SWOT Analysis of Cigna

The Cigna Group is a healthcare and insurance service-providing American multinational company. The healthcare company started its business in 1982. Today, we’ll discuss the SWOT analysis of Cigna; it outlines strengths and weaknesses; opportunities, and threats that the company has to face; as a business strategy analysis example company.

Products and services portfolio of Cigna

• BPM
• Life Insurance
• Health Insurance
• Healthcare services
• Subsidiaries of Cigna
• Express Scripts

Statistical facts and figures of Cigna

• Annual revenue: 195.3billion USD (2023)
• Net income: 5.372billion USD (2023)
• Employees: 73000
• Asset net worth: 152.8billion USD (2023)

Competitors of Cigna

• Humana
• Aetna
• Elevance Health
• Molina Healthcare
• United Health Group
• CVS Heath
• Anthem

The SWOT analysis of Cigna would analyze the internal strengths and weaknesses of the company; and external opportunities and threats that the brand has to face. Here’s Cigna SWOT analysis as a business strategy analysis Example Company as follows;

Strengths of Cigna

Some of the main internal strengths in the Cigna SWOT analysis example company as business strategy analysis are as follows;

Large Network

Cigna has established a very large market and business network. According to an estimate, the healthcare and insurance brand is operating its business in 30 countries and has established a network of approximately over 180 million customers. The large customer market network helps the company to increase its revenue, network, and influence.

Service Portfolio

Cigna has established a very large service portfolio comprising a wide range of insurance plans and healthcare services. For instance, the company offers insurance plans for dental, disability, and medical. The company offers affordable services for all customers across the US with full benefits; it allows the company to target a wide range of customers.

Awards

Cigna has won various awards and recognitions in the healthcare and the insurance industry. It shows the company’s strong commitment to customer service and their satisfaction level with the brand. Some of them are as follows;

• JD Power Award 2010
• Customer Experience Excellence in 2009

Professional Expertise

One of the main reasons behind the worldwide growth and success of the healthcare and insurance brand Cigna is having skillful and professional employees. In order to improve and update their skills and expertise, the company regularly conducts training programs to keep up with the industry trends.

Strong Finances

Cigna has a strong financial brand position comprising of having an asset net worth is over 152 billion USD. The strong financial backing would help the company to invest in various new research projects and handle supply chain and market disruptions.

Customer Satisfaction Level

Cigna has developed a very large database of loyal customers and the healthcare and insurance brand focuses on building a long relationship with the customers and insurance. It shows their satisfaction level with the brand and the company’s strong commitment to improving its customer service continuously.

Weaknesses of Cigna

Some of the main internal weaknesses in the Cigna SWOT analysis example company as business strategy analysis are as follows;

Limited R&D Spending

The research and development investment of Cigna is very low compared to other competitive healthcare brands. The lower R&D budget limits the company’s capability to keep up with the growing market trends and industry requirements.

Limited Workforce Diversity

Cigna has mostly employed local workers for its various operational functions. The company has a poor record of employing a diverse workforce from different nationalities and backgrounds. It is not good for the growing diversity trends.

Opportunities for Cigna

Some of the main available opportunities in the Cigna SWOT analysis example company as business strategy analysis are as follows;

Marketing Expansion

Cigna should expand its healthcare and insurance business market into new regions, countries, and markets across the world. The global market and developing countries hold great potential for healthcare and insurance companies. It allows the company to amplify its market reach, network, and profitability.

Portfolio Expansion

Along with market expansion, Cigna should expand its business portfolio by launching new healthcare and insurance services in the new categories. It would help the company to target new segments of the customer market and amplify its market reach and network.

Research & Innovation

Cigna should increase its spending and investment in research and technological development. It would help the company to achieve its operations, reduce costs, develop new products and services, and keep up with the growing trends.

Threats to Cigna

Some of the main potential threats in the Cigna SWOT analysis example company as business strategy analysis are as follows;

Tough Competition

Cigna is facing tough competition from other healthcare brands like Aetna, Anthem, CVS, and others. They all have established a strong brand name in the healthcare and pharmaceutical industry; their market presence is negatively impacting the company’s reputation and brand image.

Regulations

FDA’s regulations are very strict for healthcare and pharmaceutical companies. Cigna should comply with the government and FDA’s regulations because any type of non-compliance would bring heavy fines, settlement fees, and expensive lawsuits. Along with jeopardizing the company’s revenue and profitability, they would significantly impact the company’s reputation.

Conclusion: Cigna SWOT Analysis Example Company |SWOT Analysis of Cigna |Business Strategy Analysis

After an in-depth study of the swot analysis of Cigna; we have realized that Cigna is the world’s leading healthcare and insurance brand. If you are learning about Cigna SWOT analysis example company; then you should keep in mind the abovementioned internal strengths and weaknesses; external opportunities and threats as brand strategy analysis.