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June 2, 2010 Wednesday 04:51 PM EST
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Cigna Taps Top Executive of TIAA-CREF as President of Its US Commercial Business
Fran Lysiak
PHILADELPHIA
Cigna Corp. has named a top executive with TIAA-CREF to serve as president of its U.S. commercial business, starting at the end of this month.Bertram L. Scott will be on board at Cigna in this newly created position on June 28. In this role, he will be responsible for the company’s U.S. products, marketing, national accounts, regional, individual, select and senior segments. Scott brings nearly four decades in the health and financial services businesses. Most recently, he served as executive vice president and chief institutional development and sales officer of TIAA-CREF in New York, a financial services company with $426 billion in combined assets under management, Cigna said in a statement. “Moving from financial services to health care means moving from one heavily regulated industry in a challenging environment to another heavily regulated industry in a challenging environment,” said Scott in a statement. “Nevertheless I am energized, excited and impressed having met Cigna’s leadership team and look forward to meeting their growth goals.”Scott started his career in 1975 with Prudential Insurance Co., where he held several health and group insurance sales and marketing roles of increasing responsibility, attaining the position of vice president, managed care in 1994. In 1996, he became president and chief executive officer of the Horizon/Mercy Health Plan, a joint Medicaid managed care program between Mercy Health Plan of Pennsylvania and Blue Cross Blue Shield of New Jersey. Scott joined TIAA-CREF in 2000 as president of its life insurance business, and later served as its executive vice president for product management and strategy implementation.The Philadelphia-based Cigna Corp. (NYSE: CI) is the fourth-largest U.S. health insurer based on enrollment. Scott’s “strategic vision, combined with his ability to deliver strong results and a market-leading customer experience, are just what is needed to help ensure Cigna leads in our targeted markets and continues to grow in this rapidly changing economic and legislative environment,” said David M. Cordani, president and CEO of Cigna, in a statement. In an interview with BestWire in January, Scott said TIAA-CREF, the dominant player in the higher-education retirement market, was seeing increased competition from some U.S. life insurers, one year after new regulations merged the rules for 401(k) and 403(b) defined contribution plans. Insurers are seeking to encroach on its turf, but the company thinks its value proposition is better than anyone entering its space, said Scott, who at that time was TIAA-CREF’s chief institutional development and sales officer (BestWire, Jan. 11, 2010).(By Fran Matso Lysiak, senior associate editor, BestWeek: fran.lysiak@ambest.com)
June 3, 2010
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