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DALLAS/FORT WORTH – May 10, 2010 – Insphere Insurance Solutionssm (http://www.insphereis.com) announced that it has finalized a marketing agreement with Humana® (http://www.humana.com) for its HumanaOne® health plans for individuals and families.
Insphere will initially offer the HumanaOne PPO plans in Arizona, Colorado, Florida, Georgia, Illinois, Tennessee, Texas, Utah and Wisconsin and may expand marketing of these plans to additional states by the end of the year.
"We are excited about offering Humana’s individual health plans," said Phillip J. Hildebrand, President and Chief Executive Officer of Insphere Insurance Solutions. "Humana is one of the fastest growing individual health insurance brands in the country and they consistently earn high marks from their members for their great service and product designs."
Insphere Insurance Solutions will market the full portfolio of HumanaOne plans. These plans are designed to meet the needs of individuals, families and the self-employed for quality insurance coverage that is also budget-friendly. This includes Humana’s traditional PPO plans as well as HSA-qualified plans.
HumanaOne currently serves approximately 335,000 members with their HumanaOne PPO products. Their Humana.com Provider Finder includes 544,000 health care professionals, more than 4,000 hospitals and 60,000 pharmacies.
"Our agreement with Humana illustrates Insphere’s commitment to expanding its portfolio of life, health, long-term care and retirement insurance products to better meet the range of needs within the middle-income market," said Hildebrand. "We believe that our selection of nationally recognized companies like Humana, 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."
Insphere Insurance Solutions previously announced 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.
"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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HumanaOne offers affordable health plans for individuals and families, such as self-employed entrepreneurs, students, recent college graduates, and early retirees, and those who may be uninsured. HumanaOne is a division of Humana Inc., one of the nation’s largest publicly traded health benefits companies. HumanaOne offers flexible, affordable health plans that let consumers choose from many of the features usually found only in group health plans, such as negotiated rates, wellness benefits, and special discounts.
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.
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.
Donna Ledbetter
(817) 255-5405
Donna.Ledbetter@InsphereIs.com