Senior Market Sales (SMS) Company Profile

Background

Overview: Founded in 1982, Senior Market Sales (SMS) is a premier insurance marketing organization headquartered in Omaha, Nebraska. The company specializes in providing a comprehensive suite of insurance products and services tailored for the senior market, including Medicare Supplement, Medicare Advantage, annuities, life, long-term care, and travel insurance. SMS's mission is to empower independent insurance agents by offering proprietary technology, competitive products, expert training, and exceptional service, enabling them to optimize their time, increase earnings, and distinguish their businesses. In 2020, SMS became part of the Alliant Insurance Services family, enhancing its capabilities and market reach.

Key Strategic Focus

Core Objectives:

Agent Support: Providing robust back-office support to allow agents to focus on client relationships and business growth.

Business Development: Leveraging over four decades of industry experience to uncover growth opportunities for agents.

Technology Integration: Implementing cutting-edge technology to streamline operations and enhance client value.

Marketing Initiatives: Offering ready-to-use marketing and lead programs to help agents attract and retain clients.

Health and Wealth Solutions: Delivering a comprehensive platform that addresses all aspects of clients' retirement needs.

Primary Markets: SMS operates across all 50 states, serving a diverse clientele through a network of over 70,000 independent insurance agents.

Financials and Funding

Revenue: As of June 2024, SMS reported annual revenue of approximately $75 million.

Funding History: In 2020, SMS was acquired by Alliant Insurance Services, a strategic move that provided the resources for SMS to scale while maintaining its culture and leadership.

Pipeline Development

Acquisitions:

Centurion Senior Services (December 2024): Expanded SMS's Medicare insurance services beyond Pennsylvania, enhancing its Eastern U.S. distribution.

CareValue (September 2022): Integrated CareValue's proprietary technology platform, strengthening SMS's offerings and agent support capabilities.

O'Neill Marketing (March 2023): Enhanced SMS's presence in Florida, broadening its product portfolio and agent network.

Technological Platform and Innovation

Proprietary Technologies:

Client Stream® Lead Exchange: A lead-generation platform designed to connect agents with high-quality prospects efficiently.

State Pharmaceutical Assistance Program (SPAP) Solution: A digital enrollment process that allows agents to assist clients in applying for prescription drug assistance, triggering special election periods for Medicare-eligible individuals.

Technological Stack:

Programming Languages: Utilizes a variety of technologies, including Redis and Amazon Web Services, to support its operations.

Leadership Team

Jim Summers: Appointed CEO in September 2024, Summers has been with SMS since 1998, previously serving as President. He played a pivotal role in establishing SMS as a leading distributor and in securing the strategic partnership with Alliant Insurance Services.

John Haver: Promoted to President in September 2024, Haver joined SMS in 2015 and has been instrumental in guiding strategic direction and growing new distribution channels.

Leadership Changes

September 2024: Jim Summers transitioned from President to CEO, and John Haver moved from Senior Vice President to President, positioning SMS for continued strategic growth.

Competitor Profile

Market Insights and Dynamics:

The insurance marketing industry is highly competitive, with numerous organizations vying for market share in the senior insurance segment. The market is characterized by rapid technological advancements and evolving regulatory landscapes, necessitating continuous innovation and strategic partnerships.

Competitor Analysis:

Ritter Insurance Marketing: With 237 employees and revenue of $80.8 million, Ritter focuses on Medicare-related products and services.

Agent Pipeline: Employing 112 individuals and generating $112.2 million in revenue, Agent Pipeline specializes in health and life insurance products.

Asurea: A larger competitor with 274 employees and $308.4 million in revenue, Asurea offers a broad range of insurance solutions.

Advisors Excel: With 911 employees and $192.5 million in revenue, Advisors Excel provides comprehensive financial services and insurance products.

Buffett Senior Healthcare: Employing 507 individuals and generating $81.7 million in revenue, this company focuses on senior healthcare solutions.

Strategic Collaborations and Partnerships

Alliant Insurance Services (2020): SMS's acquisition by Alliant expanded its resources and distribution channels, facilitating significant growth and scalability.

CareValue (2022): The acquisition of CareValue enhanced SMS's technological capabilities and agent support services.

Operational Insights

Competitive Advantages:

Comprehensive Agent Support: SMS offers extensive back-office support, allowing agents to focus on client engagement and business development.

Innovative Technology: The integration of proprietary platforms like Client Stream® Lead Exchange and SPAP Solution provides agents with efficient operations.