Trustmark (benefits company)

Last updated
Trustmark
Company typeMutual Holding Company
privately held
Founded1913
Headquarters,
Key people
Kevin Slawin (CEO)
ServicesEmployee benefits, benefits administration, payroll-deducted voluntary products, group medical benefits, and integrated population health, lifestyle, wellness and fitness management
Number of employees
More than 6,000 full- and part-time employees [1]
Subsidiaries Trustmark Life Insurance Company,

CoreSource, Inc.,
Trustmark Voluntary Benefit Solutions,
Trustmark Employer Medical,
Star Marketing and Administration, Inc. (Starmark),

Contents

HealthFitness
Website http://www.trustmarkcompanies.com

Trustmark is an insurance company. According to Crain's Chicago Business magazine, Trustmark ranks #69 among Chicago's Largest Privately Held Companies in 2018. [2]

History

Trustmark was founded in 1913 as the Brotherhood of All Railway Employees when two railroad employees and two insurance experts teamed up to provide financial security for injured and disabled railway workers. They operated out of a one-desk office in downtown Chicago, paying 90 percent of claims the same day they reached the office. In 1917, the company adopted the name Benefit Association of Railway Employees. In 1963 the company became Benefit Trust Life Insurance Company. Only in 1994 was the name "Trustmark Insurance Company" adopted, upon merger with Bankers Mutual Life of Freeport. [3]

In 2010 the company purchased Health Fitness Corporation of Bloomington, Minnesota to expand their offerings into consumer health programs that encourage workers to stay fit and healthy. [4] In 2012 United States Secretary of Health and Human Services Kathleen Sebelius issued a finding, under powers granted by the Affordable Care Act, that unreasonable insurance rate increases would “affect nearly 10,000 people in Alabama, Arizona, Pennsylvania, Virginia, and Wyoming". [5] Trustmark responded that the company was in compliance with all aspects of the Affordable Care Act and that, in cases where it did not reach the required loss ratio, it would, as required, rebate the difference to customers.

Kevin Slawin becomes President and CEO of Trustmark in 2018. [6] David D. Weick has served as Chairman of the Board since 2015. [7]

In October 2022, Trustmark finalized the sale of its subsidiary, Trustmark Health Benefits, to Health Care Service Corporation (HCSC). [8] Health Benefits is a third-party administrator of health benefits that designs and offers custom plans for mid- to large-sized self-funded customers.

In January 2023, Trustmark celebrated 110 years in business. “We’ve proven our resilience and adaptability. We’ve taken the best from our past, embraced changes to prepare for the future and we are energized by the opportunities ahead,” said President and CEO Kevin Slawin. In March 2023, independent rating agency AM Best upgraded Trustmark’s Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” (Excellent) from “a-” (Excellent). [9]

Subsidiaries

Community outreach

The Trustmark Foundation was established in 1984 to advance the company’s commitment to supporting underserved communities and enhancing health and overall wellbeing. Each year, Trustmark contributes a percentage of pretax earnings to the Foundation. Foundation grants directly support the United Way and community health, safety and education. In 2022. Trustmark made its single largest contribution ever, at $9.4 million, to further endow the Trustmark Foundation, enabling the company to increase its impact in the communities where associates live and work. In 2023, the Foundation distributed a total of $1.4 million to more than 200 charities across the country. This was an increase of 8 percent over the prior year.

Trustmark encourages its employees to give back to their communities by providing full-time, regular associates with 4 hours of paid time off annually to volunteer. [13]

Awards

For four consecutive years — 2020, 2021, 2022 and 2023 —Trustmark has earned recognition as a Chicago Tribune Top Workplace, signifying Trustmark as one of the best employers to work for in the greater Chicagoland area. [14]

In recognition of Trustmark’s continued progress in fostering a diverse and inclusive work environment, Trustmark was recognized as one of America’s Greatest Workplaces for Diversity in 2024 by Newsweek Magazine. [15] Trustmark was one of only 500 companies recognized in the mid-size category of 1,000 to 4,999 employees.

Related Research Articles

Health insurance or medical insurance is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses. As with other types of insurance, risk is shared among many individuals. By estimating the overall risk of health risk and health system expenses over the risk pool, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to provide the money to pay for the health care benefits specified in the insurance agreement. The benefit is administered by a central organization, such as a government agency, private business, or not-for-profit entity.

Maximus Inc. is an American government services company, with global operations in countries including the United States, Australia, Canada, and the United Kingdom. The company contracts with government agencies to provide services to manage and administer government-sponsored programs. Maximus provides administration and other services for Medicaid, Medicare, health care reform, welfare-to-work, and student loan servicing among other government programs. The company is based in Tysons, Virginia, has 39,600 employees and a reported annual revenue of $4.9 billion in fiscal year 2023.

<span class="mw-page-title-main">Employee benefits</span> Non-wage compensation provided to employees in addition to normal wages or salaries

Employee benefits and benefits in kind, also called fringe benefits, perquisites, or perks, include various types of non-wage compensation provided to employees in addition to their normal wages or salaries. Instances where an employee exchanges (cash) wages for some other form of benefit is generally referred to as a "salary packaging" or "salary exchange" arrangement. In most countries, most kinds of employee benefits are taxable to at least some degree. Examples of these benefits include: housing furnished or not, with or without free utilities; group insurance ; disability income protection; retirement benefits; daycare; tuition reimbursement; sick leave; vacation ; social security; profit sharing; employer student loan contributions; conveyancing; long service leave; domestic help (servants); and other specialized benefits.

<span class="mw-page-title-main">Unum</span> American insurance company

Unum Group is an American insurance company headquartered in Chattanooga, Tennessee. Founded as Union Mutual in 1848 and known as UnumProvident from 1999-2007. The company is part of the Fortune 500. Unum Group was created by the 1999 merger of Unum Corporation and The Provident Companies and comprises four distinct businesses – Unum US, Unum UK, Unum Poland and Colonial Life. Its underwriting insurers include The Paul Revere Life Insurance Company and Provident Life and Accident Insurance Company.

A Health Reimbursement Arrangement, also known as a Health Reimbursement Account (HRA), is a type of US employer-funded health benefit plan that reimburses employees for out-of-pocket medical expenses and, in limited cases, to pay for health insurance plan premiums.

TELUS Health, a division of TELUS Corporation, is a Vancouver, Canada-based provider of health technology services with more than 10,000 employees primarily located in Canada, United States, Australia and the United Kingdom. The company operates four customer-facing business units: Employer Solutions, Consumer Solutions, Payor Solutions (insurers) and Provider Solutions.

Assurant, Inc. is a global provider of risk management products and services with headquarters in Atlanta. Its businesses provide a diverse set of specialty, niche-market insurance products in the property, casualty, extended device protection, and preneed insurance sectors. The company's main operating segments are Global Housing and Global Lifestyle.

Workplace wellness, also known as corporate wellbeing outside the United States, is a broad term used to describe activities, programs, and/or organizational policies designed to support healthy behavior in the workplace. This often involves health education, medical screenings, weight management programs, and onsite fitness programs or facilities. It can also include flex-time for exercise, providing onsite kitchen and eating areas, offering healthy food options in vending machines, holding "walk and talk" meetings, and offering financial and other incentives for participation.

Sick leave is paid time off from work that workers can use to stay home to address their health needs without losing pay. It differs from paid vacation time or time off work to deal with personal matters, because sick leave is intended for health-related purposes. Sick leave can include a mental health day and taking time away from work to go to a scheduled doctor's appointment. Some policies also allow paid sick time to be used to care for sick family members, or to address health and safety needs related to domestic violence or sexual assault. Menstrual leave is another type of time off work for a health-related reason, but it is not always paid.

The Healthy Americans Act(HAA), also known as the Wyden-Bennett Act, is a Senate bill that had proposed to improve health care in the United States, with changes that included the establishment of universal health care. It would transition away from employer-provided health insurance, to employer-subsidized insurance, having instead individuals choose their health care plan from state-approved private insurers. It sought to make the cost of health insurance more transparent to consumers, with the expectation being that this would increase market pressures to drive health insurance costs down. The proposal created a system that would be paid for by both public and private contributions. It would establish Healthy Americans Private Insurance Plans (HAPIs) and require those who do not already have health insurance coverage, and who do not oppose health insurance on religious grounds, to enroll themselves and their children in a HAPI. According to its sponsors, it would guarantee universal, affordable, comprehensive, portable, high-quality, private health coverage that is as good or better than Members of Congress have today; A 2008 preliminary analysis by the Congressional Budget Office concluded it would be "essentially" self-financing in the first year that it was fully implemented.

The State Accident Insurance Fund Corporation (SAIF) is a not-for-profit, state-chartered workers’ compensation insurance company in the U.S. state of Oregon. It provides workers' compensation insurance and workplace safety services for Oregon employers, and claim management for injured workers. It is based in Salem, Oregon.

In the United States, health insurance helps pay for medical expenses through privately purchased insurance, social insurance, or a social welfare program funded by the government. Synonyms for this usage include "health coverage", "health care coverage", and "health benefits". In a more technical sense, the term "health insurance" is used to describe any form of insurance providing protection against the costs of medical services. This usage includes both private insurance programs and social insurance programs such as Medicare, which pools resources and spreads the financial risk associated with major medical expenses across the entire population to protect everyone, as well as social welfare programs like Medicaid and the Children's Health Insurance Program, which both provide assistance to people who cannot afford health coverage.

In the United States, direct primary care (DPC) is a type of primary care billing and payment arrangement made between patients and medical providers, without sending claims to insurance providers. It is an umbrella term, incorporating various health care delivery systems that involve direct financial relationships between patients and health care providers.

<span class="mw-page-title-main">Nuffield Health</span> British healthcare charity

Nuffield Health is the United Kingdom's largest healthcare charity. Established in 1957 the charity operates 31 Nuffield Health Hospitals and 112 Nuffield Health Fitness & Wellbeing Centres. It is independent of the National Health Service and is constituted as a registered charity. Its objectives are to 'advance, promote and maintain health and healthcare of all descriptions and to prevent, relieve and cure sickness and ill health of any kind, all for the public benefit.'

Molina Healthcare, Inc. is a managed care company headquartered in Long Beach, California, United States. The company provides health insurance to individuals through government programs such as Medicaid and Medicare.

Occupational health nursing is a specialty nursing practice that provides for and delivers health and safety programs and services to workers, worker populations, and community groups. The practice focuses on promotion, maintenance and restoration of health, prevention of illness and injury, and protection from work‐related and environmental hazards. Occupational health nurses (OHNs) aim to combine knowledge of health and business to balance safe and healthful work environments and a "healthy" bottom line.

Workplace health promotion is the combined efforts of employers, employees, and society to improve the mental and physical health and well-being of people at work. The term workplace health promotion denotes a comprehensive analysis and design of human and organizational work levels with the strategic aim of developing and improving health resources in an enterprise. The World Health Organization has prioritized the workplace as a setting for health promotion because of the large potential audience and influence on all spheres of a person's life. The Luxembourg Declaration provides that health and well-being of employees at work can be achieved through a combination of:

<span class="mw-page-title-main">Bell Bank</span> Privately owned bank

Bell Bank is a privately owned bank headquartered in Fargo, North Dakota, with assets of $13 billion. Bell Bank, which employs more than 1,900 people, has 27 full-service banking locations in North Dakota, Minnesota and Arizona, and mortgage locations in Arizona, Colorado, Florida, Kansas, Illinois, Minnesota, Missouri, New Mexico, North Dakota, Tennessee and Wisconsin. State Bankshares is Bell Bank's parent company.

A private exchange, also known as a private benefits exchange or private health care exchange, is an online store or health insurance marketplace where employees or retirees purchase health insurance and other benefits, typically using funds contributed by their employer.

Workers' compensation in the United States is a primarily state-based system of workers' compensation.

References

  1. Trustmark Careers Page
  2. "Chicago's largest privately held companies". Crain's Chicago Business. Retrieved 2018-06-18.
  3. "Interactive timeline of Trustmark's history". Trustmark. Retrieved 13 December 2021.
  4. Bruce Japsen (January 28, 2010). "Insurer Trustmark to inquire wellness company". Chicago Tribune . p. 42.
  5. Peter Frost (January 22, 2012). "Health reform has insurers on edge; Trustmark Battle". Chicago Tribune . pp. 1A, 5A.
  6. "Trustmark - Our Leadership". www.trustmarkcompanies.com. Retrieved 2018-06-18.
  7. "Endowment Funds Faculty Research - Northern Illinois University Alumni Association". NIU Alumni Association. 2017-01-26. Retrieved 2017-01-27.
  8. "Trustmark Completes Sale of Health Benefits subsidiary to Health Care Service Corporation | Trustmark". Trustmark Benefits. Retrieved 2024-03-08.
  9. "AM Best 2023 | Trustmark". Trustmark Benefits. Retrieved 2024-03-08.
  10. Trustmark Voluntary Benefit Solutions website
  11. Starmark website Archived 2011-12-28 at the Wayback Machine
  12. HealthFitness website
  13. "Trustmark Associates Make A Difference During Community Week | Trustmark". Trustmark Benefits. Retrieved 2024-03-08.
  14. "Chicago Tribune 2023 Top Workplace | Trustmark". Trustmark Benefits. Retrieved 2024-03-08.
  15. Newsweek (2023-12-13). "America's Greatest Workplaces for Diversity 2024". Newsweek. Retrieved 2024-03-08.