How API-based capabilities will ultimately enable straight-through underwriting
DES MOINES, Iowa–(BUSINESS WIRE)– 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 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-five 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 needs3. The disability insurance business has grown 8% over the past five years, compared to the industry average of 1.7% during this period4.
“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.”