Claremont Insurance Services and Cyntron Payroll Solutions have entered into a partnership to market and sell payroll services through the employee benefits broker channel.
PayrollSelect expands the selling power and service capability of employee benefits brokers. It provides an additional recurring revenue stream for the broker and protection of their group benefits book from encroachment by other industry channels.
Employee benefits brokers have increasingly been facing competitive threats from other industry channels over the last few years, including from banks, payroll providers and professional employer organizations. Having a payroll service in their product offering enables brokers to compete against these other channels.
Michael Traynor, president of Claremont Insurance Services, said: As employee benefits brokers increasingly become human resource advisors to their clients, payroll services are a natural addition to the broker’s portfolio of product offerings.
Employee benefits decisions are being impacted by an increasingly complex combination of employer and employee characteristics as well as government regulation. PayrollSelect provides tools for the brokers that enable powerful insight into each client’s specific situation.