Phoenix, AZ -(BusinessWire)- Matrix Absence Management (Matrix) and TRISTAR Insurance Group (TRISTAR) recently announced their intent to enter a strategic partnership to develop enhanced commercial and workers’ compensation services and build an integrated total absence platform for employers of all sizes.
Under the partnership, Matrix commercial and workers’ compensation TPA business, which operates as Matrix Risk Management Solutions, will transfer to TRISTAR effective June 1, 2021. Client and staff assignments will remain intact, and service will continue uninterrupted, according to Mark Marsters, president and CEO of Matrix. “This continuity will help ensure clients receive the same, high level of service they currently enjoy through Matrix,” Marsters said.
An early leader in the outsourced absence management space, Matrix was founded in 1987 as a workers’ compensation administrator in San Jose, California. Today Matrix integrates short- and long-term disability, workers’ compensation, return-to-work services and personal/family and medical leave programs to help employers realize time, efficiency and productivity gains. Matrix is the integrated claims engine for sister company Reliance Standard Life Insurance Company.
“Recent developments worldwide, including the COVID-19 pandemic, and our ongoing commitment to delivering superior service and quality, prompted us to seek a TPA partner with the size, expertise and reputation to match our own,” Marsters said. “This partnership sets the stage for us to build a larger, more robust and comprehensive integrated disability management platform by joining Matrix’s celebrated absence management program with TRISTAR’s workers’ compensation TPA model.”
Founded in 1987, TRISTAR provides property and casualty and risk control services for self-insured employers, carriers and policyholders nationwide. TRISTAR’s core services include claim administration for workers’ compensation; general and professional liability, including products, automobile and specialty claims unique to their clientele. The company also provides benefits claim administration, loss control services, and a full line of managed care services.
“We believe the strategic business partnership with Matrix will allow us to showcase our national workers’ compensation expertise to an expanding market,” TRISTAR CEO Tom Veale stated, adding, “We could not be happier in finding Matrix and Reliance Standard as partners that share a common culture with our firm, dedicated to providing the highest level of service to our clients while also providing secure, long term careers for our employees.”
The partnership is slated to take effect June 1, 2021, with Matrix Risk Management Solutions staff and leadership being retained by TRISTAR.