Written by ι Stock Market Media Group Staff — May 22, 2013
Just last week INSCOR, Inc. (OTC PINK: IOGA) named NBA Hall of Famer Dominique Wilkins to its Board of Directors as it continues to add the pieces to what looks like a very promising puzzle and strong future for the Las Vegas-based company. INSCOR has been very strategic with each of its moves since it changed the company’s focus and business model.
In the last two years, INSCOR has methodically gone about its business designing what should be a blockbuster product in the company’s Financed Insurance Trust (FIT) for Other Post-Employment Benefits (OPEB), educating its target audience and marketing its product to what is a very large potential client base, and naming key players to the management team that will help shape INSCOR’s future.
When the former NBA All-Star Dominique Wilkins was brought on board, it may not have hit too many radars, but any research into INSCOR’s products, and it makes a perfect sense. Wilkins, nicknamed “The Human Highlight Reel” while playing for the Atlanta Hawks, is well connected in the NBA, and with his current position in the front office of the Atlanta Hawks, he is ideally situated to be a great ambassador for the company.
Why is naming Wilkins to the Board of Directors a great move for the company – well, INSCOR has two key products that will drive revenues for years to come, the aforementioned specifically tailored FIT OPEB plan that could be a slam dunk for the company with what a Credit Suisse report defines as a potential client pool of 67,000 municipalities needing what the FIT OPEB plan offers them. But, another product INSCOR has developed is a Financed Insurance Trust plan ideally tailored for high net worth individuals like professional athletes and entertainers. Wilkins has the platform and the inroads to introduce this product to that audience.
Wilkins will be the company’s spokesman, he’ll promote goodwill and a large part of his work will be to develop relations with professional athletes and sport associations on behalf of INSCOR. This is a well thought out move that gives INSCOR a front row seat to many high wealth individuals who can benefit from the company’s plan for affluent individuals.
Given these two products it is clear why INSCOR was quiet for a long period of time while management meticulously laid out a pretty ingenious roadmap for the company. When changes in recent accounting rules were issued by the Governmental Accounting Standards Board (GASB-45), it left corporations, municipalities, universities, hospitals and other government entities highly exposed and dramatically under-funded. INSCOR executives went to work using their experience in the insurance market to begin to address the growing problem and tailored a FIT plan specifically for the crisis. Analysts at Credit Suisse are conservatively estimating the unfunded liabilities in this country amount to $1.5-trillion and are spread out over numerous corporations and close to 70,000 municipalities and a host of other government entities.
INSCOR’s President, Richard Krabbeler says the company is currently working with 22 of those municipalities and several universities in the state of Tennessee. In another move to build a strong management team, the company named Mark Bolt to its Board of Directors and named him as its Vice President of Sales. This move makes a lot of sense as well because Mark Bolt has strong ties to the state INSCOR has chosen to kick off its plan of action. Bolt’s working relationships with both municipalities and university systems throughout Tennessee will be invaluable as the state serves as the starting point for the company’s roll out of the FIT OPEB plan and grows outward from there all across the nation.
Krabbeler said of the appointment, “Mark Bolt has extensive experience with municipalities and corporations in pioneering low-cost, financed insurance solutions as a way of funding post-employment benefits. Mr. Bolt has already been meeting with city mayors, council members, CFOs, finance directors and city managers, some of which are nearing the final stages of approving a FIT OPEB plan.”
In a detailed report put out by the Pew Center on The States titled “The Trillion dollar Gap,” all of the states were rated on how well each is managing its obligations with funding these non-pension employee benefit plans. The report found that only nine states were rated “solid performers.” Meanwhile 40 states were rated as “needs improvement” with less than 7.1% of the funds needed to cover future healthcare and other non-pension benefit obligations set aside. The report found that 20 of those states had failed to put aside any assets.
So, clearly INSCOR has more than enough work to drive revenues into the future, and it has plotted and planned the best route to capture that business. After designing the FIT OPEB plan to meet the needs of thousands upon thousands of potential clients, tailoring the company’s FIT plan to work favorably for affluent individuals, and announcing that both Dominique Wilkins and Mark Bolt have joined the team, INSCOR is perfectly positioned to make real headlines as the contracts start to see pen to paper and the first signatures marking growth for company that has changed its focus in just the right direction.