Aug 27 2009
Leveraging opportunities within the largest and fastest growing segments of the insurance industry, newly launched Insphere Insurance Solutions(SM) (www.insphereinsurancesolutions.com) has engaged Hill & Knowlton to lead its corporate communications and media relations efforts.
Insphere Insurance Solutions, which is backed by a group of private equity investors that includes affiliates of The Blackstone Group, Goldman Sachs and Credit Suisse, expects to be the nation's largest independent career agent distribution group in America offering life, health, long-term care and retirement products exclusively for the small business and the middle-income markets.
"We selected Hill & Knowlton for their expertise in strategic communications and extensive experience in the insurance industry," said long-time insurance industry executive Philip J. Hildebrand, chief executive officer, Insphere Insurance Solutions. "As a new company, we require smart, strategic thinking from our communications partner. Hill & Knowlton has been excellent to work with and was the right choice for us."
The small business and middle markets are growing exponentially. More than 30 million middle-income households are faced with significant financial challenges, including rising unemployment, increasing concerns about healthcare inflation, loss of insurance benefits at their workplace, and uncertainty around the future of Medicare and Social Security. For small businesses, as economic pressures have intensified even those that currently offer health insurance to their employees are faced with the difficult decision to reduce or eliminate coverage.
These markets have been largely ignored by major insurance carriers and agents who have migrated to serve more affluent consumers. The result has been a scarcity of distribution; industry experts cite a dramatic decline in the number of carriers and insurance professionals serving these markets.
"Insphere Insurance Solutions is well poised to succeed in today's challenging market," said Paul Taaffe, chief executive officer, Hill & Knowlton. "They have the backing of leading private equity firms, an experienced industry leader as chief executive and an excellent strategic focus on a large and underserved market. This is an exciting assignment in a market environment that is clearly challenging for most of the players. Our firm's strategic counsel and media skills will be very helpful for their successful launch."
Insphere Insurance Solutions anticipates rapid expansion, with a force of 3,500 agents and offices in more than 40 states expected when the company commences services in 2010.