Principal Financial Group Ranks Number One on National List of Innovative Users of Technology
Sept. 12, 2006 (Des Moines, Iowa) — Innovation is more than just a buzzword for the Principal Financial Group® - it's a business standard. The company's trailblazing efforts have placed it at the top of the 2006 InformationWeek 500 most innovative users of technology. This marks the ninth time The Principal® has made the prestigious list, most recently ranking 24th in 2005.
"With technology innovation driving growth in so many sectors today, we are truly honored to be at the top of such a prominent list of industry leaders," said Gary Scholten, senior vice president and chief information officer of the Principal Financial Group. "Such recognition underscores the tremendous value we gain from our technology investment and its power to help us successfully meet the ever-changing needs of our customers, helping to give them an edge."
Scholten noted three critical factors for IT success in innovation at The Principal: business-IT alignment, leaders who understand the value of technology and a staff of IT professionals that can influence and deliver.
Innovation at The Principal: Tying Business to Technology
The implementation of several unique and significant product-related IT projects led to the Principal Financial Group earning this year's top spot, including the 2004/2005 roll-out of the Principal Total Retirement SuiteSM (TRS). Principal TRS brings together a complete and integrated package of employer-sponsored retirement solution, including: qualified defined benefit plans, qualified defined contribution plans, nonqualified plans to serve key employees and employee stock ownership plan solutions.
"Technology enhancements were critical to the Principal TRS business model, particularly in terms of streamlining retirement plan data management for employer clients, and demonstrating the total value of retirement plans to their employees," noted Scholten. "The objective of our work is always serving our customers in the best possible way, and TRS is a prime example of success."
Other business-technology initiatives noted by InformationWeek include Principal Retire SecureSM and Principal Work SecureSM, two programs that directly address the nation's retirement savings and protection challenges. Through the deployment of such technology as remote global network connectivity, The Principal is able to deliver more benefit options through voluntary product education, needs identification and enrollment capabilities at the worksite.
"When it comes to employee benefits, we're finding a 'do it for me' attitude among employee customers. As such, it's vital that The Principal develop and deploy technology that helps employers meet this need," said Scholten.
For the past 18 years, InformationWeek has identified and honored the nation's most innovative users of information technology with its annual listing. The list is unique among corporate rankings because it spotlights the power of innovation in information technology, rather than simply identifying the biggest IT spenders. Additional details on the InformationWeek 500 can be found online at www.informationweek.com/iw500/.
About the Principal Financial Group
The Principal Financial Group® (The Principal®)1 is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance and banking through its diverse family of financial services companies and national network of financial professionals. A member of the Fortune 500, the Principal Financial Group has $206 billion in assets under management2 and serves some 16.3 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
About InformationWeek
InformationWeek sets the agenda for business technology executives, covering the full range of information access points IT decision-makers use today. A trusted, authoritative source and information filter, InformationWeek help community members understand and focus on what's important up-to-the-minute - in print, online, through independent research and at live, peer-to-peer events. Through its cross-media platform, InformationWeek delivers content to complement the print publication to its community of business technology leaders when and how they want it, 24/7. The InformationWeek community includes an audience of 2.5 million CIOs, IT executives and business managers who cut across industries, job titles, company sizes and global borders.
InformationWeek is consistently recognized for its commitment to excellence and though leadership by the IT community, receiving many of the industry's top media accolades, including several awards from the American Society of Business Publication Editors (ASBPE), top spots in BtoB Magazine's Media Power 50 and Circulation Excellence Awards from Circulation Management Magazine.
About CMP Technology
CMP Technology is a marketing solutions company serving the technology, healthcare and lifestyle industries. Through its market-leading portfolio of trusted information brands, CMP Technology has earned the confidence of more professionals and enthusiasts in these fields than any other media company. As a result, CMP is the premier provider of access, insight and actionable programs designed to connect sellers and buyers in each of these industries in ways that yield superior return on investment. CMP Technology is a subsidiary of United Business Media (http://www.unitedbusinessmedia.com), a global provider of news distribution and specialist information services with a market capitalization of more than $3 billion.
1) "The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
2) As of June 30, 2006.
