DFW firm is working to get ahead of the insurance curve Fort Worth Star Telegram
' ' & -->The Texas connections were missing from the New York-based announcement. At a time when healthcare reform was sending insurance companies scuttling for cover, three large investment firms were forming a company to offer a wide range of insurance options to small businesses, the self-employed and middle-income consumers. The partners -- The Blackstone Group, Goldman Sachs and Credit Suisse -- said Insphere Insurance Solutions would become the largest independent distribution group for insurance agents in the nation. But the July announcement made no mention of Insphere's parent company, HealthMarkets of North Richland Hills, or the regulatory problems that some of HealthMarkets' other subsidiaries had faced. Nor did it mention the $37 million in settlements reached in more than 30 states amid allegations that the companies misrepresented policies and failed to pay claims for covered ailments. Or that the company's insurance subsidiaries had effectively been banned from selling their own policies in Massachusetts for five years. There was not even acknowledgement that the companies shared a chief executive. HealthMarkets, it appeared, was the country cousin or worse -- not to be mentioned, operating from its headquarters just off the main roads in Northeast Tarrant County. When Insphere formally announced that it was open on Jan. 21, it had a force of 2,200 agents, offices in more than 40 states and authorization to do business in all 50 states and the District of Columbia. It also had marketing deals lined up with big names in the insurance industry: John Hancock for long-term-care insurance, Aetna and UnitedHealthcare's Golden Rule Insurance Co. for individual health plans, ING for term and universal life insurance, Minnesota Life for whole life insurance and The Plus Group Texas for products from MetLife, Principal Financial Group and The Standard. "We are extremely excited to launch Insphere Insurance Solutions nationally and offer a broad range of products that meet the needs of the underserved small-business and middle-income markets through our arrangements with leading insurance carriers," said Phillip Hildebrand, president and CEO of Insphere and HealthMarkets. "Launching an agency like Insphere during this time of evolution and change in the insurance industry is important for both consumers and agents." Insphere also distributes products written by HealthMarkets' subsidiaries, including Mega Life and Health Insurance, although sales of those products have been outstripped by the offerings of other companies in just the first quarter of operation, according to the company's 2009 annual report, filed with the Securities and Exchange Commission. HealthMarkets officials declined to discuss the new company or its approach to doing business, but Insphere's Web site, www.InsphereInsuranceSolutions.com , and the SEC filing make clear that they have big plans. This year, Insphere expects to expand its offerings and the size of its field force by developing additional marketing arrangements with insurance carriers or intermediaries, despite stiff competition in the industry, according to the SEC filing.
CTV.caHealth Care Reform in DangerAnd at least 200 million of you with insurance could not get in to see your private insurance plans doctors in 2 or 3 days, even if your life depended on it. WHICH IT DOES! Contact congress and your representatives NOW! AND SPREAD THE WORD! Single-payer health care is the only way to rein in costs Freedom Can't Be Rationed Making Cents: Thoughts on long-term care insurance -
ABC NewsFixing A Sick Health Care SystemConsequently, at least 43 million Americans are without health insurance and that figure is certain to grow with rising unemployment. “The reason we spend more and get less than the rest of the world is because we have a patchwork system of for-profit Video: Doctors Weigh in on Obama Health Plan What's wrong with Obama's health care plan President Obama Pays House Call on AMA -
Washington PostThe logical fix includes--fixing outragious malpractice lawsuits, open up the insurance industry to allow more competition (bringing lower prices), and setting up a watchdog to compare actual operational cost verses charges (on both medical billing and Video: Cost a Major Issue As Senate Starts Health Care How Will We Pay For The Health Care Plan? An Ad Script for Teddy Kennedy on Healthcare Reform -
