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Overview
It is important to note, from the onset, that intrapreneurs are instrumental to the progress of any enterprise. This is more so the case given that they happen to be not only action-oriented, but also proactive and motivated. In essence, there exists no standard definition of intrapreneurship. This effectively mean that various definitions have been floated in the past in an attempt to define exactly whom an intrapreneur is. In the words of Gifford Pinchot III (as cited in Daykin, 2019), “intrapreneurs are employees who do for corporate innovation what an entrepreneur does for his or her start-up." This is the definition that has been embraced in this context. It therefore follows that in playing this role, I will be assessing the various intrapreneur opportunities that could be of benefit to Cigna. Following the identification of one specific opportunity, the impact of the said opportunity will evaluated with regard to not only the potential benefits to Cigna, but also the resources as well as level of effort needed.
An Assessment of the Various Capabilities and Limitations of Cigna
To a large extent, Cigna happens to have an expansive network that smaller competitors cannot easily replicate. The said network offers the company an impressive cost advantage. In addition to this, the company has built a comprehensive offerings catalogue and has managed to fashion itself as a one-stop shop for a wide range of insurance programs as well as plans. These happen to be some of the key strengths of the company. The company, however, faces a major threat in as far as its continued success is concerned. In this case, it is important to note that although the presence that the company enjoys in the market is largely enviable, it is not unassailable – and as a matter of fact, Cigna faces stiff competition from HMOs, PPOs as well as third-party administrators and larger players (Vourman et al., 2013). It therefore follows that the company ought to innovate if it is to remain relevant going forward. In so doing, the company would be well-placed to tap into the strengths that have been highlighted above – i.e. in as far as its experience with a comprehensive catalogue of insurance plans/programs as well as its expansive network are concerned.
Opportunity Identification
According to Prindle (2018), “many patients want alternative health care, but getting insurance coverage can be tough.” As the author further points out, complementary and alternative medicine (CAM) continues to be popular each passing day. In basic terms, CAM could be described as any kind of healthcare treatment option or practice that is considered non-conventional, and that is not part of the Western traditional medicine (Ruggie, 2004). Towards this end, there are a wide range of CAM services that are offered across the country. Some of the...…of medicine, like in many other aspects of our contemporary society, there is need for cultural humility and tolerance. With most kinds of CAM being culture-based, Cigna will effectively be diverting the conversation towards cultural humility and tolerance. In so doing, it will likely benefit by having a reputation as a culturally sensitive enterprise.
Level of Effort/Required Resources
a) Infrastructure Costs
This being the rollout of a new undertaking, the company will spend significant resources in terms of; additional research, human capital, product development and marketing, operational support, etc.
b) Approach
In seeking to implement an undertaking of this nature, Cigna could embrace a case-by-case model. Here, the company would be reviewing requests for coverage by taking into consideration individual circumstances. In so doing, the company will need to closely cooperate with key stakeholders in healthcare to establish the viability of treatment alternatives.
Conclusion
Companies that seek to remain relevant in increasingly competitive business environments ought to be innovative and embrace change. One of the challenges that Cigna faces, as has been pointed out elsewhere in this text, is increased competition. It therefore follows that the company ought to extend insurance coverage to patients who are in pursuit of alternative healthcare in an attempt to stay ahead of the competition and cement its position in this particular realm. It should, thus, pioneer wider CAM coverage and achieve the ‘First Mover’ advantages on this particular front.…
References
Cigna (2020). Company Profile. Cigna Corporation. Retrieved from https://www.cigna.com/about-us/company-profile/
Daykin, J. (2019). Intrapreneurship. Retrieved from https://www.forbes.com/sites/jordandaykin/2019/01/08/intrapreneurship/?sh=7fe58bf24ea3
Prindle, L. (2018). Your Guide to Alternative Medicine and Health Insurance. Retrieved from https://quotewizard.com/health-insurance/complementary-and-alternative-medicine-and-health-insurance
PEW Research Center (2017). Americans’ health care behaviors and use of conventional and alternative medicine. Retrieved from https://www.pewresearch.org/science/2017/02/02/americans-health-care-behaviors-and-use-of-conventional-and-alternative-medicine/
Ruggie, M. (2004). Marginal to Mainstream: Alternative Medicine in America. New York, NY: Cambridge University Press.
Vourman, I., Williams, C., & Cha, A. (2013). Cigna Strategic Report. Retrieved from http://economics-files.pomona.edu/jlikens/seniorseminars/Likens2013/reports/cigna.pdf
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