Trustmark (benefits company)

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Trustmark
TypeMutual Holding Company
privately held
Founded1913
Headquarters
Lake Forest, Illinois
,
United States
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,

,
,
,
,

Websitehttp://www.trustmarkcompanies.com

Trustmark is an employee benefits 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, and later in 1917 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]

By 1998 Trustmark had assets of 1.8 billon dollars.[4] 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.[5] In 2012 United States Secretary of Health and Human Services Kathleen Sebelius ordered the company to rescind its rate hike increases under powers granted by the Affordable Care Act; describing them as "excessive rate increases that would raise rates at least thirteen percent for customers in Alabama, Arizona, Pennsylvania, Virginia, and Wyoming".[6] This was the second time in the history of the United States that this power was used since the act was passed in 2010.[6]

Kevin Slawin becomes President and CEO of Trustmark in 2018.[7] David D. Weick has served as Chairman of the Board since 2015.[8]

Subsidiaries[]

  • Trustmark Voluntary Benefit Solutions offers employee benefits, including life, disability, accident and critical illness insurance, designed specifically for the voluntary market. Products are distributed at the worksite through national and regional brokers and professional benefit communication firms.[9]
  • CoreSource provides benefit administration and health management services to a broad range of clients including self-funded employers, state high-risk pools, public retiree plans and fully insured medical blocks.[10]
  • Trustmark Employer Medical focuses on employer-sponsored health benefit solutions for smaller employers. In addition to health plan coverage, Employer Medical offers foreign student insurance and an array of ancillary coverage. Star Marketing and Administration, Inc (Starmark) administers PPO-based fully insured and self-funded plans to small businesses and their employees. And Trustmark Life Insurance Company insures the fully insured plans and provides stop-loss insurance for the self-funded plans.[11]
  • HealthFitness is an NCQA- and URAC-accredited provider of integrated population health management, condition management, wellness and health advocacy solutions targeted to midsize and larger employers (including Fortune 500 companies), and health plans. HealthFitness focuses on behavior change to generate measurable results.[12]

Community outreach[]

In 1990 the company began a longterm multi-year commitment to fund science and health education initiatives to public and private school for 7th grade students throughout Lake County, Illinois in partnership with Lake Forest Hospital.[4] This included providing students with cow and pig hearts for dissection in science lab classes.[4] The program has sense expanded to provide annual grants to schools and educators, and distribute funds to community organizations involved in healthcare initiatives.[13] In 2009 the company distributed $1.21 million to community non-profit organizations involved in healthcare initiatives, and in 2010 the company gave $80,000.00 in grants to school teachers.[13] .

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. ^ a b c Nancy Ryan (16 December 1998). "Hands-on health class not for faint of heart: Props help 7th graders understand importance of wise lifestyle choices". Chicago Tribune. p. A1.
  5. ^ Bruce Japsen (January 28, 2010). "Insurer Trustmark to inquire wellness company". Chicago Tribune. p. 42.
  6. ^ a b Peter Frost (January 22, 2012). "Health reform has insurers on edge; Trustmark Battle". Chicago Tribune. pp. 1A, 5A.
  7. ^ "Trustmark - Our Leadership". www.trustmarkcompanies.com. Retrieved 2018-06-18.
  8. ^ "Endowment Funds Faculty Research - Northern Illinois University Alumni Association". NIU Alumni Association. 2017-01-26. Retrieved 2017-01-27.
  9. ^ Trustmark Voluntary Benefit Solutions website
  10. ^ CoreSource website
  11. ^ Starmark website Archived 2011-12-28 at the Wayback Machine
  12. ^ HealthFitness website
  13. ^ a b "Trustmark Distributes 1.21 million to health oriented efforts". Chicago Tribune. 24 June 2010. p. 15.

External links[]

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