Putting Third Party Administrators in First Place
Cannon Cochran Management Services, known as CCMSI, was started in 1978 and is now the largest independent third party administrator (TPA) in the United States. 1,000 employees work from 41 different offices to provide self-insured property and casualty claims management – including workers’ compensation, liability and property coverage.
To maintain a client retention rate of 98%, CCMSI has to rely on intelligent information systems that save time, cut costs and ensure complete data availability and security. Cannon Cochran Management Services, known as CCMSI, was started in 1978 and is now the largest independent third party administrator (TPA) in the United States. 1,000 employees work from 41 different offices to provide self-insured property and casualty claims management – including workers’ compensation, liability and property coverage. To maintain a client retention rate of 98%, CCMSI has to rely on intelligent information systems that save time, cut costs and ensure complete data availability and security.
To meet governmental statutory and carrier requirements, CCMSI relies heavily on corporate and employee licenses being stored, managed, and always current, guaranteeing no corporate divisions nor employees are non-licensed for the work they perform for clients and vendors. Before 2009, the TPA handled licensing documents, information, and work flow manually. This was a slow and cumbersome process and required extensive employee time in manual data uploading and retrieval and a large amount of office space for paper storage.
“As we continued to grow our operations nationally, the process and man power to manage licensing documents and corresponding data across large geographical regions was ineffective, tedious and time consuming. We knew we needed technology that could connect all the necessary dots and make it easy to store, manage, and retrieve all of our data and automate processes like license renewal and updates,” stated CCMSI Executive Vice President and Chief Technology Officer Skip Brechtel.
Having heard of SmartCompliance from industry partners, CCMSI approached the solutions provider in need of a system that would automate their licensing document, data, and work flow management. CCMSI began using SmartCompliance to upload, store, and retrieve licensing documents and data in the secure online portal of the software. From there, corporate and employee licenses could be automatically organized and checked for errors by the system, notifying CCMSI of any inconsistencies or irregularities. The automatic licensing timeline and renewal capabilities significantly improved risk mitigation and guaranteed regulatory compliance. And the low capital investment required for a web-based, no installation subscription Software as a Service (SaaS) proved to be a promising model for multiplying return on investment.
After experiencing such a large return on investment from automating their licensing processes, CCMSI began to reassess their broker and brokerage management systems for further opportunities to automate tedious manual data management. CCMSI needed a system that tightly managed broker documents and data for seamless assignment, qualification, and relationship management. The SmartCompliance Brokerage Management modules were added to CCMSI’s web portal and along with accomplishing these goals, the TPA was able to significantly improved the electronic process of appointing and terminating brokers via the National Insurance Producer’s Registry (NIPR), integrating yet another company process into one centralized system. The added licensing reporting capabilities, generating custom, instant reports on system communications and data, also enabled quicker responses to carrier licensing requests – fulfilling requests that previously took several days in just a couple of hours.
“It made sense to trust SmartCompliance with our broker management in the same way we had with license management. We knew they could handle linking documents, data, and individuals electronically, and they were more than willing to incorporate any other capabilities that they could, like NIPR. Adding the Broker Management module to our SmartCompliance system was almost too easy. We were able to automate another huge part of our business and do so without creating an entirely new set of databases and without having to learn a ton of new functionalities.”
Pleased with having internal brokerage and licensing management streamlined in one online system, CCMSI moved on to examine additional services performed for their clients and saw a need for new technology in their certificate of insurance management. The TPA’s insurance team provides outsourced certificate management in the form of collection and issuance to firms across the country. In processing the documents and accepting the liabilities attached, CCMSI requires high levels of data security, compliance and maintenance. By choosing to add the certificate management module to their SmartCompliance platform, CCMSI was able to take yet another process paperless, online, and centralized for all with approved access. This time using SmartCompliance to handle client documents and data and further improve the services for key clients.
“SmartCompliance is a best-of-breed package that covers more processes than most of its competitors. The modules available allow for a great degree of consolidation and integration of processes, and the ease of use of the system makes for a more productive and efficient administrative tream. “We’re not sure if we can learn a new software” is no longer a relevant excuse for any TPA. I’d highly recommend such a solution to any risk and insurance companies looking to streamline document and work flow management, improve the services they provide for clients, and improve the collective sanity and efficiency of their organization.”
With enhanced licensing, brokerage and certificate management capabilities, CCMSI continues to provide top TPA services across the US but has significantly reduced data administration and management costs, eliminated the need for file cabinets, and brought all employees, documents, and work flow into one system for unprecedented collaboration, communication, and monitoring. Various system reports can be generated with the click of a button. Data encryption and security is guaranteed at all times. Hierarchies, employee, and document types have been customized and organized to fit their business needs. System templates and an electronic file inbox have made repetitive manual processes obsolete. Employing the most current capabilities in risk management technology has put this third party administrator in first place.