, 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
, 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
's Innovators Showcase, as innovation is one of EIHI's core values."
The ParallelPay program was recognized in the Innovators Showcase published in the
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
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
Charlotte, North Carolina
. EAIG's Web address is
FORWARD LOOKING STATEMENTS