CIGNA Spokesman: Satyam Computer Events Affecting Us

[OhioChick]

January 21, 2009: 10:37 PM ET


BANGALORE -(Dow Jones)- U.S.-based health insurer CIGNA Corp. (CI) Thursday said that it is being affected by the revelations of accounting fraud and subsequent probes into India's Satyam Computer Services Ltd. (500376.BY), one of its vendors for technology outsourcing.

"We have been closely following the recent events regarding Satyam, their senior leaders, and their financial challenges. These events affect not only CIGNA but others in the insurance, financial services, and other industries that do business with Satyam," Joe Mondy, a spokesman at CIGNA, told Dow Jones Newswires via email.

The email didn't elaborate on how CIGNA is being affected by the Satyam developments.

He declined to comment on its outsourcing contract with Satyam, citing confidentiality agreements with its vendors.

"I can tell you that we have detailed contingency plans" to deal with any issues regarding any of its vendors, he added.

On Wednesday, Satyam denied an Economic Times report that said CIGNA had given the Indian software exporter a three-month "notice" before ending a technology outsourcing contract.

Satyam founder B. Ramalinga Raju revealed recently he overstated the company's profits over several years and created a fictitious cash balance of more than $1 billion.

http://money.cnn.com/news/newsfeeds/articles/djf500/200901212237DOWJONESDJONLINE001009_FORTUNE5.htm

Expect your premiums, deductibles, copays, etc. to increase.

[notadmblnd]

1. Mine has done nothing but go up the last 5 years

I kept my group coverage after I stopped working. I was paying about 60 bucks every 3 months. Now it is up to 149.00 every three months.

[antigop]

3. $149.00 every three months? Are you kidding me? For health insurance?

That's a bargain.

[notadmblnd]

5. life

I pay no premiums for health. My husband was one of those overpaid autowokers. He passed away five years ago, but as long as I don't remarry. I will have his benefits until the republicans make GM cut retiree and survivor benefits.

I had a life policy on him too through Cigna, I guess I can't complain since at this point I'm still ahead of the game. Hell of a sacrifice it was though.

[Azlady]

2. Great, just gives such warm fuzzy feelings - our private data yet again

in outsourced hands... crap

[antigop]

4. pssst...Cigna....don't tell anyone...you wouldn't have this problem IF YOU' D STOP OUTSOURCING

n/t

[OhioChick]

6. No shit! n/t

[Divine Discontent]

7. OUTSOURCING HURT MUCH, CIGNA? My goodness, you people there are STUPID, plain greedy & STOOPID! eom

[OhioChick]

8. They don't give a rat's ass...

They'll just pass the money they pissed away to customers.

Look at State Farm....they got burned by Satyam and went with another Indian consulting firm. It's all about that cheap ass labor.