Group Health Life and Benefits Brokers can leverage PerfectQuote's Digital Quoting Platform to receive underwritten quotes directly from Principal Financial Group®.

Rhea-AI Summary

PerfectQuote has announced a collaboration with Principal Financial Group to provide direct, underwritten proposals for dental, vision, life, disability, and voluntary benefits through its RFP toolset. PerfectQuote's platform serves 14 of the top 20 largest U.S.-based firms and nearly 80,000 employers. The platform has demonstrated success since its 2018 launch by streamlining quoting processes and reducing close times by up to 95%. The collaboration aims to facilitate digital distribution at scale while providing reporting insights for carrier sales and underwriting teams.

Positive

• Platform serves 14 of top 20 largest U.S.-based firms
• Services approximately 80,000 employers through the platform
• Reduces quote closing times by up to 95%
• Enables streamlined digital distribution at scale

Negative

• None.

Insights

Market Research Analyst

This partnership between PerfectQuote and Principal Financial Group represents an important operational efficiency improvement, but its immediate financial impact is likely minimal. While the collaboration streamlines the quoting process for Principal's insurance products, potentially reducing costs and improving sales efficiency, it's primarily an incremental enhancement to existing distribution channels.

The integration with PerfectQuote's platform, which serves 14 of the top 20 U.S.-based firms and reaches 80,000 employers, could help Principal capture more market share in the group benefits space. However, the revenue impact will take time to materialize as adoption grows. The 95% reduction in close times is impressive but represents an operational rather than direct financial metric.

AUSTIN, Texas, Nov. 7, 2024 /PRNewswire/ -- PerfectQuote, Inc., a leading group health digital quoting platform, announced its collaboration with Principal Financial Group®, to provide PerfectQuote customers with direct, underwritten proposals for dental, vision, life, disability and voluntary benefits delivered through its Request-for-Proposal ("RFP") toolset.

With a critical mass of firms and general agencies leveraging the PerfectQuote platform (including 14 of the top 20 largest U.S.- based firms) servicing almost 80,000 employers through the platform, insurance carriers are leveraging a frictionless digital distribution experience to deliver underwritten and bindable quotes; allowing PerfectQuote to continue its mission to enable distribution at scale to thousands of brokers nationwide along with reporting insights to help carrier sales and underwriting teams optimize their operations.

"At Principal, we're committed to offering innovative solutions that bring value to our distribution partners and customers," said Kara Hoogensen, senior vice president for benefits and protection at Principal^®. "By working with the PerfectQuote RFP toolset, our distribution partners are able to streamline their processes and serve customers efficiently and accurately."

Since the 2018 launch of the platform, PerfectQuote successfully provided brokers the ability to streamline their quoting processes for employer group clients of all sizes by eliminating and automating many manual error-prone tasks, reducing close times by as much as 95%.

"We believe PerfectQuote is the leading solution provider in its category, continuously resetting the standards by which other solutions try to meet. From robust and powerful application tools to leveraging our excellent customer service, PerfectQuote allows for our customers and partners to set themselves apart in their respective market segments," said Aaron Snyder, President and co-founder of PerfectQuote. "We are excited to work with Principal, one of the most popular and tech forward insurance carriers in the country; this relationship will be key to digitally transforming an industry that has been slower to modernizing the distribution of group health insurance."

About Principal Financial Group® 

Principal Financial Group^® (Nasdaq: PFG) is a global financial company with 20,000 employees¹ passionate about improving the wealth and well-being of people and businesses. In business for 145 years, we're helping more than 68 million customers¹ plan, protect, invest, and retire, while working to support the communities where we do business, and build a diverse, inclusive workforce. Principal^® is proud to be recognized as one of the 2024 World's Most Ethical Companies², a member of the Bloomberg Gender Equality Index, and named as a "Best Places to Work in Money Management³." Learn more about Principal and our commitment to sustainability, inclusion, and purpose at principal.com.     

¹ As of September 30, 2024     
² Ethisphere, 2024      
³ Pensions & Investments, 2023    

Insurance products issued by Principal National Life Insurance Co (except in NY) and Principal Life Insurance Co. Plan administrative services offered by Principal Life. Principal Funds, Inc. is distributed by Principal Funds Distributor, Inc. Securities offered through Principal Securities, Inc., member SIPC and/or independent broker/-dealers. Referenced companies are members of the Principal Financial Group^®, Des Moines, IA 50392.     

About PerfectQuote®

PerfectQuote is an Austin, Texas-based company founded in 2017 by brokers for brokers, focusing on delivering operational excellence and client satisfaction through technology in the commercial group health insurance industry. The company provides brokers with a category-leading cloud-based group benefits quoting software platform (PerfectQuote) that streamlines commercial health insurance selling to large, medium, and small group employers. The application is used by several of the top 10, 50 and 100 largest US-based agencies that service over 80,000 employer groups through the platform.

Media Contact: Aaron Snyder, aaron@perfectquote.io

View original content:https://www.prnewswire.com/news-releases/group-health-life-and-benefits-brokers-can-leverage-perfectquotes-digital-quoting-platform-to-receive-underwritten-quotes-directly-from-principal-financial-group-302295102.html

SOURCE PerfectQuote, Inc.

FAQ

What benefits can brokers quote through PerfectQuote's platform with Principal Financial Group (PFG)?

Brokers can receive underwritten quotes for dental, vision, life, disability, and voluntary benefits through PerfectQuote's RFP toolset from Principal Financial Group.

How many employers does PerfectQuote's platform currently service?

PerfectQuote's platform services almost 80,000 employers and is used by 14 of the top 20 largest U.S.-based firms.

What improvement in close times has PerfectQuote achieved since its 2018 launch?

Since its 2018 launch, PerfectQuote has reduced quote close times by up to 95% by eliminating and automating manual error-prone tasks.