Piedmont Pays » Case Studies

Piedmont’s patented payment processing system is being used to process millions of dollars in annualized premium because agents, brokers & carriers have seen the value of using Piedmont to:

Increase sales in situations when policyholders do not work for a single employer (e.g. unions, trade associations)
Increase Direct Bill and employer-allowed Direct Bill sale
Increase policyholder retention for 90 days and beyond
Remove employer objections related to:
- payroll system limitations
- bill reconciliation issues
Remove responsibility from employers to remit premium payments for group bill
Agents no longer have to call employers about delinquent accounts
Remove responsibility from policyholders to remit payment for Direct Bill
Reduce chargebacks due to Direct Bill non-sufficient funds
Ensure that funds are available when premium payments are due

CASE STUDY #1

A Human Resources Representative of a local business office contacted an insurance agent in reference to their current employee policies. The HR Representative informed the agent that their headquarters decided to discontinue the insurance program; the deduction bucket needed to be used for a separate purpose, and there were only 60 employees at the local office; this made their benefits expendable.

Instead of missing out on the accounts, the agent contacted PIEDMONT. The agent provided a list of policyholder names, and PIEDMONT assigned custom-generated account numbers to each individual. The employer (local office) chose to use PIEDMONT to remit the funds for every policyholder each payday. The group was saved, the policyholders retained their coverage, and the agent (and carrier) salvaged 60 accounts and $36,000 in annual premium.

CASE STUDY #2

During a sales presentation with a potential new business client, an agent was told by the Payroll department that they “used to have your company in here but stopped because we hate reconciling your bill.” Rather than letting this put a damper on the presentation, the agent introduced Piedmont Payment Services to the client and explained that the process would keep the company from ever seeing a bill.

The employer made the decision to use PIEDMONT – specifically, the payroll direct deposit (or PUSH) option. Utilizing this option, the agent sold policies to more than 50 employees of the company resulting in $16,000 in commissions. The sale took place more than five years ago, and the agent continues receiving commissions on the account.

CASE STUDY #3

An agent was within reach of closing accounts for a group of employees in the same industry but who worked for different employers. Although the agent got a group rating, there was no way to collect the premium without setting up a monthly or quarterly Direct Bill. By doing so, the group discount would no longer apply, and the agent would lose sales. In addition, the agent was concerned about potential chargebacks if payments were made monthly or quarterly instead of weekly.

For this reason, the agent chose PIEDMONT’s electronic funds transfer (or PULL) option. With this process, the funds for each policyholder were collected by PIEDMONT on each payday and then remitted to the carrier. The policyholders retained their group rate, and the agent sold policies that resulted in more than $24,000 in annual premium.

QUESTIONS?

Do you have questions about how we have helped other agents? Visit the Schedule A Demo tab above, and send us a message. A representative will be in touch with you to answer your questions and provide more information about PIEDMONT’s services.