Insphere Insurance Solutions® Announces Marketing Agreement with Health Net* Insphere Insurance Solutions

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Insphere Insurance Solutions® Announces Marketing Agreement with Health Net*

Insphere Insurance Solutions to Begin Marketing Health Net* Benefit Plans for Individuals, Families and Small Groups in California.

DALLAS/FORT WORTH – September 20, 2010 – Insphere Insurance Solutions® (http://www.insphereis.com) announced that it has finalized a marketing arrangement with Health Net* (http://www.healthnet.com) for its portfolio of California Farm Bureau health insurance plans and its portfolio of small group plans.
 
“Insphere is very excited about our marketing arrangement with Health Net,” said Phillip J. Hildebrand, President and Chief Executive Officer of Insphere Insurance Solutions. “Health Net’s California Farm Bureau plans provide a wide variety of coverage and price point options for individuals desiring health savings account (HSA)-eligible PPO products, and their web-based health and wellness tools for members are extremely robust.”

“We are also very pleased to be able to offer Health Net’s extremely competitive portfolio of small group HMO, Elect Open Access (EOA) and HSA plans,” said Hildebrand. “Health Net’s range of small group products, coupled with several provider network options, enables small groups to select a premium price point that meets their needs while delivering quality coverage.

Health Net is one of the largest health plans in California. Together, Health Net of California, Inc. and Health Net Life Insurance Company have an extensive network of more than 56,000 physicians and 5,600 pharmacies – all working together to serve more than 2.2 million members. Members can use Health Net’s online Doctor Search feature to see if a doctor or physician group is listed in their statewide care network.

Additionally, members have access to Health Net’s Decision PowerSM site for information, resources and personal support to help members work more closely with their doctor and make informed decisions about their care.

“Our agreement with Health Net illustrates Insphere’s ongoing commitment to expanding its portfolio of life, health, long-term care and retirement insurance products to better meet the range of needs within the small business and middle-income market,” said Hildebrand. “We believe that our selection of national and regionally recognized companies like Health Net, combined with our agents who provide personalized service and understand the unique needs of the individual insurance buyer, enables Insphere to deliver an unmatched level of service to our clients.”

* “Health Net” refers to Health Net of California, Inc., which provides HMO coverage, and Health Net Life Insurance Company, which provides PPO and HSA-compatible coverage.

Insphere Insurance Solutions previously announced national marketing agreements with Humana, Aetna and UnitedHealthcare’s Golden Rule Insurance Company for individual health insurance plans. Insphere also has marketing agreements with John Hancock for long-term care insurance, ING for term life and universal life insurance and Minnesota Life for whole life insurance. Insphere’s marketing arrangement with The Plus Group Texas provides agents with access to disability income insurance products from market leaders MetLife, Principal Financial Group, The Standard and Assurity Life Insurance Company.

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.
 
"Because of our size and scale, we are able to offer a diverse product portfolio, an innovative compensation structure and significant support for field managers and agents, including best-in-class technology capabilities for lead generation, training, compliance and marketing,” added Hildebrand.
 

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About Insphere Insurance Solutions

Insphere Insurance Solutions, Inc. is a distribution company that specializes in meeting the life, health, long-term care and retirement insurance needs of small businesses and middle-income individuals and families through its portfolio of highly rated products offered by nationally recognized insurance carriers. Insphere is an authorized agency in all 50 states and the District of Columbia with approximately 2,600 agents nationwide. For more information, please visit www.insphereis.com.


 

CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release may include forward-looking statements relating to Insphere Insurance Solutions, Inc. that are subject to certain risks, uncertainties and assumptions.  Such forward-looking statements are intended to be identified in this document by the words "anticipate," "believe," "estimate," "expect," "intend," “may,” "objective," "plan," "possible," "potential," “project” and similar expressions.  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, the effect of recently enacted national health care reform legislation on our business; other legal or regulatory developments which may adversely affect our business including, but not limited to, laws or regulations which impede our ability to obtain effective leads; any failure to comply with applicable law or regulations; our ability to maintain applicable licenses; our ability to enter into and maintain satisfactory relationships with insurance carriers and agents; our ability to implement and maintain various information technology and administrative systems, platforms and processes necessary to successfully run the businesses, or the failure of such systems, platforms and processes to provide timely and accurate information; our reliance on outsourcing arrangements, which may subject us to risks related to business disruption or otherwise adversely affect our operations; termination of agreements with insurance carriers or revisions to contract terms which may adversely affect our business; the failure of insurance carriers to pay us in a timely and accurate manner or to provide us with data required to support product sales and accurately pay our agents; and the failure of an insurance carrier to administer underwritten business in an appropriate manner, which may lead to customer dissatisfactions and the lapse or cancellation of policies for which we and our agents receive commissions. Like any business, the progress and success of the company entails substantial uncertainty. There can be no assurance that other factors not currently anticipated by the company will not materially and adversely affect our financial condition and results of operations.  Readers are cautioned not to place undue reliance on any forward-looking statements made by us or on our behalf.

Media Contacts:

Donna Ledbetter
(817) 255-5405
Donna.Ledbetter@InsphereIs.com

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