What are opinions on Insphere Insurance Solutions?

Answer 1

It seems that the company had some skeletons in the closet with regards to Health Markets, which still serves as the parent company, even though the company is owned by equity partners, Blackstone Group, Goldman Sachs and Credit Suisse. However, any company that has been around 30 or more years is bound to have some things about it that may not be pretty. Insphere is no different. Insphere, is the name chosen by the equity partners to mark the rebranding of the company from a captive company (that only sold Health Markets products), to that of a full broker (representing various health and life and insurance carriers). The skeleton in the closet was Mega Life. Bottom line: It was not an ideal health insurance policy. It was a bare bones type of insurance for people who could not afford to pay for more comprehensive medical insurance. It caused a lot of problems for the company, especially with regards to claims. When the equity partners acquired Health Markets, a lot of agents were let go (in particular those who might have been misrepresenting Mega Life). Since then, the company has made some major changes that so far have increased revenues as well as customer satisfaction. For one, they no longer sell Mega Life health insurance. They still sell Mega supplements (Vision and Dental), which were and still are good plans. Also, they've partnered with the Blue Shield, Aetna, ING, United Healthcare, Genworth Financial, Health Net, Minnesota Life and a few other quality carriers. As a result, Inshere agents are now functioning as full on brokers with an arsenal of products to allow them to customize a solution based on the needs of the customer. Insphere agents sell more Blue Shield and Aetna policies in the states in which they operate than any other agency.

The only real downside (if you want to call it that) is that in an effort to do things the "right way" due to the history of the company, the company has become obsessed (to the point of over kill) with training. There is training once a week (one optional and one required) every week of the year. With a huge focus on compliance issues. It never stops.

Commisson structure is good. Besides commissions and residual income, there are various contests for cash prizes. Also there is a stock ownership plan agents can participate in along with the equity partners, once they've reached certain production levels. The company also contributes into the stock ownership plan on behalf of the agents.