Cigna Corporation is a worldwide healthcare company with the intent to deliver better health care to the communities. The healthcare industry is a well-developed and mature industry with established corporations which makes it a highly competitive industry. Therefore, any organization in the healthcare sector has to incorporate a number of strategies in its activities to achieve its goals and remain sustainable in the market. Cigna Corporation is no different: it has a business, corporate and global strategies that make it thrive in the marketplace.
Cigna Corporation has several business level strategies that ensure the successful running of its operations and enhance its business units. Cigna Corporation has business level strategies such as differentiation and cost leadership. It is Cigna's strategy to win in the marketplace by focusing on the differentiation of its products. Cigna achieves differentiation through affordable products and personalization. Cigna delivers its services through value-based models and coordination. Cigna also targets unique products for different segments which is why it offers integrated health care services. Personalization is achieved by diversifying their services and cares to meet the need of various clients for instance group disability and life products, products for the elderly. The provision of affordable products drives cost leadership (Cigna, 2018b). Affordability is a priority for Cigna in a bid to become the undisputed go-to partner for healthcare services.
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Cigna has corporate level strategies that add value across its operation beyond the provisions of the business unit. Cigna's corporate plan includes growth and sustainability strategies. Growth is mainly a focus for Cigna in terms of diversifying its products to serve diverse market needs. Firstly, Cigna works with various organizations such as telecommunication companies, banks, and credit card companies through a customer directed approach to identify needs and tailor products to serve the needs. Secondly, Cigna has also in place actions that increase the rate of profitable growth such as improved medical costs, specialty penetration and market expansion. Also, Cigna has growth strategies that enable its entrance to new locations and penetration in new markets such as evolved approaches and market analysis. Cigna operates in over 30 countries including USA, Germany, Hong Kong, India, and China among others (Cigna, 2018a). Cigna ensures sustainability through focusing on market forces such as the aging population, variations in customer role, technological advancements, regulatory and legislature conditions and cost, price and access challenges to remain relevant in a competitive market.
Cigna's global strategies give the organization directives to globalization and enable it to overcome boundary limitations and trade in the worldwide market. Some of the global strategies include localization, global standardization, international strategies, and transnational strategies. Localization means that a company designs its services to fit the needs of its local clientele in the geographical location. Cigna is a global company serving diverse cultures and hence the need to customize its services to serve the diversity of each culture to attain high responsiveness in that particular area. Cigna sells in both its domestic country and foreign countries which fulfills its international strategy. To enable its global strategy, Cigna considers economies of scale and location economies in carrying out its operations. For examples, Cigna partners with local banks, and local sales infrastructure providers in its locations which build on its identity with the local people (Cigna, 2018b). On the other hand, it takes advantages of economies of scale through consortium purchases which amount to cost-effectiveness.
In conclusion, Cigna Corporation is doing well in the global markets, but it can emphasize some strategies and implement others to better thrive in the market. Cigna should consider market expansion to more countries and regions such as Europe and Africa. With a reputable brand name and brand recognition, Cigna can take on and compete well in new markets growing its revenue and taking on its major competitors. There is a need for specialized and customized health care services in other regions which Cigna already has built a reputation in its established countries. Expanding to new markets and offering its designed needs would deliver the type of care that is yet to reach some regions and ensure Cigna's growth, sustainability, and competitive advantage.
References
Cigna. (2018a). Cigna Corporation investor presentation . Retrieved on 11 September 2018, from https://www.cigna.com/assets/docs/about-cigna/Investor%20Relations/cigna-corp-investor-presentation.pdf
Cigna. (2018b). Cigna global supplemental benefits . Retrieved on 11 September 2018 from https://www.cigna.com/assets/docs/about-cigna/Investor%20Relations/cigna-gsb-investor-presentation.pdf
