Notes from Nancy

2013 Off to a Solid Start!

We kicked off the New Year in style. Not only did we end 2012 with a record year for CoreSource, we began 2013 with a celebration of our parent company’s centennial. Although our first-quarter sales for 2013 are below plan, we are making up for it with better-than-planned persistency of current clients to hold steady. And, we’re proud that our Integrated Client Environment (ICE), the most far-reaching technology project that we’ve ever embarked upon, has been delivered to several clients in every CoreSource office. We are now poised to continue an aggressive rollout of ICE to the rest of our clients. It’s a solid start to what’s going to be a great year for CoreSource!

2012 Results

Laying a powerful foundation for continued growth in 2013 was the fantastic, record-breaking 2012 year for CoreSource. Fueled by strong new business sales, organic in-force growth and better-than-expected persistency, our final results showed revenue totaling $124 million – $12 million above plan. Most importantly, CoreSource had the best earnings year ever in our company’s history at $7.1 million – $2.2 million over plan – shattering the record that has been standing since 2003. Each office played a key role in driving these results. Some examples include:

• Baltimore/Lancaster: Sold 18 new groups totaling $2.8 million in revenue. Most notable is the award of St. Jude Children’s Research Hospital, as well as nine new cases with the COBECON Group.
• Charlotte: Saw the North Carolina Health Insurance Risk Pool (NCHIRP) grow, as well as was selected to operate a pilot sponsored by the North Carolina governor and NCHIRP to administer the Aids Drug Assistance Program, resulting in $185,000 in new revenue.
• Chicago/Tucson: Had more than $2 million of new business and upsales, led by signing the Medical College of Wisconsin for medical administration, YourCare, healthcare management, HIPAA and COBRA.
• Detroit/Columbus: Added Parker Hannifin with 23,000 employee lives, and beginning April 1, 2012, the development and administration of its Wellness and Preventive Network, with more than 105,000 claims processed.
• Kansas City: Completed the transition of the Nippon block of business while experiencing significant lives growth within it. Also acquired several more hospital groups through a new broker relationship, which we plan to expand in 2013, and served as the test site for transitioning groups to the new ICE portal.
• Little Rock: Maintained a sharp focus on our value proposition and that of Aetna Signature Administrators^TM to close the sale of Faulkner County, Ark.

Most significantly, we kicked off the realization of our goal to move to an Integrated Client Environment with the launch of ICE. This project makes our great client service even better – a mission that is crucial to our success. Because of ICE, CoreSource will become a stronger competitor in today’s ever-changing employee benefits environment.

Other accomplishments from last year that I’m very proud of include the launch of the improved YourCare 2.0 product and completing the migration of well over half a million HealthCenter members and dependents from WorldDoc to the new portal from HealthFitness.

Continuing our journey to ICE

Introducing new clients to ICE, and maintaining an aggressive schedule to launch ICE capabilities to existing customers, is a journey that has multiple dimensions and requires laser-like attention to detail. Our dedicated staff spent countless hours planning, building and training for ICE. As a result, we now have an online environment that combines the key features of the legacy processes and systems.

All the while, we’ve been arming our associates with the information they need to know to continue to do their job well in the new environment. We’ve offered e-learning modules, presentations, webinars, takeaways and guides that help associates support the clients they serve. More than 40 change management workshops were also conducted for both leaders and employees across all locations. These workshops provided an understanding of the predictable dynamics of change and strategies to support their personal transition. Training has focused on making associates confident in completing required tasks in the new environment, as well as helping to ensure that client service remains exceptional. Learning opportunities will continue until everyone in each office learns how to thrive in the new environment. You can learn more about the various training topics both in this edition of the CoreSource Report as well as on the ICE microsite.

Celebrating Trustmark Companies’ centennial

Not many companies can claim a century of service, and doing so requires a special ability. To remain vital and relevant in the marketplace over the years, a company must evolve. Trustmark’s products, services and capabilities changed over the years, but it never faltered in its commitment to working to earn and maintain the trust of the customers it serves. CoreSource has always shared that commitment and continues to do so today. We remain closely linked to the people we serve. We value long-lasting, mutually beneficial relationships. And we will continue to meet the unique employee benefit needs of our clients into the next century.

As each regional office celebrated the centennial in its own special way, I joined other members of the Enterprise Leadership Team on Jan. 14 in donning vintage-style attire as part of activities designed to honor our history. We greeted employees arriving in the Lake Forest office with the traditions of the past and a promise for the future. Like the entire Trustmark enterprise, CoreSource will always adapt to the changing needs of the market; it is a benchmark of our success.

I am so proud of every individual on the CoreSource team who contributed to the best year in CoreSource history. My thanks go out to you for the hard work and tireless effort you gave to make that happen. We are now embarking on a year of great transition. I know this transformation will bring challenges and test our resolve. But, I have no doubt that the talent, the passion and the determination that each of you possess will turn those challenges into opportunities, allowing us to again shine in 2013.

Best Regards,
Nancy

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