LANCASTER, Pa., Jan. 26, 2012 /PRNewswire/ -- Eastern Alliance Insurance Group (EAIG), a subsidiary of Eastern Insurance Holdings, Inc. (NASDAQ: EIHI), announced today that the ParallelPay® program, EAIG's "pay-as-you-go" premium plan, has exceeded twenty million dollars in direct written premium for calendar year 2011, less than three years after the program's introduction.
EAIG introduced ParallelPay on April 7, 2009 as a program permitting EAIG policyholders to pay their workers' compensation premium one payroll period at a time, with no downpayments or installment fees. Unlike other "pay-as-you-go" programs, EAIG's ParallelPay program offers policyholders flexibility in reporting their payroll census information. Policyholders report census information through one of EAIG's payroll partners, their current payroll system provider, or by self-reporting via the web-based ParallelPay portal.
"We are extremely pleased with the tremendous growth of the ParallelPay program," said Michael Boguski, President and Chief Executive Officer of EIHI. "The program continues to be a unique selling point to employers of all sizes looking for innovative cash flow solutions in a challenging economy. We are very proud that ParallelPay was recently selected for inclusion in Best's Review's Innovators Showcase, as innovation is one of EIHI's core values."
The ParallelPay program was recognized in the Innovators Showcase published in the January 2012 edition of Best's Review magazine. A panel of insurance industry experts assessed the relative merits of nearly 70 submissions and selected 15 as examples of forward-thinking, successful business concepts among insurance organizations. In its article on the ParallelPay program, an insurance company executive described ParallelPay as "creative customer thinking on how to pay premiums."Businesses can visit www.ParallelPay.com to learn more about the ParallelPay program and find an independent insurance agent representing EAIG. Founded in 1997, EAIG specializes in providing workers' compensation products and services to businesses and self-insured clients. EAIG is a member of the publicly-held Eastern Insurance Holdings, Inc. family of companies, with offices in Lancaster and Wexford, Pennsylvania, Charlotte, North Carolina, Carmel, Indiana, Franklin, Tennessee, and Richmond, Virginia. EAIG's Web address is www.eains.com. FORWARD LOOKING STATEMENTS