star customer service. Their high NPS rating is a testament to their ongoing dedication to their customers and long term growth ambitions.