One no longer has to be a railway employee to benefit from Trustmark Mutual, but it helps to be employed somewhere. Established in 1913 as the Brotherhood of All Railway Employees to provide disability coverage to railroad workers, the company still provides workplace benefits in the US. Trustmark offers group health insurance to employer and affinity groups, benefits administration for companies that self-fund, and voluntary benefits (life, dental, disability, and illness insurance) sold in the workplace. To help employers control costs and boost employee health, it also offers patient management through units including Health Fitness and Health Contact Partners. Trustmark Mutual is owned by its policyholders.
Trustmark Mutual's health insurance products are underwritten by its Trustmark Insurance, Trustmark Life Insurance, and Trustmark Life of New York subsidiaries. Other operating units include CoreSource, a third-party administrator for employees that self-fund their benefits plans, and Trustmark Voluntary Benefit Solutions, which provides worksite voluntary coverage programs on an individual basis.
Its Employer Medical division includes Starmark, which provides group benefit plans and plan administration services to small and midsized employers. The company also maintains a closed block of individual health insurance policies. Altogether, Trustmark covers some 2 million plan participants and its companies administer more than $3 billion in health and life benefits annually.
Trustmark employs more than 4,300 staff members at its Illinois home office and nearly 50 regional and branch offices throughout the US.
Sales and Marketing
Trustmark sell its products directly to employer groups and individuals, as well as through independent benefit brokerage firms.
Trustmark generated $877.7 million in consolidated revenue in 2013, a 6% decrease from 2012. The decline was primarily due to a decline in employer medical earnings as the company moved to focus on selling small-group self-funded coverage options. Trustmark has decided to stop actively selling its fully insured group medical plans. Sales growth for the year was led by the group's voluntary benefit solutions and employer medical operations.
The company's capital and surplus grew 8% in 2013 to $669 million.
Trustmark expands through organic and non-organic growth measures. Internal growth programs include the addition of new product offerings within its Employer Medical division. The company's CoreSource division expands by adding new third-party administration (TPA) contracts.
The company has also been investing in improving its technology infrastructure.