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SOURCE Eastern Alliance Insurance Group
LANCASTER, Pa., Feb. 10, 2014 /PRNewswire/ -- Eastern Alliance Insurance Group (EAIG), a subsidiary of ProAssurance Corporation, announced today that the ParallelPay® program, EAIG's "pay-as-you-go" premium plan, has exceeded thirty million dollars in direct written premium for calendar year 2013, less than five years after the program's introduction.
Introduced in April of 2009, the ParallelPay program enables EAIG policyholders to pay their workers' compensation premium one payroll period at a time with no premium downpayments, escrow or installment fees. Policyholders may choose to report their payroll census information through their current payroll system provider, through online self-reporting options, or through one of EAIG's ParallelPay Partners. ParallelPay Partners are payroll system providers who will securely transfer clients' payroll data directly from their system to the ParallelPay portal.
"We are extremely pleased with the tremendous growth of the ParallelPay program," said Michael Boguski, President of EAIG. "The program attracts employers of all sizes looking for innovative cash flow solutions in a challenging economy. Our ParallelPay Partners appreciate the ability to provide their clients with a value-added payroll service while being partnered with an industry-leading workers' compensation specialty carrier."
Businesses can visit www.ParallelPay.com to learn more about the ParallelPay program, find an independent insurance agent representing EAIG, and view a list of ParallelPay Partners.
Founded in 1997, EAIG is a specialty underwriter of workers' compensation products and services for businesses and organizations in the Mid-Atlantic, Southeast, Midwest and Gulf South regions of the United States. EAIG is a wholly-owned subsidiary of the publicly-held ProAssurance Corporation, and has offices in Lancaster and Wexford, Pennsylvania, Charlotte, North Carolina, Carmel, Indiana, Franklin, Tennessee, Richmond, Virginia, and Madison, Mississippi. EAIG's Web address is www.eains.com.