NEW YORK: Hill & Knowlton is aiding in the 2010 launch of Insphere Insurance Solutions, an insurance company that will offer life, health, long-term care, and retirement products for small businesses and the middle-income market.
The firm is providing overall brand work, including messaging and building brand awareness.
“We came in very early in the game to work with the CEO and management team to help plan the launch and go-to market strategy,” said Jim Cox, SVP at H&K. Cox previously worked with Insphere president and CEO, Phillip Hildebrand, when Hildebrand was an executive at New York Life Insurance Company.
A key business and communications objective of the launch is to reach prospective product carriers, potential Insphere agents and field managers, and potential customers and other stakeholders, added Cox.
While the economic recession has posed various problems for the insurance industry, Cox said that it is now “arguably easier” to launch Insphere because the marketplace for insurance companies targeting small business and the middle-income market is sparsely populated.
“The tendency is for agencies and companies to want to gravitate up to larger companies,” he said. “A lot of people are interested in the middle market, but not many people know how to [reach] it.”
Insphere is being launched by a group of private equity investors that includes affiliates of The Blackstone Group, Goldman Sachs, and Credit Suisse. The company has already announced that it is in talks with the global banking and insurance company ING, which plans to offer insurance policies on a 90-day pilot basis. Insphere also expects to launch with 3,500 agents in offices spanning across over 40 states.
A representative from Insphere was unavailable for comment.