Premium Exchange Program

Since 1998 PPB has been providing Premium & Benefits 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 premium 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 coverage 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 more benefits of their own choosing. Gaining payroll deduction approval from each employer location no longer necessary

Broker Advantages

  • Access more groups without the need for a traditional payroll deduction slot
  • Offer more products from multiple carriers
  • Persistency of business is greatly enhanced

Insurance Carrier Advantages

  • Premium remittance efficiency greatly improved
  • Policy terminations are communicated promptly
  • Persistency of business is greatly enhanced
  • Increased participation, lowering adverse risk