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Cigna SWOT & PESTLE Analysis

ID : 52987553| Jun 2021| 17 pages

COMPANY PROFILE -Cigna

Business Sector :Insurance and Healthcare

Operating Geography :United States, North America, Global

About Cigna :

Incorporated in Connecticut, Cigna is an American multinational managed healthcare and insurance company, headquartered in Bloomfield, Connecticut. It was formed in 1982 by the merger of Connecticut General Life Insurance Company (CG) and INA Corporation, the parent corporation of Insurance Company of North America. Through its insurance subsidiaries, Cigna provides medical, dental, disability, life and accident insurance and related product and services. Medicare and Medicaid products and health, life and accident insurance coverages is also offered by the company, mainly to individuals in the U.S and selected international markets. In addition, the company has certain run-off operations, including a Run-off Reinsurance segment. A full-service staff-model HMO is operated by the group in the Phoenix metropolitan area, with satellite clinics throughout the region, known as the Cigna Medical Group. Cigna Global Health Benefits also operates under the Cigna Corporation. As of 2020, the group has approximately 73,700 employees in 30 countries in which it operates. In June 2021, Cigna was ranked No.13 on the 2021 Fortune 500 list.
Cigna unique selling point lies in being more than just a health insurance company. Cigna mission statement reads, “Cigna Corporation is a global health service company dedicated to improving the health, well-being, and peace of mind of those we serve.”

Cigna Revenue :


US$ 160.06 billion – FY ended Dec 31st 2020 (y-o-y growth of 14.18%)
US$ 140.17 billion – FY ended Dec 31st 2019

Competitive Analysis of Cigna

SWOT
PESTLE
The SWOT analysis for Cigna is presented below in a matrix followed by the detailed analysis report:
StrengthsWeaknesses
1. Strong global presence acts as a great leverage
2. Expanded its Medicare Advantage network by adding Iora Health to its business
3. Leading the corporate sustainability leadership board
4. Strong ratings from leading agencies affirming reputation
5. Cigna as a firm is a strong supporter of veterans which in turn strengthens its standing in the industry
1. With the insurance arm being divested, alternate revenue strategies needed
OpportunitiesThreats
1. Expanding Affordable Care Act Health Plans in North Carolina
2. Launched Evernorth, a new brand for high-performing health services portfolio
3. Provided complete support to customers during COVID-19
4. Expanding in Africa as part of the global strategy of the firm
1. Lawsuit filed by DOJ against Cigna
2. Increasing cyber-security concerns
SWOT & PESTLE (combined)
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Detailed SWOT Analysis of Cigna

Strength

1. Strong global presence acts as a great leverage: Cigna has great leverage as it has a strong global presence in no less than 30 countries with over 74000 employees catering to a minimum of 180 million customers and patients spanning all over the globe. As of 2020, Cigna holds a network of 1.5 million relations with health care providers, more than 67000 pharmacies, 17 million customers globally of both medical and dental needs, Medicare advantage plans running in 16 states in the USA, plans based on prescription drugs in all states. They cover over 22 million customers by group disability across the USA. Cigna has increased the number of the providers of mental health care by seventy percent in the last 4 years.

2. Expanded its Medicare Advantage network by adding Iora Health to its business: Cigna has acquired Iora Heath to its portfolio. The recent acquisition is a part of their rapidly expanding medical Advantage network. Leveraging Iora’s primary care brand, consumers linked with Cigna Medical Advantage Network can access these diversified services. Immediately after the acquisition, the share price of Cigna gained 5.3% on Jan 7, 2021. This reflects the expectation of the market that Cigna will be able to continue providing its high-quality coordinated care at affordable costs to its MA members. The acquisition is expected to provide a competitive edge as the vision of both the companies align with one another.

The remaining section under "Strength" is available only in the 'Complete Report' on purchase.

Weakness

This section is available only in the 'Complete Report' on purchase.

Opportunity

This section is available only in the 'Complete Report' on purchase.

Threat

This section is available only in the 'Complete Report' on purchase.

Major Competitors :

Major Brands :

  • ExpressScripts
  • Connecticut General Life Insurance Co
  • Brighter
  • CIGNA Behavioral Health Inc.
  • Vielife
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TABLE OF CONTENTS
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Check Out Analysis of Other Relevant Companies

References used in Cigna SWOT & PESTLE Analysis Report

1. Cigna Company Profile | More than a Health Insurance Company -https://www.cigna.com/about-us/company-profile/

2. Cigna Adds Iora Health to Growing Medicare Advantage Network - https://www.cigna.com/about-us/newsroom/news-and-views/press-releases/2021/cigna-adds-iora-health-to-growing-medicare-advantage-network

3. Fitch Affirms Cigna's 'BBB' Debt Ratings; Outlook Stable - https://www.fitchratings.com/research/insurance/fitch-affirms-cigna-bbb-debt-ratings-outlook-stable-10-12-2020

4. Rating Action: Moody’s upgrades Cigna Corporation’s senior unsecured ratings to Baa1; stable outlook - https://www.moodys.com/research/Moodys-upgrades-Cigna-Corporations-senior-unsecured-ratings-to-Baa1-stable--PR_1000004520?cid=7QFRKQSZE021

5. Cigna Recognized For Being a Supportive Employer for Veterans and Military Spouses - https://www.cigna.com/about-us/newsroom/news-and-views/press-releases/2019/cigna-recognized-for-being-a-supportive-employer-for-veterans-and-military-spouses

The detailed complete set of references are available on request in the 'Complete report' on purchase.

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Cigna SWOT & PESTLE Analysis - SWOT & PESTLE.COM

SWOT & PESTLE.com (2021). Cigna SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/cigna/ [Accessed 23 Oct, 2021].

In-text: (SWOT & PESTLE.com, 2021)

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Cigna SWOT and PESTLE analysis has been conducted by Pallavi Singhal and reviewed by senior analysts from Barakaat Consulting.

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