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DALLAS/FORT WORTH – January 21, 2010 – Insphere Insurance Solutionssm (http://www.insphereis.com) announced today that it has officially commenced business as one of the largest independent, career agent insurance distribution groups in America. With a force of approximately 2,200 agents, offices in over 40 states and authorization to do business in all 50 states and the District of Columbia, Insphere is offering life, health, long-term care and retirement products for the small business and middle-income market.
"We are extremely excited to launch Insphere Insurance Solutions nationally and offer a broad range of products that meet the needs of the under-served small business and middle-income markets, through our arrangements with leading insurance carriers," said Phillip J. Hildebrand, president and chief executive officer of Insphere Insurance Solutions.
"Launching an agency like Insphere during this time of evolution and change in the insurance industry is important for both consumers and agents," said Hildebrand. "Consumers increasingly demand insights and choice when making a decision about insurance, and Insphere's agents and our portfolio of solutions provide that. Additionally, given potential legislative or regulatory reforms, agents who are selling only health products currently, may want to expand their capabilities to offer a variety of insurance products. Insphere Insurance Solutions offers that opportunity in a very dynamic way."
Insphere has also begun the roll out of Insphere Insitesm, its proprietary technology platform that combines best-in-class industry technology with the individual tools provided by its carriers into a single system that provides a significant competitive advantage for field managers and agents.
"Our technology enables a better client experience because it complements the agent's knowledge with specific product information, comparisons and pricing options that reflect the individual's needs," said Hildebrand.
These industry tools include:
"Simply put, by integrating these tools into our proprietary technology platform, our agents will operate in a seamless multi-carrier environment that will feel like they are working with a single carrier for everything from quoting, electronic applications, application tracking, managing compensation and managing their client base," said Hildebrand. "We believe the Insphere Insite technology platform, in addition to in-house training and support, provides a unique offering for an independent career agent that delivers a tremendous advantage in the marketplace."
Insphere Insurance Solutions is structured as an agent-producer group offering what we believe is a market-leading, total-compensation package that features a consolidation of production across all carriers and product lines to determine commission level and bonus, funding for leads as well as an equity opportunity in Insphere Insurance Solution's parent company that we believe is unique in the industry.
The plans for Insphere Insurance Solutions were originally announced in July 2009. Since that time, Insphere has completed marketing agreements with Aetna and UnitedHealthcare's Golden Rule Insurance Company for individual health insurance plans, John Hancock for long-term care insurance, ING for term life and universal life insurance and Minnesota Life for whole life insurance. Insphere also has a marketing arrangement with The Plus Group Texas which provides agents with access to disability income insurance products from market leaders MetLife, Principal Financial Group and The Standard.
Insphere Insurance Solutions is owned by a group of private equity investors, including affiliates of The Blackstone Group, Goldman Sachs Capital Partners and Credit Suisse, and is actively recruiting new and experienced insurance agents and experienced field leaders with an objective of doubling the number of agents over the next few years.
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Insphere Insurance Solutionssm is a distribution company that specializes in meeting the life, health, long-term care and retirement insurance needs of small business and middle-income individual and families through its portfolio of products from nationally recognized insurance carriers. Insphere is an authorized agency in all 50 states and the District of Columbia with approximately 2,200 agents nationwide. For more information about Insphere Insurance Solutions visit www.insphereis.com.
This news release may include forward-looking statements relating to Insphere Insurance Solutions ("Insphere") that are subject to certain risks, uncertainties and assumptions. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them to reflect changes that occur after that date. Factors that could cause actual results to differ materially include, but are not limited to, Insphere's ability to maintain applicable licenses, Insphere's ability to enter into and maintain satisfactory relationships with insurance carriers and agents and the implementation of various information technology and administrative systems, platforms and processes necessary to successfully run the business. Like any business, the progress and success of Insphere entails substantial uncertainty.
Donna Ledbetter
(817) 255-5405
Donna.Ledbetter@InsphereIs.com
Jessica Anderson, Hill & Knowlton
(212) 885-0492
Jessica.Anderson@hillandknowlton.com
Alexandra Ames, Hill & Knowlton
(212) 885-0608
Alexandra.Ames@hillandknowlton.com
