PREMIUM EXCHANGE SERVICES
Since 1998, PP&B has been providing premium benefits and administration services to both public & private sector businesses, labor unions and large associations. Our premium collection capabilities allows for traditional payroll deduction, weekly & bi-weekly ACH Sweeps, credit, debit and pay card sweeps.
The dollars are held in a premium clearing account and uploaded directly to the respective carriers on a monthly basis. In 2014, PP&B processed in excess of 100 million dollars in tax & deduction money.
EMPLOYEE ADVANTAGES
- Premium is deducted on pay-day
- Insurance converage purchased is private
- Portability is simple
- More product choice by having multiple carrier options in one deduction
- Pay by bank account, credit card, debit card or pay card
EMPLOYER/UNION ADVANTAGES
- No more reconciling & paying voluntary benefit bills
- Missed deductions are covered by member or employee’s bank or card account
- HR office responsibilities reduced
- Unions can offer members mroe benefits of their own choosing. Gaining payroll deduction from each employer location no longer necessary.
BROKER ADVANTAGES
- Access more groups without the need for a traditional payrol deduction slot
- Offer more products from multiple carriers
- Persistency of business is greatly enhanced
INSURANCE CARRIER ADVANTAGES
- Premium remittance
- Policy terminiations are communicated promptly
- Persistency of business is greatly enhanced
- Increased participation, lowering adverse risk