CIGNA and HealthAxis.com to Partner inOffering Supplemental Health Products
December 10, 1999 08:07 AM
EAST NORRITON, Pa. and PHILADELPHIA--(BUSINESS WIRE)--Dec. 10, 1999--
A+-Rated Life Insurance Company of North America (a CIGNA company) to Offer Cancer and AD&D Products Over HealthAxis.com
HealthAxis.com, a subsidiary of Provident American Corporation PAMC and the Internet's leading online insurance marketer, and Life Insurance Company of North America (LINA), a CIGNA underwriting company CI today announced an agreement to market a specially designed Internet version of CIGNA's "First Diagnosis Cancer" and "Accidental Death & Dismemberment" insurance products. LINA is rated A+ (Superior) by A.M. Best Company and will underwrite the insurance coverages offered. The two products to be offered were designed by CIGNA Group Insurance Division's Specialty Programs unit.
The First Diagnosis Cancer program provides an insured individual with a benefit payment upon the first diagnosis of cancer. The Accidental Death and Dismemberment program provides benefits payable for a serious injury or fatality which is caused by an accident.
"We are very enthusiastic about offering these top quality CIGNA products over the HealthAxis.com Web site. CIGNA has proven to be a clear leader in this market segment, and positioning them in the HealthAxis.com portfolio further enhances our breadth of products as well as our strategy of offering our customers the best products, by the best carriers, at great prices; all over our proprietary digital platform," said Michael Ashker, chief executive officer of HealthAxis.com.
The agreement also stipulates that HealthAxis.com will integrate the back-end-processing for policy issuance, fulfillment and ongoing maintenance. HealthAxis.com is the country's only, fully IT-enabled, online insurance marketer.
"It is clear that the Internet and e-commerce are rapidly becoming a medium of convenience, value and choice for millions of Americans. A wide array of financial services are ideally suited for distribution via the Internet," said Julian Romeu, Senior Vice President of CIGNA Group Insurance. "CIGNA Group Insurance is pleased with its newly formed relationship with HealthAxis.com and looks forward to reaching new customer segments through HealthAxis.com's fully transaction-enabled platform. HealthAxis.com's marketing reach including its distribution partnerships with American Online, Lycos, CNET and Snap.com - makes for an incredibly compelling value proposition and expanded market opportunity for an insurance carrier."
About HealthAxis.com
HealthAxis.com, Inc. is a pioneer in the Internet distribution of health and life insurance to the individual and small group markets. HealthAxis.com does not engage in any insurance underwriting and assumes no underwriting risk. Through its interactive, user-friendly, one-stop insurance Web site, www.healthaxis.com, HealthAxis.com provides customers with the ability to purchase a full range of high quality, flexible insurance products and services at competitive prices. HealthAxis.com also provides product and health information, instant price quotes, electronic application processing, online billing, claims status, policy or personal information changes, and a customer hotline. Policyholders can easily and conveniently view billing information, claims history and policy details - day and night, 7 days a week. HealthAxis.com has Internet distribution agreements with AOL , Lycos, CNET, Snap.com and Yahoo!.
About CIGNA
CIGNA Corporation's subsidiaries constitute one of the largest employee benefits organizations serving the United States and selected international markets. These subsidiaries offer health care products and services; group life, accident and disability insurance; and retirement services and investment management. As of September 30, 1999, CIGNA Corporation had consolidated assets of $92.8 billion and shareholders' equity of $7.2 billion.
"CIGNA" refers to CIGNA Corporation and/or any of its subsidiaries. Insurance products and services or other products and services are provided only by insurance company and other subsidiaries of CIGNA Corporation which employ most "CIGNA employees".
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements made which are not historical facts may be considered forward-looking statements, including, without limitation, statements as to trends, management's beliefs, expectations and opinions, which are based upon a number of assumptions concerning future conditions that ultimately may prove to be inaccurate. Such forward-looking statements are subject to risks and uncertainties and may be affected by various factors which may cause actual results to differ materially from those in the forward-looking statements. For further information which could cause actual results to differ from the Company's expectations as well as other factors which could affect the Company's financial statements, please refer to Provident American's reports filed with the Securities and Exchange Commission.
CONTACT: Investor Contact: HealthAxis.com Deidre Holt, 610-275-3800 dholt@healthaxis.com or Media Contact: Schwartz Communications, Inc. Doug Russell/Michele Meagher, 781-684-0770 dougr@schwartz-pr.com mmeagher@schwartz-pr.com
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