SAICO, Cigna ink JV

After a long period of strategic alliance, Saudi Arabian Insurance Company (SAICO) and Cigna today formally entered into a joint venture (JV) of equal halves. The JV combines the strengths of the operation of both the companies and aligns the partnership around a common goal of meeting the needs of clients located in the Middle East for enhanced customer service and efficiency. The new joint venture will help further enhance current partnership in developing their portfolio of health, wellness and insurance products targeted to region and multination employers and organization across the Middle East. President of Cigna Global Health Benefits, Andrew Keity said the new entity would help deepn the commitment to serving the local population and the globally mobile workforce on assignment in the region. President and chief executive of SAICO Nagib Bahous, said the cooperation will help improve on cost containment through clinical and claims management. On the sidelines of the conference, Keity told the Bahrain News Agency that the cooperation will help boost the healthcare insurance sector for higher and middle level corporate entities as it would benefit the employees of organizations not only regionally, but also internationally. Detailing the prospect, he said, that any employee covered under the new joint venture will be covered even for healthcare services outside the region. Expansion of geographies, said George Medawar, Senior Advisor and Board member, would be looked into in the long run.