New York Life Purchases CIGNA’s Group Life & Incapacity Enterprise
At the beginning of 2021, insurance coverage big New York Life accomplished its 2020 buy of CIGNA’s group life, accident, and incapacity enterprise for $6.3. billion, including 9 million clients and creating a brand new entity: New York Life Group Profit Options. The transaction closed in early January and shortly thereafter, CIGNA incapacity policyowners started receiving correspondence from New York Life representatives Frankel & Newfield has labored with many New York Life claims adjusters and attorneys in issues relating to New York Life’s incapacity insurance policies, so we have now expertise with how this firm maintains management of incapacity claims. We discovered it fascinating to see the president of New York Life on social media in January, making it clear that the corporate’s chief curiosity within the transaction was the group incapacity insurance coverage market.
Considerations Over Adjustments to Cigna Incapacity Coverage?
In the event you personal a Cigna incapacity coverage, or have group protection by your employment with CIGNA or LINA (Life Insurance coverage Firm of North America), and are involved about how this variation could have an effect on your advantages or your coverage dispute, please name our workplace at 877-583-2524 to talk with an skilled incapacity legal professional. New York Life, the biggest mutual life insurance coverage firm within the nation, has offered LINA incapacity insurance coverage insurance policies by giant skilled associations for a few years, and as such has a deep understanding of incapacity insurance coverage as a revenue heart.
What Does The Acquisition Imply For Incapacity Declare Denials
The acquisition brings Cigna’s 3,000 workers, about 9 million incapacity plan policyholders, a 90% shopper retention charge and a 71% return-to-work charge for workers receiving brief time period incapacity insurance coverage advantages, based on a latest article on Suppose Advisor. Our expertise with New York Life contains battling for claimants whose affiliation incapacity insurance coverage insurance policies have been denied for quite a lot of causes, and we have now little doubt that New York Life will translate the identical methods to their new Cigna-acquired claimants.
New York Life Insurance coverage and Cigna Group Partnership
The acquisition isn’t the tip of the partnership. The 2 giants have additionally entered right into a multi-year collaboration that may mix well being protection with different sorts of group advantages. Individuals who have their medical health insurance by Cigna are prone to be focused prospects for different insurance coverage companies. New York Life insurance coverage firm is the biggest mutual life insurance coverage in america, and New York Life Group Profit Options services and products are offered completely by or by Life Insurance coverage Firm of North America (“LINA”) or Cigna Life Insurance coverage Firm of New York (New York, NY) (“CLICNY”), or by or by associates or subsidiaries of Cigna Company and reinsured by LINA. Business media experiences Cigna’s cause for the transaction was to help its shift to rising well being advantages and companies areas following the acquisition of Categorical Scripts in 2018. The corporate needed a considerable infusion of money to develop the Medicare Benefit space within the face of steep competitors from firms together with UnitedHealth Group, Anthem, Humana, and CVS Well being’s Aetna, who’re additionally focusing on this space.
Preventing a New York Life Incapacity Declare Denial?
An analogous acquisition happened in 2017, when Aetna offered its life and incapacity enterprise to The Hartford Group for $1.45 billion in money. Frankel & Newfield represented many claimants who had a incapacity insurance coverage coverage with one firm, solely to search out themselves insured by one other firm whose first precedence is to wash home and maximize earnings following the sale. In the event you have been a Cigna incapacity insurance coverage coverage proprietor and are involved about how the acquisition by New York Life could influence your advantages, contact the agency at 877-583-2524 or fill out our on-line contact type.