INSpire Insurance Solutions, Lockheed Martin Global Telecommunications Join in Strategic Alliance
The alliance combines leading-edge capabilities -- INSpire's policy and claims administration outsourcing and software solutions with Lockheed Martin's global information technology capabilities - to provide the most comprehensive and secure end-to-end insurance outsourcing solution. As part of the alliance, Lockheed Martin will manage all of INSpire's infrastructure services, including data centers, telecommunications systems, help desk operations, desktop support services and asset management.
Together, the companies will leverage their capabilities to expand their share of the policy and claims administration industry. Property and Casualty carriers in INSpire's target market spend an estimated $10 billion annually on policy and claims administration, with most of these services performed in-house. Lockheed Martin's ability to attract tier-one carriers expands this market even further.
"This alliance with Lockheed Martin marks a major milestone in INSpire's transformation, a process we began last December with a renewed commitment to customer service and improved productivity," said John Pergande, chairman and CEO of INSpire.
Over the past year, INSpire has focused on strengthening its management team, its financial stability and its long-term staying power, added Pergande. Having cut expenses and implemented strong new management, INSpire is now further strengthening its long-term viability through this alliance with Lockheed Martin. The partnership with Lockheed Martin demonstrates INSpire's commitment to the advice it offers its customers: "Focus on what you do best and outsource the rest to a company that can leverage technology to reduce your costs."
"With Lockheed Martin as a partner, INSpire will now be able to offer a level of data security, business continuity, backup and disaster recovery services that we could not provide on our own," Pergande said. "Our customers can expect the same exemplary service, but with the added benefit of knowing that their infrastructures are managed by a global information technology leader known for its best-industry practices and long history of unparalleled security."
"The insurance marketplace represents a targeted strategic growth area for Lockheed Martin. With INSpire's insurance expertise, we can provide better solutions for new insurance customers," said Steven Lubniewski, president of Lockheed Martin's Enterprise Solutions-U.S. business unit.
"This partnership is timely news for the property and casualty insurance industry. We design, integrate and manage some of the world's most complex IT infrastructures and high-speed data networks. With this alliance, we are combining Lockheed Martin's strengths with INSpire's best-of-breed INSideOUT software to better meet industry needs," said Lubniewski.
"Lockheed Martin is committing significant resources in order to assure the success of this venture. This will come in the form of infrastructure improvements and joint business development. The financial impact to INSpire of the infrastructure component will total $5.4 million over the life of the agreement," Pergande said. "We have great hopes that this partnership will have a significant impact on both companies' ability to sign new business."
INSpire's Chief Technology Officer, Gordon Gaar, and Director of Strategic Initiatives, Larry Stern, led an effort that began in April 2001. "We put together an RFP and reviewed proposals from 10 of the top IT services companies in the US. Lockheed Martin was the clear winner due to its experience in the insurance industry, the depth of its IT capabilities, and its passion to grow its insurance portfolio," stated Larry Stern.