EAIG, announced on June 11th what could very well be considered a milestone in it’s worker’s comp program.  It’s called “pay-as-you-go” (ParallelPay) and has reached the million dollar premium mark in early June.

The program began April 7, ‘09 and allowed policyholders the means to pay worker’s comp premiums per payroll period.  This is unlike other “pay-as-you-go” programs and certainly caused some notice on the street.  ParallelPay grants flexibility to companies in the way they report payroll census info.  Policyholder can input their information either through an EAIG preferred payroll system provider, via the web ParallelPay interface.

“We’re thrilled with this excellent result,” said Michael Boguski, Chief Operating Officer and President of EIHI. “The ParallelPay program achieved the one million dollar premium mark within its first 60 days because employers are seeking innovative solutions to manage their cash flow in this economy. We’ve seen interest from employers large and small across a wide spectrum of industries.”

The benefit of this is it doesn’t require significant advance premium payments and installment fees.  Also minimizing large audit adjustments known to fluctuate from payroll to payroll.  Premiums are based on each payroll period (based on census data) and debited electronically from the account holder’s bank.  The program was created in partnership with AP Insurance of Boston, Mass.