Subscribe to Free Daily Newsletters
Post a Job

Featured Jobs

Defined Contribution Plan Administrator

Ingham Retirement Group
(Miami FL / Telecommute)
Actuarial Analyst

Venuti & Associates
(Los Altos CA)
Retirement Plan Administrator

Nicholas Pension Consultants
(Rancho Cordova CA / Corona CA)
Pension Administrator

KB Pension Services
(Bradenton FL)
ERISA Compliance Consultant

Employee Fiduciary, LLC
(Mobile AL / Saint Petersburg FL / Telecommute)
Retirement Plan Consultant

DWC - The 401(k) Experts
(Telecommute)
Account Manager / Client Service - 401k Plans

ABG Retirement Plan Services
(Peoria IL / Telecommute)
Plan Administrator - DC Specialist

AimPoint Pension
(Pompano Beach FL / Telecommute)
Retirement Plan Regional Director

Retirement Plan Consultants
(NC / Telecommute)
Defined Contribution / 401k Retirement Plan Administrator

Pension Consultants, Inc.
(Farmington CT)

Free Daily News and Jobs

“BenefitsLink continues to be the most valuable resource we have at the firm.”

-- An attorney subscriber

Get the BenefitsLink app LinkedIn
Twitter
Facebook

By Date   |   By Company Name


View More Press Releases by Principal Financial Group

Press release:

New Technology Takes Principal Disability Insurance Into the Future

Issued by: Principal Financial Group

Date: Oct. 8, 2019

DES MOINES, Iowa, October 8, 2019 -- A new partnership with EIS Group will help Principal Financial Group® simplify the process of buying and servicing disability insurance.

Principal® is leveraging technology to modernize the disability insurance customer experience. The partnership with EIS Group will provide a simplified process for consumers and business owners to protect their income, as well as service their ongoing and changing needs. It also brings new technology, such as API-based capabilities, that will ultimately enable straight-through underwriting and enhance the digital experience. This customer-centric approach benefits consumers by reducing the time from application to activation for a disability insurance policy.

One in four of today’s 20-year-olds will become disabled before they retire /1/. However, only 20% of households in the U.S. have disability insurance /2/. Disability insurance can play a key role in an overall risk protection plan.

“The technology from EIS Group is a game-changer because it lays the groundwork for so many future enhancements that will benefit customers,” said Paul Fromm, vice president of individual disability insurance at 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.”

“We are proud to partner with Principal to provide individual disability products on the EIS Group platform,” said 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.”

Principal® is a top-five individual disability insurance provider with more than $500 million in revenue, representing 11% of U.S. individual disability revenue /2/. In addition to helping individuals, Principal is the only carrier with complete solutions to meet employers, employees and business owners’ disability insurance needs /3/. The disability insurance business has grown 8% over the past five years, compared to the industry average of 1.7% during this period /4/.

“This investment in technology and partnership with EIS Group, is a tangible signal of our commitment to our consumers,” added 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.”

About Principal®
Principal helps people and companies around the world build, protect and advance their financial well-being through retirement, insurance and asset management solutions that fit their lives. Our employees are passionate about helping clients of all income and portfolio sizes achieve their goals – offering innovative ideas, investment expertise and real-life solutions to make financial progress possible. To find out more, visit us at principal.com.

Disability insurance from Principal® is issued by Principal Life Insurance Company, Des Moines, IA 50392.

/1/  Social Security Administration Fact Sheet, 2017.

/2/  LIMRA 2017 Annual Sales and In-Force Survey
Principal is 5 out of 19 companies surveyed, based on self-reported in-force individual disability insurance premium, according to LIMRA’s 2017 Annual Sales and In-Force Survey. This applies to Principal Life Insurance Company.

/3/  Life Happens and LIMRA, “2019 Insurance Barometer Study”.

/4/  LIMRA 2017 Annual Sales and In-Force Survey

BL:hh

View More Press Releases by Principal Financial Group


This is a press release issued by the company named above. BenefitsLink is not the author. Use of any information obtained from this release is voluntary, and reliance on it should only be undertaken after an independent review of its accuracy, completeness, efficacy, and timeliness. Reference to any specific commercial product, process, or service by trade name, trademark, service mark, manufacturer, or otherwise does not constitute or imply endorsement, recommendation, or favoring by BenefitsLink.

© 2019 BenefitsLink.com, Inc.