Pay As You Go
Service Lloyds is dedicated to providing our agents with the solutions that are needed to compete in an increasingly competitive marketplace. Currently, the competitive landscape in the insurance business is changing. Insurance agents are being displaced every day by non-traditional competitors such as payroll companies and/or PEOs that act as insurance agents. These companies are aggressively growing their insurance business by taking policyholders from agents – specifically workers’ compensation products through a payroll deduction method. In addition, these same companies are expanding to offer other lines of insurance.
What is Pay As You Go?
The pay as you go payment option requires no down payment and no large installment payments. Pay As You Go allows the policyholder to pay their premium each pay period based on actual payroll, not estimates. Because premium is calculated each pay period based on actual payroll, there is less, if any, audit exposure for the client.
In order to qualify for the Pay As You Go premium payment option, the policyholder must have their payroll processed by Peigo Payroll. Peigo is a full-service payroll provider that offers the same features and functionality as their competition, and at a competitive price.
Solutions for Our Agents
In response to an increasing number of our agents losing business to payroll companies, we are now offering “Pay As You Go” premium payment plan option in addition to our standard payment options. To provide this new product, we have partnered with Peigo Payroll, a company specializing in providing payroll solutions to insurance agents in Texas. Peigo is a full-service payroll provider that offers the same features and functionality as their competition, and at a competitive price. We selected Peigo because it is the only payroll company in the country that is exclusively dedicated to independent agents.
Who is Peigo?
Peigo is NOT a PEO. Peigo is a national provider of outsourced payroll processing, tax filing and tax payments to employers of any size. Peigo offers phone, fax or Internet transmissions of payroll data, electronic tax deposits, delivery of checks and filing of all your quarterly returns (941,940 & state unemployment). They also offer direct deposit, check signing and stuffing of paychecks, and a time clock and/or spreadsheet interface. Workers compensation, 401k, and a variety of other reports are available. At year-end, Peigo will produce and file W-2 and 1099 forms.
Peigo is the insurance agent’s payroll partner. They specialize in providing payroll solutions to the insurance professional, without competing with them. Through our partnership, Peigo can offer you a payroll solution that is simple, cost effective, dependable and most of all, AGENT FRIENDLY. We know you need pay as you go workers' compensation, and we make that possible.
Agents sell insurance and Peigo does payroll. In addition to defeating the competition, agents will earn commission on the pay as you go workers' compensation and payroll processing.