Notes from Nancy

Time for the Next Exciting Chapter

It’s time to write the next chapter in CoreSource history, and I know it’s going to be an exciting one.

For the past several years, our focus was almost singular: the development and implementation of the Integrated Client Environment (ICE). Through the consolidation of different systems across different locations, ICE has made our organization truly one CoreSource. It improves our service and makes us better able to compete in today’s competitive marketplace. The success of the project is due solely to the commitment of associates across our organization. I remain deeply grateful for all their hard work and dedication.

When the final round of client migrations was completed in June for the Detroit office, there was good reason for celebration. The goal of several years of efforts was finally realized. And, we can look back with pride on all that we accomplished through the spirit of teamwork that CoreSource associates possess. ICE truly represents the level of collaboration that will need to continue to deliver the efficiency and effectiveness that our customers expect. View our feature article to learn more about ICE.

While we’ll continue to enhance our new environment as need demands, we can move forward to the next chapter which focuses on four key strategies I’ll talk about further below.

Healthy start for 2014

Our financial story is off to a healthy start for 2014. The great news is that, through August, CoreSource is well ahead of its financial plan for 2014. We forecast margin at $10.8 million on a plan of $8.5 million and revenue of $122.7 million on a plan of $117 million. I’m proud to report that we are poised for another successful year financially.

Our strategy for the future

Like all Trustmark business units, CoreSource has created a three-year strategy that centers on four key components:

1. Operational Excellence: Focus on advancing operational excellence, making the most of our best processes and services and creating a consistent and highly efficient process across all of CoreSource.
   Migrating all of our clients to ICE was critical in setting us up to achieve this goal. A team of our operational leaders across all offices have been working hard for several months to outline their initial recommendations on where to focus for greater efficiency and effectiveness throughout the organization.
2. Superior Customer Experience: Provide a unique, positive and highly memorable experience for any of our customers that interact with CoreSource to make them each feel truly special to us.
   This strategy extends not only to phone interactions, but also to any written communications and all online experiences. Right now, a cross-functional team of people close to members, clients and brokers from all offices is being assembled to begin identifying where the initial areas of focus should be.
3. Development of New Products and Services: Develop and offer creative, cost-effective products that meet the ever-changing needs of our clients and members.
   With the ICE migration completed, we can turn our energy to focusing on growth and new product development. We will start by considering what we do well and look at how we can best use those tools in new and better ways for CoreSource, as well as in combination with products provided by our sister companies. We plan to put some disciplined processes in place to ensure we always have a pipeline of new products.
4. Growth Through New Aggregator Clients: Develop an approach to win new aggregator clients, or those for which we perform back-office functions in addition to claims administration similar to current clients, such as Nippon Life Benefits and Evergreen Health.
   Our relationships with these clients are unique and longer lasting than typical clients and present a great opportunity to leverage our capabilities on a larger scale. We will proactively explore this segment of the market, determine where and how to focus our efforts and actively pursue clients in this space.

We feel these strategies will position CoreSource to grow and be the best health plan administrator in the industry.

Other 2014 highlights

The 2014 CoreSource Summit was a success, with some in attendance saying it was the best conference ever. For two days in May, nearly 100 Sales Executives, Client Managers and Support Area heads joined members of our leadership team in Chicago to discuss the future of CoreSource. The theme this year was “Illuminate Bold Ideas for a Bright Future.” For the first time, we used an online polling tool that provided the ability to share answers and commentary with all attendees almost immediately. To draw out new and better ideas, we developed interactive team activities, which required staff with different roles and responsibilities to work together to address important issues. We also previewed our recently revealed brand refresh, a project that had been in the works for several months.

We revitalized our brand by keeping some of traditional elements and incorporating high energy, different colors, a more contemporary style and, at times, a new voice. Some marketing materials use the “voice” of brokers and clients to highlight the challenges of today’s marketplace, while CoreSource products and services are positioned as the solutions they need. I particularly like the icons representing what sets us apart from our competitors: actionable data, tailored plans and engaged employees. Learn more about our brand refresh from our other feature article, and by visiting the Branding Store on the Igloo.

The CoreSource story for the first three quarters of 2014 was written by people with an indomitable will to do the right thing for their clients and our organization. Based on all that we have already accomplished, all that we have planned, and with the full understanding that every day brings surprises, I know the remainder of the year will shine. I extend my gratitude to all CoreSource associates for their role in our success.

Best Regards,
Nancy

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