Cigna Group said it will launch a $3 billion modernization-and-productivity initiative, aiming to support growth and improve financial performance over the coming years.

The health insurer on Wednesday said the initiative, dubbed Lead to One, will focus on updating processes and streamlining workflows, including by supplying workers with artificial-intelligence tools that provide insights and increase productivity.

At the same time, the company said it will work to drive disciplined supplier and vendor management.

Under the initiative, Cigna is targeting a 10%-to-14% compound annual growth rate for adjusted per-share earnings through 2030. The company aims to hit $50 billion in cumulative operating cash flow over that same period.

For the year, the company continues to expect consolidated adjusted earnings of at least $30.45 a share on consolidated adjusted revenue of $280 billion.

Cigna said it will outline the new initiative, and its strategy to improve affordability and personalization across the healthcare continuum, at an investor event Tuesday.

"We are uniquely positioned in the fastest-growing areas of health care, with a distinct ability to serve patients with complex needs," Chief Executive Brian Evanko said.