NEW YORK--(BUSINESS WIRE)--Nippon Life Benefits today announced that it has chosen CoreSource, one of the nation’s leading administrators of self-funded employee benefit plans, to oversee the administration of its small- and large-group customers.
CoreSource administers benefits for more than 700 self-funded employers across the U.S. and processed $2.5 billion in claims for 1.1 million plan members in 2010. The nation's third-largest administrator, CoreSource pursues the simple concept of using the core values of integrity, honesty and a strong work ethic to provide high-quality service to employer plan sponsors and their covered employees.
“The relationship with CoreSource will enable Nippon Life Benefits to continue delivering exceptional service to its diverse customer base,” said Toshihiro Nakashima, President and Chief Executive Officer of Nippon Life Benefits. “We are pleased to partner with a company who shares our commitment to serving employers and their members. CoreSource’s commitment to a strong work ethic and high-quality service parallels that of Nippon Life Benefits’ value proposition of harmony, honor and humanity.”
CoreSource will provide a comprehensive range of administrative services, including billing, administration and claims. The flexibility of CoreSource’s platform will help Nippon Life Benefits fulfill the needs of members and employers, including specialized customer service in Japanese and Korean.
“Nippon Life Benefits and CoreSource share similar values,” said Nancy Eckrich, CoreSource President and CEO. “CoreSource will continue to support the company with high-end, specialized customer service and a flexible platform. We believe this partnership will fit nicely with Nippon Life Benefits’ cultural roots. Nippon Life Benefits has a well-deserved reputation for both service and cost containment.”
CoreSource succeeds Principal Financial Group, which announced in September 2010 that it was exiting the medical insurance business. Nippon Life Benefits and CoreSource are jointly developing a transition plan over the next several months.
Nippon Life Benefits is the U.S. subsidiary of Nippon Life Insurance Company, one of the world’s largest mutual life insurance companies, with $500 billion in assets, 220,000 corporate customers and 10 million policyholders. Rated A- (Excellent) by AM Best for financial strength in 2010, Nippon Life Benefits provides a broad portfolio of competitive health, dental, and other group insurance solutions, including access to two world-class national networks, Aetna Signature Administrators and PHCS/Multiplan.
"We spoke to a number of high-quality organizations during our selection process and chose CoreSource because of its competitive pricing, well-known reputation for quality service, the depth and breadth of its capabilities, and most importantly, its corporate culture,” said Jerry Patterson, Chief Operating Officer of Nippon Life Benefits. “The CoreSource team is a value-driven, customer-focused organization much like Nippon Life Benefits. CoreSource is committed to a long-term relationship, like the one Nippon Life Benefits enjoyed with Principal Financial Group for over 16 years. We look forward to working closely with CoreSource to serve brokers and customers for years to come."
About Nippon Life Benefits
Nippon Life Benefits offers employee benefit programs that value and respect their employees and invest in them accordingly. The company’s group insurance programs provide medical, life, dental, disability, vision and prescription drug benefits. Founded in 1991, Nippon Life Benefits has regional offices in New York, Atlanta, Chicago and Los Angeles. For more information about Nippon Life Benefits, call 1.800.937.6542, or visit http://www.nipponlifebenefits.com.
CoreSource is one of the nation’s leading TPAs, delivering integrated, customized employee benefit solutions to self-funded employers. The company maintains claims and customer service offices in Baltimore; Charlotte, N.C.; Chicago; Columbus, Ohio (NGS CoreSource); Detroit (NGS CoreSource); Kansas City, Kan. (FMH CoreSource); Lancaster, Penn.; and Little Rock, Ark. CoreSource utilizes cutting-edge products and services designed to facilitate effective cost-containment strategies. CoreSource is a subsidiary of Trustmark Mutual Holding Company. Trustmark has assets of more than $1.7 billion and, through CoreSource and other subsidiaries, administers more than $2.5 billion in health and life benefits annually. For more information, visit www.coresource.com.