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Business Strategy of Cigna Corporation - Essay Example

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The paper "Business Strategy of Cigna Corporation " states that the healthcare industry around the world continues to grow on an upward trajectory, especially in China and India. China has begun the implementation of a broad national plan to boost the availability of health care…
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Business Strategy of Cigna Corporation
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EXECUTIVE SUMMARY Cigna Corporation (Cigna) is a global health service company. The company offers variant insurance products under medical and accident cover throughout United States. These services are sold through the company employees and selected groups. Having wide operations in United States and beyond means, the company is under a great challenge to handle external factors compared to a local business. Similarly, the wider operations mean the company has a wide management structure and numerous employees. This means the company has numerous internal factors that affect its operations in one way or the other. This study looks at the external factors in addition, seeks to determine their impact on the operations of the organization through external factor evaluation matrix. A similar exercise will be undertaken for internal factors through internal factor evaluation matrix. The paper evaluates CIGNA Corporation first by using Porters five forces. These include barriers to entry that were found to be high and increasing, the bargaining power of suppliers that was found to vary because of conglomeration in the industry, and a moderately low customer bargaining power. Additionally, the threat of substitute products was low and rivalry between competing firms was found to be high. In the external evaluation of CIGNA Corporation, the paper seeks to evaluate the Corporation’s opportunities and threats. CIGNA Corporation has several opportunities in its external environment, including market exchange rates, which, by being an International Corporation, it can take advantage of by getting higher earnings from regions with high exchange rates. There is also increased demand for health care, increased disposable income that would benefit CIGNA, ethnical growth from an expanding population, and a growth in retirees who require increased levels of health care. The various threats that face CIGNA include the reduction of premiums due to decreased disposable income after the financial crisis, health care reform regulation that directs them to insure patients through using pre-existing conditions, and the global recession that has seen unemployment levels go up thus plummeting the amount of premiums to be paid. The paper also evaluates internal factors that affect the operations of CIGNA Corporation, i.e. strengths and weaknesses. The strengths that are inherent in CIGNA Corporation include a strong national network that helps build credibility, a comprehensive offering that attracts a large customer base, growing global operations that ensure less reliance on the local market, and a well-coordinated workforce that helps realize the potential of its employees. The weaknesses that CIGNA Corporation possesses includes unstable earnings in the health care industry, lower market share in Medicare products, a maturing/mature industry, increased competition in the industry, and uncertainty facing the industry. The paper then performs a TOWS analysis that seeks to analyze how the corporation can leverage strengths to take opportunities, how it can use opportunities to improve weaknesses, how it can use strengths to stave off threats, and finally how they can defend themselves from threats that could take advantage of their weaknesses. Four major strategies came out of this TOWS analysis including: Leveraging their market visibility to take advantage of increased demand for health care, Use ethnic growth and retiree growth to counter the lower market share in Medicare products, Use its growing international market to counter the economic slowdown in the US, Come up with strategies to retain and increase market share especially with advent of health care reform. CIGNA Corporation Business Strategy Cigna Corporation (Cigna) is a global health service company. The company offers variant insurance products under medical and accident cover throughout United States. These services are sold through the company employees and selected groups. Beyond, United States, the company has operations in selected international markets. The company has services organized under five main divisions, health care, disability and life, international (CIGNA International) and Run off Reinsurance. Having wide operations in United States and beyond means, the company is under a greater challenge to handle external factors than a local business. Similarly, the wider operations mean the company has a wide management structure and numerous employees. This also means the company has numerous internal factors that affect its operations in various ways (Saleem 10). This study looks at the external factors and seeks to determine their impact on the organization’s operations through external factor evaluation matrix. A similar exercise will be undertaken for internal factors through internal factor evaluation matrix. PORTER’S FIVE FORCES INDUSTRY OVERVIEW The U.S. Health and Medical Insurance industry is a vital piece of the economy in the U.S. This industry countersigns the liabilities and allocates premiums for medical and health insurance policies, manages the care for individual subscribers from healthcare providers. Fee for Service, Preferred provider Organization Plans (PPO), Health maintenance organization plans (HMO), High-deductible health plans (HDHPs), Point of Service plans (POS), Pharmaceutical benefit management (PBM), Medicare, and Medicaid are some of the major products and services in the healthcare industry. Barriers to Entry: HIGH and Increasing Entry to the healthcare industry for new companies can be a struggled, in the other hand, it is easy for existing firms to merge and/or acquire other firms. Government Policies and Regulations (Medicare and Medicaid Segment) One of the major barriers to enter into this industry is the compliance with governmental regulations and it is more difficult if the any company wants to enter into the Medicare and Medicaid services segment. These services or programs are fully funded by the government and for such reason new companies need to comply with many regulations at the state and federal level. Economies of Scale Needs and Explanation with factual information Capital Requirements new entrants are required a minimum amount of capital and provide financial records in a frequent basis. As mentioned before the necessary capital is another barrier for new entrants, in order to create a favorable physician network, which is necessary for a healthcare company; the new organization must possets the necessary amount of cash in hand. Bargaining Power of Suppliers The bargaining power of Supplier can vary because of the conglomeration in the industry. The supplier of the healthcare industry can be classifies as Healthcare Providers, hospitals, pharmaceutical companies, pharmacies and medical equipment vendors. The suppliers are conscious that without the healthcare insurance help they products may not be able to be affordable to consumers. Healthcare providers such as physicians and hospitals have a moderate effect. They can choose to decline or agree to participate in a specific insurance company; this decision may affect both the healthcare providers and the insurance company. This is because consumers can choose not to buy the insurance policy because the amount of network providers is not that broad, or not visit a specific hospital because this one is not in the in-network provider. Bargaining Power of Buyers: Moderate/Low The individual customer or buyer do not have that much power to influence the premium cost, in the other hand large corporations and the government can have a big influence. Due to the new healthcare reform, the insurance companies like CIGNA will be scrutinized and will have to submit ma report to the Health and Human Services department every time they plan to increase their premiums. While there are a large number of competitors in the health insurance industry, which gives CIGNA’s primary client, the employers, a broader basket to choose options from their nation-wide network does provide them with an advantage over other competitors in this regard. Additionally, the government could play a role in CIGNA’s various markets. Since the government has a much higher level of bargaining power, this could leave CIGNA open to changes that are unexpected. Threat of Substitute Products: Low The healthcare industry availability for substitutes can vary from low to no substitutes; everyone in a point in life requires some type of healthcare service. There is no other way to get services rather than the healthcare industry regardless the discipline (e.g. Acupuncture, Chiropractor). The pharmaceutical segment can vary, when drugs are under patent the pharmaceutical companies can be considered a monopoly and have a great amount of power, as soon as the drug patent expires and generics becomes available their loses the monopoly effect, facing less power. Rivalry among Competing Firms: High The rivalry among competitors is very high with a steady trend in the industry. The top four competitors of CIGNA are Aetna Inc., UnitedHealth Group Incorporated, Humana, and WellPoint, Inc. The competition landscape varies from state to state because some states have more providers than other due to the industry’s regulation nature. In the current environment, the trend for CIGNA is to expand into new territories like Medicare and Medicaid through acquisitions. The margin profit in the industry is low directly affected by the Affordable Care Act, also known as Healthcare Reform; forcing companies within the industry to negotiate affordable rates for network provider and reduced premiums for consumers. External Factors Evaluation Matrix External Factor Evaluation Matrix (EFE) Healthcare Industry KEY EXTERNAL FACTORS WEIGHT RATING WEIGHTED SCORE Opportunities 1. Market Exchange Rate .20 2 .40 2. Increased demand by Healthcare Reform .15 3 .45 3. Disposable Income .15 1 .15 4. Expanding of the Population .15 2 .30   Threats 1. Reduction of Premiums .10 2 .20 2. Regulations of the Healthcare Reform .15 3 .45 3. Global Recession .15 2 .30 TOTAL 1.00 2.25 External Factor Evaluation As is the case with every other business, Cigna Corporation has a great interest in factors happening beyond it. These factors largely determine their chances of survival and most importantly inform the organization’s strategy. This is because external factors cannot be avoided or controlled.  An organization can only adapt operations to maximize on opportunities and adjust to any threats. In the case of Cigna, the following six factors have the greatest impact on their operations. The factors are considered from the wider grouping of political, economic, social, technological, environmental and legal factors. OPPORTUNITIES Market Exchange Rate The last economic factor is exchange rates, Cigna runs Cigna International this is the branch that handles the company’s operations beyond United States. This branch has to generate accounts using the US dollar. In remitting these earnings, the exchange rate becomes a crucial consideration. A higher exchange rate would mean higher earnings and a lower exchange rate would affect Cigna’s profitability negatively (Waters 208). Thus, exchange rates become an important factor when determining Cigna Corporations profitability. Increased Demand for Healthcare Government instituted changes aimed at health care could increase demand for CIGNA and other health insurance services. If the government should decide to use more money to prop up medical care, it could encourage growth in a variety of sectors in the health service industry. Universal health care by the government should portend a significant impact that will add more value. These qualitative factors should see an increase in the demand for the health care as the costs are predicted to drop after its implementation. Consequently, this should also see an increase in profits for CIGNA and other competitive industry players. Since universal health care is difficult to defend as a qualitative factor, CIGNA and its competitors should find overcoming it easy. Disposable Income Level of disposable income, disposable income refers to monies that an individual can use to pay for services and purchase goods. The level of disposable income is largely dependent on ones position as well taxes (Herzog 35). A rise in the level of disposable income allows people adequate resources to pay for insurance services, thus such a situation will be good for Cigna. Ethnical growth Birth and mortality rates, Cigna being an insurance company stands to benefit from a growing population as outlined by the country’s birth rate. An expanding population means a bigger market (Henry 51). On the other hand, a high mortality rate means increased expenditure this is mainly for the company’s reinsurance segment, which guarantees minimum death benefits (GMDB). Similarly, a low mortality rate extends average premium, payment period. Education, research has shown that an educated society has a higher demand for insurance services. Based on such observation, then it is proper to assume that an educated society will mean a large market for different insurance products. Retirees Growth Lastly, an aging population means a more delicate population. A fast aging community necessitates better medical care, which requires Cigna to settle continually bills for its medical insurance clientele. Consequently, a community with a lesser aging population allows for divesture as there are no frequent needs for insurance settlements as in the previous case.   THREATS Reduction of Premiums A drop in the level of disposable income means that people are faced with a tougher choice and will not seek insurance services or will stop their obligation to these companies. Such a situation affects Cigna’s operations by reducing their revenue from premium. Regulations of Healthcare Reform The most prominent political factor affecting Cigna at the moment is government regulations and policies. Since the election of President Obama, there has been continuous debate and eventual passage of the “Obama Care”. This is a health scheme, which has sought to guarantee healthcare to all Americans. This is of great interest to health insurers who have been required to reconsider certain policy regulations. The most notable is a directive to have them insure patients who have preexistent health conditions. From a business perspective, this government policy is likely to affect the profitability of Cigna as they will be required to make payments for conditions they would have avoided. Global Recession Growth of the economy, this has been a major factor since the onset of global recession. A recession meant people lost their jobs and businesses closed down. The employer pays most insurance premiums; however, when an employee loses their jobs these payments are halted. Similarly, entrepreneurs who personally make payments for their insurance policies are forced to cut their payments as business slows down. In overall, a booming economy means more people will seek insurance services and a slowdown in the economy will have people opting out of their insurance engagements. Internal Factor Evaluation Internal Factor Evaluation Matrix (IFE) Cigna Corporation KEY INTERNAL FACTORS WEIGHT RATING WEIGHTED SCORE Strenghs 1. Strong National Network 0.15 3 0.45 2. Comprehensive Offering 0.20 3 0.45 3. Growing International Business 0.10 1 0.10 4. Product Diversification 0.15 4 0.60 5. Coordinated Work Force 0.10 3 0.30   Weaknesses 1. Lower Market Share in Medicare Products 0.15 2 0.30 2. Unstable earnings in the healthcare segment 0.15 2 0.30 3. 4. 5. TOTAL 1.00 2.80 Internal Factor Evaluation Cigna Corporation is one of the most prominent businesses in health insurance. The size and ability to attract best employees has served the company well over the years. However, this does not mean that the company does not exhibit some weaknesses, which have hindered its exponential growth. In the following part and as part of Internal Factor Evaluation the study looks at Cigna’s internal strengths and weaknesses. Strengths Strong National Network Cigna’s main strength is its strong national network. A wide network has helped build the company’s credibility and ensured market visibility. Additionally, this has also ensured low cost advantage. As most company’s contend with a limited network, Cigna can comfortably handle a wider population and this helps sustain the operations as the larger the client base the higher the revenue. Comprehensive Offering The other strength is a comprehensive offering. Cigna has a wide range of insurance products and services, this provides for “a one stop shop” kind of service. This has helped attract a huge base of customers who look at the company as offering convenience and flexibility. Growing International Business The other major strength is a growing international business. A growing international business has meant that Cigna does not have to rely fully on the American/domestic market. This has helped steady its earnings as the economic conditions are not always the same across its markets and one market can help support another in different economic times. Product Diversification CIGNA Corporation has a wide variety of products in its repertoire. These include life and accident cover, voluntary cover, dental and vision cover, behavioral cover, disease management cover, and pharmaceutical cover. In addition to these products, CIGNA also offers expatriate benefits, international health, accident cover, and life cover, disability cover, on top of health care. This product diversification has aided CIGNA to also diversify their customer base, which has had a positive impact on their bottom line. In addition, since some of these services could become obsolete or merge, it helps to be diversified in order to retain a large customer base. Coordinated Work Force Cigna has also benefited from a well-coordinated workforce. This has helped in realizing their great potential and has also improved the company’s image. The employees’ ability to sell the company has ensured a greater customer retention and growth as compared to other companies with the insurance sector. By also offering health care to their employees has, in both behavioral and medical cover, CIGNA tries to ensure that these conditions do not interfere with the work life of an employee. According to surveys, one in every four Americans will go through an anxiety disorder. This could have an adverse effect on employees and their ability to serve their clients. Their innovative health care approach has resulted in better outcomes for their employee’s health, which, in turn, has increased their satisfaction and improved their customer service. Behavioral issues pervade the workforce in most organizations and could lead to productivity loss. By providing their employees with cover, CIGNA significantly reduces any loss in productivity. The provision of life and health coaches enables the employees to be better prepared to deal with and retain customers, better serving the corporation. WEAKNESSES Unstable Earnings in Healthcare Section A look at the company’s financial reporting shows that the company’s run-off reinsurance business has been unable to post a stable run of earnings. Other segments maybe struggling as well, but this has presented a bigger load to them and this has greatly affected the company’s earnings especially for the past three financial years. Lower Market Share in Medicare Products The other weakness for the company is a lower market share in Medicare products.  This has hindered the company from realizing the great potential the Medicare has yielded. In overall, this has affected earnings even when Cigna’s competitors are leveraging through these products. Maturing/Mature Industry CIGNA competes in an industry that is maturing, if not already mature. With fewer opportunities to create investment than were available in the past, it has become more difficult to for the corporation to create value for the shareholder. Additionally, the high degree of competition in this maturing industry could make the management reach for other ways to create growth, which, as a forced action, could potentially act in destroying value for the shareholder. Industry Competition The health care service industry is already a highly competitive industry with CIGNA forced to compete against non-profit and profit organizations. This in turn, could put pressure on prices to come down, harming the profitability of the firm and ensuring that it is more difficult to maintain their advantage of market share. Uncertainty Although, uncertainty at one time or the other plagues every firm, the uncertainty that stalks corporations such as CIGNA is substantial. This uncertainty could result in increased volatility of cash flow and profitability. This could even increase the risk that CIGNA faces by being forced to alter their business model all of a sudden. TOWS MATRIX Strengths S1 Market Visibility S2 National provider network S3 Growing international market S4 Product Mix S5 Strong work force Weaknesses W1 Lower market share in Medicare products W2 Unstable earnings in the health care sector Opportunities O1 Market exchange rate O2 Increased demand for health care reform O3 Disposable Income O4 Retirees Growth O5 Ethnic growth Leverage their market visibility to take advantage of increased demand for health care, as well the benefits from growth in retirees and ethnic groups. Leverage its provider network to take advantage of market exchange rates all over the country since some states have higher rates. Leverage their growing international market to take advantage of market exchange rates. Leverage their product mix to take advantage of ethnic growth Leverage their strong work force to take advantage of increased demand for health care. Use the increased demand for health care to increase market share Leverage the rise in disposable income to stabilize earnings in the sector Use ethnic growth and retiree growth to counter lower market share in Medicare products Threats T1 Reduction of premiums T2 Regulation of health care reform T3 Slowdown in economy Use Its national provider network to counter regulation of health care reform Use its product mix to counter the reduction in premiums by increasing services Use its growing international market to counter the economic slowdown in the US Use its strong workforce to counter the economic downturn by selling more services Use its market visibility to counter the adverse effects of health care reform Come up with strategies to retain and increase market share especially with advent of health care reform Come up with strategies to stabilize their earnings especially with the economic slowdown Increase market share to counter the effect of reduced premiums Stabilize their earnings to counter the expected effects of lower premiums Strategic Options Leverage their market visibility While their completion attempts to offset losses by making budget cuts, CIGNA should aim to stay more visible in the market place and use this visibility to take advantage of increased demand for health care reform. By staying visible in the market, they will be able to maintain their already existing market base. They should aim to balance the need for cost-cutting measures and the need to grow and sustain market share in the long-term. Companies that use marketing during economic downturns can are able to achieve dramatic results in the long run. They could do this by increasing their promotional wear by employees to spark a further discourse with their client base as to services offered, as well as new services, and this will work to improve their bottom line. By investing more funds in a visible but practical manner, CIGNA could leverage their already existing market visibility and keep their customers while seeking out new opportunities that show potential for future growth. Use retiree and ethnic growth to counter lower market share As America’s population continues to age, there is a need for better medical health care, which means that CIGNA will have to settle more bills for the ageing population. Additionally, many employees today are being forced to take measures that are aimed at cutting costs for health care benefits given to these retirees. One of the methods being used by the employees to reduce costs on retiree health benefits is the increase in premium amounts paid by the retirees (Plunkett Research Ltd 14). This trend is expected to continue in the medium term and CIGNA can take advantage of this by aggressively marketing themselves to retirees in order to serve a larger portion of this market segment. Another demographic that continues to increase in the United States is that of immigrant ethnic groups. Since these groups are not insured by American health services as they come in, CIGNA should also market themselves aggressively to this group. Use its growing international market to counter the economic slowdown in the US The healthcare industry around the world continues to grow on an upward trajectory, especially in China and India. China has begun the implementation of a broad national plan to boost the availability of health care. As of last year, a form of health insurance covered approximately ninety five percent of the Chinese, which was about a third of their amount in 2003. China intends to implement a health care service that is relatively modern by the year 2020, which should see it cater to around 1.3 billion new consumers (Plunkett Research Ltd 15). With limited health care facilities and services, this should be an uphill struggle for the country. With its current global expansion plan, CIGNA is well placed to take advantage of this emerging and massive market. By doing this, CIGNA should at least be able to counter the slowing economy back home with China in an economic boom of its own. Strategies to Retain and Increase Market Share Health Care Reform In the State of Massachusetts, two thirds of enrollees in 2010 had signed up for plans that were subsidized, especially for low-income earners (Plunkett Research Ltd 12). Features of this plan included subsidized and comprehensive health insurance for those adults earning less than 150% of the United States poverty level with substantial support for those who earned between 151-300% of the same with children being afforded generous support. The health care reform plan has placed new restrictions and requirements on the health care providers, which has altered their relationship with health care providers. The act requires that health care service providers cannot charge for preventative examinations, for instance mammograms. This could have a significant effect on the bottom line of CIGNA. To counter this, they need to increase their market share to make up for the shortfall that they expect to kick in after the Act is passed into law. Such strategies include increasing brand awareness and providing differentiated services.   Works Cited George Stonehouse, Bill Houston. Business Strategy. London: Routledge , 2012. Print. Henry, Anthony. Understanding Strategic Management. Oxford University Press, 2008. Print. Herzog, Cornelius. Strategic Tools in Dynamic Environments: A Framework. New York: GRIN Verlag, 2010. Print. Ireland, Duane, Robert E Hoskisson and Michael A Hitt. Understanding business strategy : concepts plus. Mason : South-Western Cengage Learning, 2012. Print. John, Robin and Michael Allen. Global business strategy. London : Thomson , 2008. Reuters. Cigna Corp (CI). 2012. Web 28 November 2012 www.reuters.com/finance/stocks/companyProfile?rpc=66&symbol=CI> Saleem, Shaikh. Business Environment. New Delhi: Pearson, 2010. Print. Waters, Charles D. J. Operations Strategy. London: Thomson Learning, 2006. Print. Plunkett Research Ltd. Guide to the Health Care Industry. business report. Houston: Plunkett Research Ltd, 2012. Print. Plunkett Research Ltd. Guide to the Health Care Industry. business report. Houston: Plunkett Research Ltd, 2012. Print. Read More
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