(Interior of Principal headquarters in Des Moines. Image source: LängleGlas GmbH.)
Principal, a global financial investment management and insurance company based in Des Moines, Iowa, has adopted technology from EIS Group (San Francisco) to modernize the disability insurance customer experience. Through the firms’ partnership, Principal seeks to provide a simplified process for consumers and business owners to protect their income, as well as service their ongoing and changing needs. Principal’s partnership with EIS Group also brings new technology, such as API-based capabilities, that will ultimately enable straight-through underwriting and enhance the digital experience, according to a vendor statement.
Principal, a financial institution with $696.2 billion in assets under management and $14.24 billion in overall 2018 revenue, is a top-5 individual disability insurance provider with more than $500 million in revenue, representing 11 percent of U.S. individual disability revenue. In addition to helping individuals, Principal claims to be the only carrier with complete solutions to meet employers, employees, and business owners’ disability insurance needs.
“The technology from EIS Group is a game-changer because it lays the groundwork for so many future enhancements that will benefit customers,” comments Paul Fromm, VP, individual disability insurance, Principal. “By simplifying the process, we improve the customer experience—saving customers valuable time and making it easier to purchase and service disability insurance. There are many working Americans who have not purchased income protection. We have a great opportunity to provide education and help them get the valuable protection they need for their income in case they become too sick or hurt to work.”
“This investment in technology and partnership with EIS Group, is a tangible signal of our commitment to our consumers,” adds Fromm. “By simplifying the process for consumers, we are helping working Americans and their families protect their financial futures and their retirement savings so they can continue to save enough to meet their retirement goals.”
“We are proud to partner with Principal to provide individual disability products on the EIS Group platform,” comments Alec Miloslavsky, CEO of EIS Group. “We admire the organization’s commitment to customer-focused digital transformation and look forward to provide the platform that enables continuous evolution and growth in the years ahead.”