Situation Insphere wanted to eliminate the is an independent, career-agent complexity of a multicarrier environment distribution group. This new and and provide an agent experience that feels independent structure allowed the like they are doing business with just one company to reposition the sales force from carrier. “We are not aware of any other being a single product, niche-market insurance distribution organization that player, into a sales force with a product offers this value proposition to agents,” portfolio broad enough to serve most Walker states. customers. Looking for Technology to Empower the Insphere identified market-leading carriers Sales Force of life, health, long-term care, and Insphere sought a technology solution that retirement income products that meet the provided the tools essential to managing needs of the middle income market but key business processes across multiple that lacked a distribution channel focused carriers and lines of business. Requirements on this underserved market. The Insphere included: business model makes it possible to meet Single sign-on. the needs of carriers and consumers. One portal for all carriers’ product offerings, updates, and sales collateral. Insphere Insurance Solutions was launched A single quoting interface for all in January 2010 with approximately 2,200 carriers that allows the agent to provide agents who are independent contractors product comparisons within the product and consider sales their profession. Since its portfolio to the customer at the point of launch, the company has added sale. approximately 400 new agents to its field force. The company is headquartered in Fully integrated customer North Richland Hills, Texas. relationship management (CRM) tool that connects quoting and applications, Launching an Innovative Business Model and eliminates or significantly reduces Jeff Walker, Vice President of Insphere the need for duplicate data entry. Insurance Solutions, explains, “In the Consolidated application tracking, insurance industry, there are two basic client statements, and compensation career models for agents to choose from: a statements. captive agency affiliated with a single Real-time agent visibility into the carrier or a general agency focused on prospect pipeline, including what stage specific types of insurance and affiliated of the sales process each prospect is in with the carriers they select. The business and all activity that has been conducted model for Insphere incorporates the best with each prospect. aspects from both models. Agents are vital Client life-cycle management to our success; that’s why we want to create tools for facilitating renewal alerts and an environment that delivers the most cross-sell and upsell opportunities. productive and rewarding experience possible.”
Situation is an independent, career-agent distribution group. This new and independent structure allowed the company to reposition the sales force from being a single product, niche-market player, into a sales force with a product portfolio broad enough to serve most customers. Insphere identified market-leading carriers of life, health, long-term care, and retirement income products that meet the needs of the middle income market but that lacked a distribution channel focused on this underserved market. The Insphere business model makes it possible to meet the needs of carriers and consumers. Insphere Insurance Solutions was launched in January 2010 with approximately 2,200 agents who are independent contractors and consider sales their profession. Since its launch, the company has added approximately 400 new agents to its field force. The company is headquartered in North Richland Hills, Texas. Launching an Innovative Business Model Jeff Walker, Vice President of Insphere Insurance Solutions, explains, “In the insurance industry, there are two basic career models for agents to choose from: a captive agency affiliated with a single carrier or a general agency focused on specific types of insurance and affiliated with the carriers they select. The business model for Insphere incorporates the best aspects from both models. Agents are vital to our success; that’s why we want to create an environment that delivers the most productive and rewarding experience possible.” Insphere wanted to eliminate the complexity of a multicarrier environment and provide an agent experience that feels like they are doing business with just one carrier. “We are not aware of any other insurance distribution organization that offers this value proposition to agents,” Walker states. Looking for Technology to Empower the Sales Force Insphere sought a technology solution that provided the tools essential to managing key business processes across multiple carriers and lines of business. Requirements included: Single sign-on. One portal for all carriers’ product offerings, updates, and sales collateral. A single quoting interface for all carriers that allows the agent to provide product comparisons within the product portfolio to the customer at the point of sale. Fully integrated customer relationship management (CRM) tool that connects quoting and applications, and eliminates or significantly reduces the need for duplicate data entry. Consolidated application tracking, client statements, and compensation statements. Real-time agent visibility into the prospect pipeline, including what stage of the sales process each prospect is in and all activity that has been conducted with each prospect. Client life-cycle management tools for facilitating renewal alerts and cross-sell and upsell opportunities.
Insphere_Insurance_Solutions_Case_Study.docx