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Principal Financial Group has launched a new digital experience, Principal Life Online, in an effort to increase insurance coverage in the U.S. and simplify the term insurance purchase process. Describing it as an innovative, digital solution, the insurer says Principal Life Online streamlines the term life insurance buying experience from application submission to policy delivery.
Principal Life Online can save an average of 30 days from the traditional paper term purchase experience and is up to three times quicker than the previous experience, according to Principal.
“Customers expect a seamless online experience in most places they shop, but insurance hasn’t historically been easy to purchase,” comments Greg Linde, SVP, individual life insurance at Principal. “Principal Life Online helps qualified customers get covered quicker and with less hassle and helps advisors better serve their clients.”
Principal describes the Principal Life Online experience as follows:
The advisor submits a ticket, just like they do today. Principal emails the online application to the client. Once completed, qualified applicants go through the Accelerated Underwriting process, which eliminates the need for labs for approved individuals. Once the policy is issued, Principal emails the policy to the customer for review and e-signature. Then the final policy is emailed to both the advisor and client.
Game-Changer for the Industry
“Our Principal Life Online process has been a game-changer for the industry,” adds Linde. “Six in 10 Americans don’t have individual life insurance. By making it easier for people to get coverage, we hope to increase the number of Americans who have enough to protect their loved ones.”