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Payroll+ A Breakthrough in Pay-As-You-Go Workers Compensation Payroll+ is the first cost-effective pay-as-you-go workers compensation billing and administration services offering for carriers and their policyholders that automates the calculation and payment of actual earned premiums by payroll cycle. Payroll+ is a software-as- a-service offering with optional administration services provided by Prestwick Services, LLC. Features of Payroll+ include: Flexible and automated options to report payroll census by policy holders Automated earned premium calculation Automated collection/payment via ACH Automatic notification of late payroll census data Immediate reconciliation reports of exceptions and discrepancies Renewal and endorsement support Creation of premium audit reports Policy holder self service option for billing or census inquiries Easy integration to a carrier’s internal systems Branded, private labeled for each carrier customer What Payroll+ Means to You More profitable underwriting - uncover payroll and classification discrepancies early in the policy life cycle by collecting the correct risk data and premium for the policy Hard dollar savings from the reduction of audit costs and elimination of invoicing costs Reducing the Insured’s premium audit shock and the resulting bad debts Higher retention rates on more profitable business Leveraging your current distribution channel What Payroll+ Means to Your Policy Holders Predictability and maximization of cash flow Elimination of year-end premium audit sticker shock Better understanding of premium calculation via optional self-service What Payroll+ Means to Your Agents Meeting their customers’ requirement for a flexible billing option Being able to compete with large payroll services companies that offer insurance A broad offering that requires little work from the agency A sales tool that strengthens their ability to increase retention and attract new business Improved customer satisfaction by reducing large premium audit adjustments at the end of the year Elimination of year end premium audit questions and discrepancy remediation Prestwick Services is the byproduct of a traditional insurance operation and a software company with a successful track record of introducing and supporting technology and associated services to property and casualty carriers. Payroll+ is packaged with standard file formats to process files from payroll providers, service bureaus, banks and accounting systems and is a proven solution with over 100,000 payroll census files processed to date. For more information regarding Payroll+, please contact Ken McKinion at firstname.lastname@example.org or call Ken at 585-214-8546. About Prestwick Services LLC Prestwick Services, LLC provides Payroll+, the first pay as-you-go billing and administration services offering that enables workers compensation insurers to leverage their existing distribution channel. Payroll+ enables carriers to cost-effectively provide their policy holders with automated payment of premiums each payroll, improving the insured’s predictability and maximization of cash flow. In addition to the savings from the reduction in invoicing and premium audit costs, carriers benefit with more timely and accurate matching of premium with risk by uncovering payroll and classification discrepancies earlier in the lifecycle of the policy. The net result is more profitable underwriting and higher retention rates for workers compensation carriers.
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