New technology takes Principal disability insurance into the future
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 4 of today’s 20-year-olds will become disabled before they retire1. However, only 20% of households in the U.S. have disability insurance2. 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-5 individual disability insurance provider with more than $500 million in revenue, representing 11% of U.S. individual disability revenue2. 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 5 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.”
1 Social Security Administration Fact Sheet, 2017.
2 LIMRA 2017 Annual Sales and In-Force Survey. Principal is 5th 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
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.
IN18396 | 9/2019